PUNE, India, April 6, 2018 /PRNewswire/ --
According to the new market research report on the "Educational Robot Market by Component (Hardware and Software), Type (Humanoid and Non-Humanoid), Education Level (Elementary and High School Education, Higher Education, and Special Education), and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the market is valued at USD 778.6 Million in 2018 and is expected to reach USD 1,689.2 Million by 2023, at a CAGR of 16.8% between 2018 and 2023. The market is mainly driven by the factors such as the use of robots for educational purposes and technological advancements in the field of robotics.
Browse 67 market data Tables and 31 Figures spread through 127 Pages and in-depth TOC on "Educational Robot Market - Global Forecast to 2023"
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Educational robot market for software to grow at a higher CAGR during the forecast period
The educational robot market for software is expected to grow at a higher CAGR during the forecast period. As technological advancements will lead to growing complexity in terms of features such as inter device connectivity, AI, and autonomous operations, the value of the software part in the overall educational robot market will increase more than that of hardware. Also, the software will assist the complex functionalities to process efficiently and accurately.
Non-humanoid held a larger share of the educational robot market in 2017
The market for non-humanoid robots held a larger share of ~90.9% of the overall educational robot market in 2017. Although humanoid robots are the most suitable educational robots, cost is the major barrier restraining its growth in the market. The market for humanoids is expected to grow at a higher CAGR during the forecast period. The market for low-cost humanoids is likely to gain traction in the near future owing to the projected high growth of software. Humanoid robots have the ability to assist and even replace teachers in classrooms; hence, schools are looking forward to deploying humanoids in their classrooms to attract the attention of parents by modernizing the teaching pattern.
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The educational robot for special education to grow at a faster rate during the forecast period
The market for educational robots used in special education is expected to grow at the highest CAGR during the forecast period. Though special educational robots are for children with autism and developmental issues, which makes educational robots occupy the lowest percent of market share, the growing demand for learning assistance robots across the world attributes to its high growth rate.
The Americas is the major consumer of educational robots
The Americas accounted for a major share of the overall educational robot market in 2017. The Americas is the early adopter of educational robots, which results in the maximum demand for robots from this region. The educational robot market players in APAC are the key inventors, as well as adopters of the technology; hence, the region accounted for the second-largest market share in 2017.
The report profiles the most promising players in the market. The competitive landscape of the market is highly dynamic because of the presence of a significant number of big and small players. Key players in the market are SoftBank (Japan), ROBOTIS (South Korea), PAL Robotics (Spain), Hanson Robotics (Hong Kong), QIHAN Technology Co. (China), DST Robot Co. (South Korea), Probotics America (US), Wonder Workshop (US), Aisoy Robotics (Spain), and BLUE FROG ROBOTICS (France).
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