Fintech UK Latest News Report

Consumer Robotics Shipments to Reach 74 Million by 2024, as Coding Tools Become Ubiquitous

A new study from Juniper Research found that over 74 million consumer robots will be shipped in 2024, up from an estimated 28 million in 2019. It forecast that vendors’ focus on educational features in consumer robots, such as coding tools, and adding features to established device ranges will increase the consumer value proposition; driving the growth of consumer robotics adoption over the next 5 years.

Domestic Aide Robotics Still Driving Success

The new research, Consumer Robotics: Sector Analysis, Leading Innovators & Market Forecasts 2019-2024, found that shipments of domestic aide robotics, including robot vacuums, mops and lawnmowers, are forecast to reach 47 million in 2024 from only 19 million in 2019. It forecast that the domestic aide segment will account for nearly two thirds of global consumer robotics shipments by 2024.

“The winners will be the manufacturers who create the most valuable long-term propositions for users.”

The research urged consumer robotics vendors to diversify their services by adding compelling new features to their domestic aide robots. It identified new capabilities such as garden maintenance and smart home compatibility as key emerging areas that will provide growing demand from end users in the sector.

Research author Michael Larner explained: “With the highly visible changes in the robotics market, vendors are searching for a way to secure their futures. The winners will be the manufacturers who create the most valuable long-term propositions for users, which justify their high asking prices by offering a comprehensive service portfolio”.

Vendors Must Explore Future Subscription Models

The research suggests vendors in the space explore future subscription models for access to robotics services in order to generate recurring revenues from its products; enabling these vendors to invest further into cybersecurity features.

However, to justify leveraging this recurring cost onto end users, the research forecast that inclusion of new services, including integration with digital voice assistants, was essential to maximise the value proposition and foster confidence amongst consumers of the long term capabilities of consumer robotics devices.

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