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Shibuya-ku, Tokyo, Japan, Japan, Jan 24, 2022, 07:15 /Comserve / -- Telepresence Robots Market size, share, growth, trends, segmentation, top key players, strategies, demand, statistics, competitive landscape and forecast.
The telepresence robots market was valued at USD 165.4 million in 2019 and is expected to reach a value of USD 184.47 million by 2025, at a CAGR of 11.53% over the forecast period (2020 - 2025). Telepresence robots are remotely monitored autonomous robots equipped with a smartphone or motorized desktop stands which are connected to a camera or a monitor. The telepresence robot is assistive technology.
- Healthcare, business, and educational institutes are expected to be the potential markets of telepresence robots worldwide. In the healthcare sector, the capability of telepresence robots of providing a virtual remote presence enables the doctors to assist their patients located at a different location without physically going to that place. Similarly, in the corporate sector, a business owner can access his/her operations, can monitor their teams or attend conferences and meetings by operating a telepresence robot placed in that office premises.
- Companies are developing robots to replace astronauts with these so that they can work for a long time while being controlled from the earth while in low earth orbit space stations to reduce the burden on astronauts, shorten the time it takes to perform work in space, and minimize costs. Companies, such as GITAI are developing tech to put humanoid telepresence robots in space to take over astronauts.
- Further, vendors in the market have made significant innovations to make the technology available for business, commercial, and personal/household applications. Some of the vendors have equipped these robots with a smartphone, tablet, computer, proprietary, or other video conferencing platforms to be used as assistive technology. For instance, the telepresence robot of Ava Robotics, a spin-off from service robot maker, iRobot, is equipped with Cisco's teleconferencing solution.
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- Double Robotics created an iPad-based robotic telepresence platform. Another vendor, Padbot's Telepresence Robot, is designed for iOS and Android platform phones and tablets. This way, vendors are able to offer cost-effective solutions and are likely to benefit from strong smartphone penetratio
- In addition, the rising research and development expenditure coupled with new players entering the market to develop and introduce advanced products is expected to boost the demand for these robots. However, the high cost of maintenance of telepresence robots is expected to hamper the market adoption of telepresence robots in the coming years.
Key Market Trends
User Controlled Remote Presence Capabilities to Drive the Market Growth
- One of the significant aspects that have been a key decisive factor for most consumers in the market is the flexibility of the telepresence devices. Either it is in the field of education in schools or universities, or medical, business, or security, the telepresence robots allow the user to go live according to her/his convenience.
- Telepresence robots are equipped with sensors, accelerators, video conferencing technologies, etc., and can be remotely monitored. The market has seen an influx of new vendors (mostly startups), which has shaped the market altogether.The Double Robotics introduced the Double 3 that has an array of 3D sensors and is designed to assist remote workers.
- It also adds to the cost factor where business persons can collaborate with their peers without the need for traveling. Engineers, for instance, can guide the support persons and help them through the maintenance process for off-site and remotely located centers.
- Moreover, this feature also makes it prominent for applications in medical support where critical medical actions can be carried out in case of emergencies. As the number of people aged more than 65 grows across the world, particularly in countries, such as India and Japan, many will look to stay at home, rather than in an assisted living or nursing homes, and telepresence robots can be an important factor in helping them to achieve that independence.
North America is Expected to Hold a Major Market Share
- North America is estimated to have a significant demand for such robots, considering the strong network infrastructure and acceptance of new technologies. The region is also expected to be a key contributor to the technology, as it houses prominent telepresence robot vendors.
- The telepresence robots meant for commercial applications are currently priced premium, in the region, thus requiring high initial investments. The presence of critical supporting infrastructures, such as communication and power, makes it a more favorable market for the vendors to pitch in the products in the regional market.
- The presence of the defined regulations, higher purchasing power, and the readiness of the end-user industry for upgrading the experience have been driving factors in the region.Furthermore, educational institutions, such as schools in the region, are promptly using technological products to enhance and improve the learning experience of the students. This has also helped in making the regional market enjoy the dominant share in this market.
- The region has witnessed significant competition for telepresence robots due to the cheaper rate of the robot. For instance, Beam, which is recently acquired by blue ocean caters two products, smaller robot that is priced around USD 2,000-USD 4,000 for low-end consumers, and a larger Beam Pro that sells for around USD 15,000 for high-end devices.
Competitive Landscape
The telepresence robots market is competitive and consists of several players. Many companies are increasing their market presence by introducing new products or by entering into strategic mergers and acquisitions.
- August 2019 - Beam, the remote-controlled telepresence robot, was acquired by Blue Ocean Robotics of Denmark. According to Blue Ocean Robotics they have only brought the IP, staff who work on Beam robots, hardware inventory and other related assets under their control.
- January 2019 - OhmniLabs launched its latest telepresence robot, Ohmni Supercam. The telepresence robot features the highest resolution camera available in a telepresence robot, giving users the ability to see content on whiteboards and printed documents more clearly than other systems.
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1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 User Controlled Remote Presence Capabilities Aids Market Growth
4.4 Market Restraints
4.4.1 Higher Costs of Maintenance of Telepresence Robots
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Stationary
5.1.2 Mobile
5.2 By End-user Application
5.2.1 Education
5.2.2 Healthcare
5.2.3 Business
5.2.4 Security
5.2.5 Other End-user Applications
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 Latin America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Ava Robotics Inc.
6.1.2 Double Robotics Inc.
6.1.3 AMY Robotics
6.1.4 Mantaro Product Development Services Inc.
6.1.5 Inbot Technology Ltd
6.1.6 InTouch Technologies Inc. (Teladoc Health)
6.1.7 Beam Telepresence ( Blue Ocean Robotics)
6.1.8 VGo Communications Inc. (Vecna Inc.)
6.1.9 Wicron Company
6.1.10 Endurance Robots
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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