Global Educational Robots Market - Forecasts from 2018 to 2023
Global educational robots market is estimated to reach a market size of US$640.594 million by 2023 at a CAGR of 27.87% over the forecast period from the current estimate of US$146.513 million in 2017. Educational robots include the collection of activities, educational resources, pedagogical philosophy and physical platforms for the transfer of knowledge. There is a rising adoption of educational robots in K-12 schools around the world owing to their effective interactive capability. Increasing expenditure in the field of research and development and growing popularity of these robots as a learning tool will drive their demand. The emergence of affordable educational robots will further add to the growing demand for these robots. However, the reluctance of the teaching staff to fully incorporate robots into their curriculum will restrict the growing demand for educational robots during the forecast period.
By component, the global educational robot is segmented as software and hardware. Software accounted for a significant market share due increasing research and development expenditure by existing companies. New players are entering the market and developing state-of-the-art solutions to capture a greater market share. Under hardware, educational kits provided by the companies accounted for a substantial share due to their high adoption in K-12 schools.
By end users, K-12 schools are estimated to hold a large market share due to the presence of companies at national and international level. Budding adoption of robots in classroom and high market growth rate is motivating several companies to enter the market. Several universities have their own robotics department which develops proprietary robotic solutions for industrial, commercial, personal and educational purposes. A rise in funding from the university, companies and organisation with the objective to make groundbreaking advancement in the field of robotics will boost the demand for robotic solutions in the coming years.
Geographically, the global educational robot market is segmented as North America, South America, Europe, Middle East and Africa and the Asia Pacific. The demand for educational robots is mainly driven by the developed regions of the world, i.e. North America and Europe. Early adoption of advanced technology and presence of high-income countries are the major driving factors in these regions. The Asia Pacific will witness substantial growth in the coming years due to increasing disposable income, favourable government policies and a rise in the number of corporations offering cost-effective educational robots. The Middle East and Africa and South American region are projected to witness modest growth over the forecast period.
Major industry players profiled as part of the report are Ozobot & Evollve, Inc., Makeblock, Co. Ltd., Fischertechnik GmbH, Advanced Robotics Artificial Intelligence, Lego Mindstorm NXT, and Pitsco, Inc. among others.
The global educational robots market has been analyzed through following segments:
- By Component
- Control System
- By End Users
- K-12 Schools
- By Geography
- North America
- South America
- Middle East and Africa
- Asia Pacific
- Service Providers
- Government Agencies
- Research Organizations
Key insights offered
- What will be the global educational robots market size from 2017 to 2023?
- How the major drivers and restraints affecting the global chain are drives market growth and the opportunities which exist for key vendors?
- Which segment and region will drive or lead the market growth and why?
- A comprehensive analysis of competitive landscape and key market participants’ behaviour
- Key strategies being adopted by vendors, with in-depth analysis along with their impact on competition and market growth.