Entertainment Robot Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Robotic Toys, Robotic Companion Pet, Others), By Component (Software, Hardware), And By Geography - Forecasts From 2022 To 2027

The entertainment robot market is projected to grow at a CAGR of 20.19% to reach US$10.128 billion by 2027, from US$2.796 billion in 2020. Entertainment robots are developed with help of sensors, microphones for speech recognition, and cameras for facial recognition, allowing them to communicate with people. During the past few years, these robots have gained a lot of attention in the commercial market. These robots are usually sold in the form of toys which include drones and remote-controlled cars. The market is expected to expand owing to the low cost of these robots, advancements in artificial intelligence, and the growing adoption of automation in this industry. Additionally, the growing population of older citizens and children and the lack of availability of resources to look after them have driven the use of entertainment robots. Furthermore, the market is driven by the increasing investments in the research and development of artificial intelligence technology and its use in children's toys, as well as the increased demand for animatronics. For instance, in 2021, Amazon launched Astro, which is the company’s first home robot. It is a three-wheeled robot that can transport items from room to room, video chat, play music, keep a watch on your house while you're gone, and more. Sony Corporation has launched Qrio, the entertainment robot in the Middle East market. The launched robot can walk; talk embodying the precepts of ‘Artificial Intelligence and ‘Information Technology.

Based on components, the entertainment robot market is divided into software and hardware. The software segment of the entertainment robot market is anticipated to grow at a CAGR of XX% during the forecasted period to reach a market value of US$XX billion by 2027. Increasing deployments of domestic and personal use robots are anticipated to propel the market growth of the software component of the entertainment robot industry. Also, developments and launches are also anticipated to push the overall market growth. According to the October 2020 Service Robots Report by the International Federation of Robotics (IFR), the global sales of personal/domestic robots in 2019 were US$5.7 billion which further increased to US$6.5 billion in 2020. Also, the source forecasted the sales to touch the US$12.1 billion mark in the global value of personal/domestic service robots by 2023. Also, the entertainment robot category of the broader group is expected to reach US$1.9 billion by 2023 from US$1.1 billion in 2018 with a significant increase in unit sales within the same timeframe as well. 

Rising demand for robotic toys is driving market growth. The entertainment industry's ongoing efforts to incorporate automation in this sector are anticipated to fuel the global market for entertainment robots. For instance, the entertainment business has applied artificial intelligence (AI) to children's toys. Robot toys are sold for $50 to $1000 and come in various designs to appeal to a wide range of end users. These robots are used to provide children with personal companionship at home. Aibo, Poo-chi, Bo-wow, I-Cybie, iDog, Gupi, Space dog, K-9, Preston, and Goddard are a few well-known commercial robotic toys. Additionally, commercial entertainment robots serve as a marketing tool for the companies' technology and products. These robotic toys serve as props or artificial performers for large-scale theatrical productions. The usage of entertainment robotic toys at museums with interactive performances is one of its non-commercial applications. By using these automated technologies to emphasize the value of STEM (science, technology, engineering, math, and arts) skills to children at an early age, the industry portfolio has experienced tremendous growth

COVID-19 Impact on Entertainment Robot Market

The COVID-19 pandemic had an overall positive impact on the entertainment robot market. Although the market did not expand to its full potential in 2020, it is anticipated to expand more quickly in 2022 and 2023. As the COVID-19 social distancing measures and government-enforced lockdown had created a scarcity of humans, the acceptance and use of robotics have particularly taken off globally. Societies are transitioning to a robot-centric environment due to the public's growing acceptance of robots and the exponential technological advancement of robot capabilities, which will further propel the robotic entertainment market. Robotic engineers, programmers, and AI developers are expected to find more employment opportunities in the manufacturing sector due to this development. Robots are used more frequently in the entertainment sector as a result of COVID-19, likely taking on archetypes as public entertainers to reduce human contact. The market for human entertainers in some applications may be negatively impacted by the anticipated growth of robotic comedians, musicians, and dancers. The proliferation of 5G, AI, and IoT are further contributing to the growth of the market. Hence, the growth trends are forecasted to continue in the long run as well. Further, the market outgrew itself at a CAGR of 20.19% in the COVID-19 scenario compared to the non-COVID CAGR of 18.39%.

Entertainment Robot Market Scope:

Segmentation

• By Type
  • Robotic Toys
  • Robotic Companion Pets
  • Others
• By Component
  • Software
  • Hardware
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • UK
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others