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
“Use of robots for educational purposes and technological advancement in the field of robotics acts as a major driving factor for the educational robot market”
The educational robot market is expected to reach USD 1,689.2 million by 2023 from USD 778.6 million in 2018, at a CAGR of 16.8% between 2018 and 2023. This growth can be attributed to the use of robots for educational purposes and technological advancements in the field of robotics. However, high initial R&D expenditure restricts the growth of the educational robot market.
“Hardware component held a larger share of the educational robot market in 2017”
The hardware component adds major value to the overall educational robot cost; hence, the hardware segment held a larger share of the overall educational robot market in 2017. Among different hardware components, control systems held the largest market share in 2017.
“Humanoid educational robots expected to grow at a higher CAGR during the forecast period”
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.
“Higher education held the largest share of the educational robot market in 2017”
The higher education segment accounted for the largest share of the overall educational robot market in 2017. The cost of higher education is high, and the required specialized knowledge in education practices can only be provided with software-laced humanoids, which are expensive, and not by non-humanoids. The higher education segment is expected to lead the educational robot market throughout the forecast period as colleges and universities have been implementing educational products for increasingly flexible and innovative learning experiences.
“Americas was the largest shareholder in 2017, whereas APAC would be the fastest-growing region in the educational robot market during the forecast period”
The Americas held the largest share of the educational robot market in 2017. The Americas is the early adopter of educational robots, which is resulting in the maximum demand for robots from this region. The market in APAC is expected to grow at the highest CAGR between 2018 and 2023. APAC is likely to adopt educational robots as there are some widespread government initiatives in the region that aim to improve the literacy rate in the region. Government initiatives for education and technological advancement hold opportunities for educational robot market in this region. Due to increasing use of robots for educational purposes and technological advancements in the field of robotics, the region is expected to deploy educational robots. Also, the presence of a large number of robotic manufacturing companies in China and Japan, along with the strong presence of electronics and semiconductor companies, is driving the growth of the educational robot market in APAC.
The breakup of primaries conducted during the study is depicted below.
By Company Type: Tier 1 = 55%, Tier 2 = 20%, and Tier 3 = 25%
By Designation: C-Level Executives =75% and Directors = 25%
By Region: Americas = 10%, Europe = 20%, APAC = 40%, and RoW = 30%
Some key players in the educational robot market include 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).
Factors such as growing demand for humanoid robots and huge potential in developing countries are expected to generate opportunities for the players in the educational robot market.
This report includes the market statistics pertaining to the educational robot component, type, education level, and geography, along with their respective market size.
Major drivers, restraints, opportunities, and challenges pertaining to the educational robot market have been detailed in the report.
Opportunities in the market have been defined for stakeholders, along with the details of the competitive landscape for the market leaders.
Strategic profiling of the key players in the educational robot market has been done, and players’ ranking has been provided, and core competencies have been comprehensively analyzed.
Reasons to Buy the Report
The report would help leaders/new entrants in the educational robot market in the following ways:
1. This report segments the educational robot market comprehensively and provides the closest market size estimation for segments across different regions.
2. The report would help stakeholders understand the pulse of the market and provide them with the information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain insights to improve their position in the business. The competitive landscape section includes the competitor ecosystem, product launches, acquisitions, expansions, partnerships, and agreements.