Telepresence Robot Market Report Recap
Thursday August 15, 2019
The market for telepresence robots is expanding around the globe. Recent reports on the state of the global telepresence robot market found that over the next 6 years, the market value of telepresence robots is predicted to almost triple. This article recaps relevant telepresence robot market reports and highlights current trends.
The market value of the telepresence robot industry was approximately $150 million USD in 2018, and by 2026 it is thought that the market will grow to approximately $480 million USD. Much of this growth is believed to be due to the growth of many overseas businesses increasing the demand for telepresence robots and virtual meeting space.
Telepresence Robot Growth Trends Around The World
Telepresence robots are seeing increasing rates of adoption around the world. The rates of adoption and usage for telepresence robots is increasing dramatically, and the industry as a whole is expected to see massive growth over the course of the next decade.
One recent telepresence robot market report carried out by DataBridge Market Research estimated that in 2018 the value of telepresence robot market was at approximately $149.8 million USD, and it is suspected that this value will increase over the course of the next eight years, reaching an estimated value of $481.03 million USD by 2026 or 2027. This represents an annual increase of 15.7%.
Much of this growth is in North America, which possesses the largest market share of the global telepresence robot market. However, many other regions of the globe are also investing in telepresence robots and seeing substantial growth rates.
Another report, done by Half-Cooked Research, split the globe into four different regions: North America, Europe, Asia-Pacific and the Rest of the World. North America leads the telepresence robot market, with Europe following it, followed by the Asian-Pacific region, and then the Rest of the World.
North America (the United States, Canada, and Mexico), was an early adopter of telepresence robot technology, and in North America the primary uses for telepresence robots are in the fields of Home Care, distance education, and personal assistants. The majority of the industry’s revenue is generated by companies based in North America.
While the United States serves as the backbone of telepresence robot market growth in North America, Mexico and Canada are also expected to see notable growth over the next decade.
The Asia-Pacific region defined in the report focuses on Japan, China, India, Taiwan, South Korea. Out of the countries analyzed in the report, South Korea, Japan, and China are leading the telepresence robot market.
South Korea and China are making major investments into the creation of automated technology for the education and healthcare fields, two of the primary use cases for telepresence robots around the world. Singapore and India are also expected to substantially expand their market share in the coming years.
Causes Of Rapid Growth In The Telepresence Robot Market
Part of the Global Telepresence Robot Market Report was an examination of the forces driving growth. The primary force driving the expansion of the telepresence robot market is the increasing number of use cases for telepresence robots.
Over the course of the past decade, telepresence devices have become much more useful, flexible, and robust, able to be used in many different fields, according to a report by Transparency Market Research.
Fields where telepresence robots can be of use include:
- Home Care/Personal
Telepresence robots can substantially reduce the cost of business collaboration, enabling individuals to collaborate across great distances without the need for travel. Inspections of factories or construction sites can be carried out remotely as well.
The medical field also has a number of potential uses for telepresence robot technology. Doctors can visit patients from afar, and critical medical evaluations can be carried out at a great distance in the case of an emergency.
As the number of elderly people in the world increases, especially in regions of the world like Japan and India, people face the problem of how to care for the elderly. Rather than putting elderly individuals in nursing homes or assisted living centers, the elderly can continue to live in their own homes and have independence, yet have their loved ones check in on them with the use of telepresence robots.
Telepresence robots are useful for both home and corporate security, letting people check on the security of a building remotely.
Telepresence robots also have an important role to play in education. Students with health issues can still attend school through the use of telepresence robots, and schools can have special guest speakers give presentations through the robots.
Another contributing factor to the increasing adoption rate of telepresence robots is the increasing use of digital technologies like smartphones and tablets. These are the ways that many of these robots are controlled and interfaced with, and the increasing use/affordability of these devices lower the barrier to entry for the use of the robots.
The Big Players In The Industry
As explained by the Telepresence Robot Market Report, as the industry grows more and more companies are emerging. However, a few notable companies lead the industry.
OhmniLabs is one of the leading telepresence robot companies, and so are companies like Double Robotics, AMY Robotics, Medi’Pep, InTouch Health, Xandax, Sutitable Technologies and Endurance.
New Events In The Telepresence Robot Market
Multiple research market reports, such as one by Mordor Intelligence, also make reference to new events in the market. The past two years have seen notable events in the creation of telepresence robots. In January of 2018 Suitable Technologies introduced the BeamPro2, which had a modular mobile platform.
In January of this year, OhmniLabs launched the Ohmni Supercam, a new version of the 3D printed Ohmni robot. The Ohmni Supercam currently offers the highest resolution available for telepresence robots, and users of the Supercam can easily see content on whiteboards and printed documents.
Telepresence robot companies are continuing to add more functions to their robots, as increasing the utility of telepresence robots attracts potential buyers. As part of the attempt to increase the functionality of telepresence bots, OhmniLabs has released a new development kit, dubbed simply DevKit.
DevKit is intended to let developers customize the robot for their needs, enabling them to add support for Arduino platforms, lights, servos, USB devices and other custom hardware or software. The DevKit lets developers add functionality to robots that lets them modify the device to support their individual use cases.
In addition to the DevKet by OhmniLabs, other telepresence robot companies are also trying to add features to their robots. Origin Robotics, based in Miami, has added a manipulator arm to its Origitbot2 robot. Origin Robotics hopes that the modifications to the robot will enable it to turn appliances on/off and open doors.
Summing Up The Report
According to the different global telepresence robot market reports, in 2018, the value of a telepresence robot market was around $149.8 million USD, yet by 2026 that value will be around $481.03 million at USD. While much of this growth is happening in North America, the Asian-Pacific region and Europe are also predicted to grow quite quickly.
The various telepresence robot market reports found the main force pushing the adoption of telepresence robots is that the number of use cases for the robots continues to increase. Finally, companies like OhmniLabs are enhancing their robots with new features that let users carry out an ever wider array of tasks with them.
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