Educational Robot Market | Trends, Industry Analysis and Market Size Forecast to 2023
The educational robot market is expected to be valued at USD 778.6 Million in 2018 and is projected to reach USD 1,689.2 Million by 2023, at a CAGR of 16.8% between 2018 and 2023. The market is mainly driven by factors such as the use of robots for educational purposes and technological advancements in the field of robotics.
The educational robot market is segmented on the basis of components into hardware and software. The hardware component is subsegmented into sensor, actuator, power source, control system/controller, and others. The other components include body material and other electronic, electrical, and mechanical components. The educational robot market for software is expected to grow at a higher CAGR during the forecast period. As the technological advancement will lead to growing complexity in terms of features such as inter device connectivity, AI, and autonomous operations, the value of the software part in the overall market will increase more than that of hardware. Also, the software will assist the complex functionalities to process efficiently and accurately.
The educational robot market is segmented on the basis of type into humanoid and non-humanoid. 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. Moreover, with the decline in the price of humanoids, it is expected that they will make their way to homes as educational material to impart education and teach programming to kids.
The educational robot market is segmented on the basis of education level into elementary and high school education, higher education, and special education. The market for educational robots used in special education is expected to grow at the highest CAGR during the forecast period. Though special educational robots are for children with autism and developmental issues, which makes educational robots occupy the lowest percent of market share, the growing demand for learning assistance robots across the world attributes to its high growth rate.
The report profiles the most promising players in the market. The competitive landscape of the market is highly dynamic because of the presence of a significant number of big and small players. Key players in the market are 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).
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630 Dundee Road
Suite 430
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USA : 1-888-600-6441
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