The global educational robot market size is projected to reach USD 4.02 Billion in 2028 and register a robust revenue CAGR of 17.9% over the forecast period, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to increasing focus on technological advancements in the education sector, among other sectors, and adoption of Internet of Things (IoT) in electronic devices. Rising dependence on smart devices is resulting in further advancements in technology in the education sector and this is another factor contributing significantly to growing demand for and deployment of educational robots in various countries and driving steady revenue growth of the market.
The various advantages offered by educational robots such as Artificial Intelligence (AI) based evaluation of students according to their capabilities and providing the right mentorship to students according to their needs is resulting in adoption of a tutor as a companion in institutions and research centers. Government initiatives to encourage use of AI and cloud based software in institutions and educational sector is also expected to boost demand for educational robots in developed and developing economies going ahead. Moreover, improvement in digitalization and increasing adoption of smart devices, coupled with rapid advancements in the robotics industry are other factors contributing significantly to growth of the global educational robot market, and the trend is expected to continue during the forecast period.
Some Key Highlights From the Report
- In December 2020, Hanson Robotics, which is a market leading robotics company, announced a collaboration with International Iberian nanotechnology laboratory (INL) & Singularity Net to develop the new Sophia 2020 Humanoid Pepper developed by Softbank Robotics which has been adopted by the education sector.
- Humanoid robots segment revenue is expected to expand at a rapid CAGR of 17.4% during the forecast period. Humanoid robots offer better performance in completing tasks as human and AI provide the smart approach to drive solutions of problems and demand for and deployment of educational robots is expected to increase significantly going ahead.
- Professional education segment accounted for a significantly large revenue share in the global educational robot market in 2020. Stringent government guideline to improve the digital means of education is a key factor driving increasing utilization of educational robots in the education sector.
- Asia Pacific accounted for largest revenue share in the global educational robot market in 2020. Increasing adoption of AI-based education in intuitional and research domains in countries in the region is a key factor contributing to rising demand for educational robots.
- Some major companies in the global market report include Hanson Robotics, Lego group, Modular Robotics, Pal Robotics, Probotics America, Qihan Technology Co., Softbank Robotics, Robobuilder Co. Ltd., DST Robot Co., and Adele Robots
Source: PR Newswire
