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Personal Robots—A 18.85-billion-dollar Opportunity by 2020
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Expanding use cases of autonomous solutions are expected to make future homes very smart. Evolution of Artificial Intelligence will entail the use of robotics across myriad functions that cater to various industries. The increasing number of start-up firms and M&A activity parallels the growth of emerging AI technology, such as machine learning applications, computer vision, gesture controls that are set to propel the market for home applications further. Currently machines/ robots comprise base level intelligence that requires human intervention from a stand point of assistance and supervision. With AI becoming more pervasive, robots of the future will be very intelligent with the ability to sense its surroundings, avoid static and dynamic objects, understand emotions, communicate, etc. This will allow robots to not only seamlessly move about in congested, crowded spaces (e.g., homes) but they will also have the intelligence to make informed decisions real time, thereby allowing them to fully function autonomously. This opens up a plethora of robotic opportunities for home environments right from simple tasks (e.g., cleaning) to more complicated functions (e.g., assisted elderly care), for children with special needs, etc. In addition to the AI boom, other transformational shifts, such as increasing ageing population, job automation, and declining prices of major robotic components are some of the transformations that are expanding the gamut of robotic applications.The following report titled “Robots in our Personal Lives” identifies the various transformational shifts that are fueling this change. The study looks to assess the potential for robotic applications in home environments and other service-oriented scenarios. Further, the report dwells deeper by looking at the various personal robotic applications that are expected to create tremendous value to households and professionals alike. The study offers insight into key implications from a stand point of potential ROIs and cost savings with the integration of robots within homes and other domains of human interaction that is non-industrial in nature. Lastly, the report illustrates tectonic shifts within the robotic space, in terms of how robotics could disrupt some of the major service industries, such as hospitals, hotels, supermarkets, and logistics.
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