A new study from Juniper Research has found that consumer robotics hardware revenues will soar from an estimated $6.4 billion in 2018 to nearly $23 billion by 2022.

This is an increase of over 250 per cent, with toys, education and the domestic-aide sectors being key to the growth of consumer robotics in the coming years.

Juniper Research’s study, Consumer Robotics: Sector Analysis, Leading Innovators & Emerging Opportunities 2018-2022, found that domestic-aide robots, such as robotic vacuum cleaners, will account for 73 per cent of total revenues by 2022, but the biggest growth area will be in the educational area; representing an average annual growth of 40 per cent in hardware revenues.

“With the disruption that AI and the changing nature of work will bring worldwide, STEM education will be more important than ever,” said research author Nick Maynard.

“Educational robotics is a brilliant way for parents to make these subjects engaging in the home.”

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Market intelligence firm Tractica has unveiled its latest report into the future of consumer robotics, with toys cited as a key driver for the sector over the next five years.

According to Tractica’s Consumer Robotics report, worldwide shipments of consumer robots will increase from 10.0 million units in 2016 to 50.7 million units annually by 2022. During that period, Tractica forecasts that the consumer robotics market will grow from $3.8 billion in 2016 to $13.2 billion by 2022.

“Consumer robotics is shifting from a phase of being largely dominated by cleaning robots, into robotic personal assistants or family companions,” said research analyst Manoj Sahi.

“In addition, robotic toys, which, until now, were largely gimmicks, are transforming into interactive connected play devices that have virtually limitless possibilities, as well as useful educational tools as a part of science, technology, engineering, and math (STEM)-based curriculum.”

The report also profiles 109 key and emerging industry players in the consumer robotics space, with toy firms present including LEGO, Sphero, Spin Master, TOMY, WowWee, Anki, Bandai and UBTech.

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