The telepresence robot market is currently witnessing a high growth rate owing to the increasing demand for telepresence robots in commercial enterprises and education sector to enable virtual meeting and tele-education, proliferation of geriatric population globally, and rapid technological advancements in AI and robotics. Recent innovations and government funding and initiatives in telepresence robot components and types have enabled the telepresence technology to reach a wider segment of consumers in the industry.
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However, security and data breaches in telecommunication and operational failures due to high technical complexities contribute as some of the major challenges for the market. Companies are developing autonomous type of telepresence robots that are expected to be majorly adopted in the future. Moreover, companies are focusing on developing cost-effective and affordable telepresence robots. This, in turn, is expected to increase the competition among the companies in near future as well as increase the utilization of telepresence solutions for varied applications such as enterprises, education, healthcare, and others. The launch of 5G services in the future, likely by 2020, and the increasing popularity of telepresence in healthcare to provide tele medicine services are some of the major factors which are expected to create profitable opportunities for the market in the coming five years.
There are more than 25 key companies present in the telepresence robot market. These companies offer mobile and stationary based on their type and mobility. Telepresence robots have wide applicability for end-user industries such as healthcare, commercial enterprise, personal, manufacturing, education and others. Generally, the mobile-type telepresence robots have much higher cost than that of stationary telepresence robots, as the price for mobile telepresence robot goes up to $80,000. The high cost of telepresence robot makes them unaffordable for personal usage. Globally, governments of various countries, such as the U.A.E., Singapore, the U.K., and major companies in the robotics industry, such as Toyota, are actively investing in robotics to make them easily accessible to a wide range of users.
In terms of value, the global telepresence robot market accounted for $61.3 million in 2017 and is projected to reach $218.6 million by 2023, growing at a CAGR of 26.53% during the forecast period 2018-2023. The number of telepresence robot shipped in 2017 was approximately 8,840 units, which is projected to reach 31,900 units by 2023.
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The North America region had the highest market share in the overall telepresence robot market in 2017, followed by Europe and Asia-Pacific. This is mainly because of the maximum number of companies being situated in North America, along with the increased number of emerging start-ups in the market. However, Asia-Pacific is expected to witness the highest growth rate of 31.28% during the period 2018-2023 to reach $65.8 million by 2023. The robust growth rate of Asia-Pacific market is mainly due to the increased utilization of telepresence robot for commercial and personal usages. The growth of the region is expected to be mainly driven by the increasing focus of countries such as Japan, China, and South Korea on developing telepresence robots and adopting them across enterprise, education, and healthcare sectors.
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