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Enhanced operational efficiency in enterprises due to virtual meeting acts as major driving factor for telepresence robot market.
The telepresence robot market is expected to reach $312.6 million by 2023 from $145.8 million in 2018, at a CAGR of 16.5%. This growth can be attributed to the enhanced operational efficiency in enterprises due to the virtual meeting, high demand from the healthcare industry, and low cost due to the availability of supporting devices. However, technical complexities leading to operational failures restrict the growth of the telepresence robot market.
Mobile Telepresence Robots Held Larger Market Share in 2017
Mobile telepresence robots accounted for a larger share of the overall telepresence robot market in 2017.These robots can be moved from one place to another.
In the consumer sector, especially in-home care, it is widely used owing to its movable feature. Customers can use mobile telepresence robots from any place according to their convenience.
Market for Healthcare Application to Grow at Highest CAGR during Forecast Period
The market for healthcare applications is expected to grow at the highest CAGR during 2018–2023 Remotely controlled telepresence robots enable doctors to interact with their patients for consulting and training.Researchers have been developing telepresence robot that can be used for remote surgery to save lives and can be controlled by remote surgeons.
The advantages of using remote surgery using telepresence robots include efficient operation, ability to isolate surgeons from infectious diseases, and low operational cost.These benefits are driving the overall telepresence market in the healthcare sector.
The market for education applications is expected to grow at the second-highest CAGR during the forecast period.
Americas was Largest Shareholder in 2017, whereas APAC would Register Highest CAGR during Forecast Period
The Americas accounted for a major share of the overall telepresence robot market in 2017. The Americas is the early adopter of all service robots for all the major applications, such as public relations, personal assistance and caregiving, home care, enterprise, and education, which is resulting in the maximum demand for robots from this region.
The telepresence robot market is expected to grow at the highest CAGR in APAC from 2018 to 2023.The rising use of telepresence in large businesses and increasing need for high-quality visual communications are the reasons for the growing adoption of telepresence robots in APAC.
The emergence of new technologies in APAC has increased the demand for innovative and user-friendly communications. Telepresence and robotics help individuals interact, share content, and record high-quality video, among other services, in real time.