Telepresence Robot Market is expected to grow at a higher CAGR by 2023

The telepresence robot market is expected to grow from USD 145.8 million in 2018 to USD 312.6 million by 2023, at a CAGR of 16.5%. This market is mainly driven by the factors such as 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.

The telepresence robot market has been segmented on the basis of component into head components, which include camera, display, speaker, and microphone; and body that includes power source, sensor and control system; and other components comprising wheels, body materials, and accessories. The market for the body component is expected to grow at the highest CAGR during the forecast period. As the technological advancement will lead to the complexity in terms of features in telepresence robots, such as artificial intelligence (AI) and autonomous operations, the value of body parts in telepresence robots will increase faster than head components.

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The telepresence robot market based on type has been segmented into stationary and mobile robots. The market for mobile telepresence robots is expected to grow at a higher CAGR from 2018 to 2023. The application of stationary telepresence is limited only to particular areas as the stationary robot is used mainly for training purposes in almost every vertical. The mobility is already a major feature of mobile telepresence, and because of its added advantages, these telepresence robots can also find applications in several new verticals, such as defense, surveillance, and security.

The telepresence robot market based on application has been segmented into education, healthcare, enterprise, homecare, and others that include warehouse, surveillance, and defence. 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 robots that can be used for remote surgery to save lives and can be controlled by remote surgeons. 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.

On the basis of geography, the telepresence robot market is broadly classified into the Americas, Europe, APAC, and RoW. The market in APAC is expected to grow at the highest CAGR during the forecast period. Major factors contributing to this growth include the emergence of new technologies in APAC which has created the increased demand for innovative and user-friendly communications.

Technical complexities leading to operational failures of telepresence robot inhibit the market growth. Fully immersive telepresence robots rely on human instructions for motion remotely, which can be controlled by a person. Internet connectivity is required for controlling a telepresence system remotely; also, it has a risk of losing connections due to network failures and the failure in its associate devices. Furthermore, the lack of secure communication and common protocols is a major challenge faced by telepresence robot market players. However, advancements in the robotic technology and wide-level adoption from education and residential sectors can generate significant opportunities for this market.

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Double Robotics (US), Inbot Technology (China), Suitable Technologies (US), Mantaro Networks (US), VGo Communications (UK), InTouch Technologies (US), Qihan Technology (China), Amy Robotics (China), Anybots (US), SuperDroid Robots (US), Ava Robotics (US), Camanio Care (Sweden), Wicron (Russia), Xandex (US), Rbot (Russia), AXYN Robotique (France), OhmniLabs (US), Swivl (US), Xaxxon Technologies (Canada), and Hease Robotics (France) are a few key players in the telepresence robot market.