Humanoid Robot Market To Grow Ten Times By 2023, Reaching $3.9 Billion

The humanoid robot market might only be worth $320.3 million right now according to recent estimates, but a new report estimates that the market will grow ten times b 2023. The demand for these machines that are meant to mimic humans is supposedly going to be concentrated in the education and retail sector, which are largely composed of human service roles.

This new report came via Reportsnreports, which predicts that industry growth will put the value of the humanoid robot market at $3.9 billion. This is due to the expected increase in reliance on robots that appear human to take over roles such as personal assistants or educators.

“The humanoid robot market is expected to reach USD 3,962.5 million by 2023 from USD 320.3 million in 2017, at a CAGR of 52.1% between 2017 and 2023. This growth can be attributed to the introduction of advanced features in humanoid robots, the increasing use of humanoids as educational robots, and growing demand from the retail industry for personal assistance. However, high initial cost and R&D expenses restrict the growth of the humanoid robot market,” the report reads.

According to the report, humanoid robots are most suited to the education and entertainment sectors due to how easily replaced the human workers in those areas are. Humanoid robots could replace teachers, for example, as well as being personal friends to children who could then be educated personally to learn about STEM subjects or even programming.

While the North American market may be the biggest in terms of consumption of humanoid robot right now, the Asia-Pacific markets are also expected to grow in the six years noted in the report, Futurism notes. Naturally, this is a huge threat to human workers who believed that their jobs were safe from automation. Apparently, even professions that require complex conversations like education are at risk.