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%. 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 are driving the growth of the telepresence robot market.
The players in the telepresence robot market are continuously updating features of telepresence robots and are expected to come up with different features, such as SAML2 Single Sign-On (SSO) integration, IP restriction, scheduled access controls, and fleet uptime analytics making it highly reliable to be used in enterprise applications.
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By component, the telepresence robot market has been segmented into head components that include camera, display, speaker, and microphone; and body that includes power source, sensor and control system, and others comprising wheels, body materials, and accessories. The telepresence robot market for the body component is expected to grow at a higher CAGR during the forecast period. As the technological advancements 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 at a faster rate than head components. Also, advancements in the body will assist complex functionalities to process efficiently and accurately.
By type, the telepresence robot market 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 this type of 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 defence, surveillance, and security.
By application, the telepresence robot market 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.
By region, the telepresence robot market has been classified into the Americas, Europe, APAC, and RoW. The market in APAC is likely to grow at the highest CAGR during the forecast period. The rising use of telepresence in large businesses and increasing need for high-quality visual communications are reasons driving the growth of the telepresence robot market in APAC. The emergence of new technologies in APAC has increased the demand for innovative and user-friendly communications.
The market in Europe is expected to grow at the second-highest CAGR during the forecast period because of the growing use of telepresence robots in sectors such as education, home care, and enterprise. The players in all the regions are adopting strategies of product launches, acquisitions, expansions, and partnerships to expand their global presence and increase their share in the telepresence robot market.
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