Consumer Service Robotics - Armenia

Revenue in the Consumer Service Robotics market is projected to reach US$954.00k in 2024.
Domestic service robotics dominates the market with a projected market volume of US$884.10k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.45%, resulting in a market volume of US$1.57m by 2029.
In global comparison, most revenue will be generated China (US$5.53bn in 2024).

Definition:

The Consumer Service Robotics market covers the market size of service robotics for consumer use, e.g., household and entertainment robots. Consumer robots are usually not big and relatively easy to use. Consumer robots include vacuum cleaners, robotic toys, and drones.

A robot is defined as a powered machine that is programmable on two or more axes and has some degree of autonomy; it moves within its environment to perform its programmed tasks.

Additional information:

The market comprises revenues, volume, average price per new installed robot. The market displays both B2B and B2C revenues, and the revenue is based on the country’s demand for robots. It is shown in manufacturer prices. Software revenues are included as service robots are mostly delivered with software solutions that have been implemented by the manufacturer.

Key players in the market include iRobot, Samsung, and Xiaomi.

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Domestic Service Robotics
Entertainment Service Robotics

Commercial Service Robotics

The Consumer Service Robotics market in Armenia has shown minimal decline in growth rate, influenced by factors such as increasing adoption of digital technologies, rising health awareness among consumers, and the convenience offered by online health services. These factors have also impacted the overall Robotics market in the country.

Customer preferences: In Armenia, there is a growing demand for consumer service robotics, especially in the hospitality and healthcare industries. With an aging population and increasing reliance on technology, there is a growing preference for robots that can assist with tasks such as meal delivery and housekeeping. Additionally, there is a trend towards incorporating cultural elements into service robots, such as traditional music or dance, to enhance the customer experience. This reflects a desire for personalized and unique interactions with technology.

Trends in the market: In Armenia, there is a growing demand for consumer service robotics in various industries, including healthcare, retail, and hospitality. This trend is driven by the need for automation and efficiency, as well as the increasing adoption of advanced technologies. This is expected to continue in the coming years, with the market projected to witness significant growth. This presents opportunities for industry stakeholders to tap into this emerging market and provide innovative solutions to meet the evolving needs of consumers. Additionally, with the rise of e-commerce and online shopping, there is a growing demand for delivery and logistics robots, which can further drive the growth of the consumer service robotics market in Armenia.

Local special circumstances: In Armenia, the Consumer service robotics market is influenced by the country's developing economy and the increasing adoption of advanced technologies. The market is driven by the growing demand for automation solutions in various industries, including healthcare and hospitality. Additionally, the government's initiatives to promote technology and innovation, as well as the country's strategic location between Europe and Asia, make it an attractive market for service robotics. However, the market faces challenges such as limited awareness and high initial costs, which can be mitigated by offering customized solutions and strategic partnerships with local businesses.

Underlying macroeconomic factors: The Consumer service robotics Market within the Robotics Market in Armenia is greatly impacted by macroeconomic factors such as the country's economic stability, technological advancements in the region, and government policies that support the growth of the service robotics industry. Countries with strong economic growth and favorable investment climate tend to experience faster market growth compared to regions with economic challenges and limited funding for technological advancements. Furthermore, the increasing demand for efficient and cost-effective consumer services, coupled with the growing aging population, are key drivers for the adoption of service robotics solutions in Armenia.

Data coverage:

The data encompasses B2B and B2C revenues. Figures are based on the country’s demand for robotics in manufacturer prices.

Modeling approach / Market size:

Market sizes are determined through a regional bottom-up approach, and further detailed by a top-down rationale for each market segment. As a basis for evaluating markets, we use trade data of the respective economic sector. Furthermore, we use relevant key market indicators such as level of automation and digitization or the economy composition to estimate each country's specialization in demand and supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarly exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market.

Additional notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Despite the frightening, almost Terminator-esque, way the phrase “there are robots everywhere” might sound, the increased use of robotics has been a boon to both consumers and enterprises worldwide. The industrial robot market has seen steady growth across the globe and is expected to continue growing as automation becomes ever more vital to businesses. This stems largely from mechanical automation, reducing production costs and improving efficiency. This increased demand due to greater automation, especially in the United States and Europe, is likely to mean that the price increase per robot unit will remain modest.