Consumer Service Robotics - Bangladesh

Revenue in the Consumer Service Robotics market is projected to reach US$38.29m in 2024.
Domestic service robotics dominates the market with a projected market volume of US$36.13m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 23.50%, resulting in a market volume of US$110.00m 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 Bangladesh is experiencing minimal growth due to factors such as slow adoption of digital technologies, limited health awareness among consumers, and the lack of convenience offered by online health services. This is especially evident in the sub-markets of Domestic and Entertainment Service Robotics, where the market growth is even lower. However, with the rising need for automation and technological advancements in the region, the market is expected to see a gradual increase in growth in the coming years.

Customer preferences: With the rise of e-commerce and online shopping, consumers in Bangladesh are increasingly opting for home delivery services. This has created a demand for service robots that can efficiently handle tasks such as order fulfillment and last-mile delivery. Additionally, with a growing middle class and busy lifestyles, there is a growing preference for automated cleaning and household maintenance solutions, leading to an increase in the adoption of consumer service robots in the country.

Trends in the market: In Bangladesh, there is a growing demand for consumer service robotics in industries such as retail, healthcare, and hospitality. This trend is driven by the need for automation and efficiency, as well as the increasing adoption of technology in the country. With the rise of e-commerce and online services, there is a growing demand for delivery robots and chatbots to improve customer experience. Additionally, the use of service robots in hospitals and hotels is increasing, providing contactless services and reducing the risk of human-to-human transmission of diseases. This trend is expected to continue in the near future, with potential implications for industry stakeholders such as increased productivity, cost savings, and improved customer satisfaction.

Local special circumstances: In Bangladesh, the Consumer service robotics Market of the Service robotics Market within the Robotics Market is influenced by the country's rapid urbanization and increasing demand for automation in various industries. The government's focus on promoting technology and innovation has also led to the growth of the service robotics market. Additionally, cultural factors such as the importance placed on hospitality and customer service have driven the demand for consumer service robots, particularly in the hospitality and retail sectors. The country's favorable regulatory environment for foreign investment has also attracted global players to tap into the growing market.

Underlying macroeconomic factors: The growth of the Consumer service robotics Market is also influenced by macroeconomic factors such as technological advancements, regulatory support, and investment in infrastructure. Countries with favorable regulatory environments and strong investment in service robotics technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the increasing demand for automation and efficiency in consumer services, coupled with the rising disposable income and changing consumer preferences, is driving the demand for service robotics in Bangladesh.

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.