In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The global robotic guide dog market is estimated to grow at a significant CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing adoption of robotics and automation amongst the common public. Generally, guide dogs are used by visually impaired or disabled people, for navigation and other purposes. However, the training of these dogs is time taking and costly. Due to this heavy cost spent on training the guide dogs, scientists have developed a new algorithm that is capable of filling the shoes of a guide dog. This quadrupedal robot or robotic guide dog can be used to assist blind people, at a much lesser cost. This robot is not being produced on a commercial stage yet, however, scientists expect the concept to gain commercial popularity by the end of this decade, i.e., 2030. Mass production of robotic guide dogs is expected to be much less expensive than training equal number of dogs, which is estimated to boost the market growth. Moreover, increasing adoption of robotics, backed by the growing tech-savvy population, is estimated to further encourage the market growth. According to the International Federation of Robotics, the robot density in industrial application is 74 robot units per 10,000 employees.
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The market is segmented by application into visual assistance, training, and others, out of which, the visual assistance segment is anticipated to hold the notable share in the global robotic guide dog market over the forecast period on account of high expenditure on training dogs for guiding visually impaired people. The cost of robotic guide dog is comparatively lower, increasing the affordability of guide dogs for blind people, which is estimated to boost the market growth. The training segment is estimated to gain significant share by the end of 2030, owing to the ease in training guide dogs using robots.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global robotic guide dog market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the growing research activities in the region, backed by technological advancement and high expenditure on technical R&D activities. Moreover, increasing use of robots in various end-user industries, such as, construction Cobots, cooking robots, and robotics assisted medical care, are estimated to boost the market growth. The market in Asia Pacific region witnessed or is estimated to witness noteworthy growth over the forecast period on the back of increasing adoption of robots in countries, such as, South Korea, Singapore, Japan, and others.
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The global robotic guide dog market is further classified on the basis of region as follows:
Our in-depth analysis of the global robotic guide dog market includes the following segments:
The robotic guide dog is still in the conceptual stage, with only a few models built by scientists and researchers of the University of California, Berkeley’s Hybrid Robotics Group. However, this concept is estimated to gain significant commercial growth in the upcoming years. Major robotic companies, including, Anduril Industries Inc., SKYDIO, INC., Diligent Robotics Inc, and others, are estimated to invest in this technology in the coming decade.
Ans: The increasing adoption of robotics and increasing incidence of visual disability amongst people are estimated to boost the market growth.
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2030.
Ans: High capital investment and slow commercial implementation are estimated to hamper the market growth.
Ans: The market in the North America is estimated to provide most business opportunities, over the forecast period, owing to the increasing adoption of robotics, and higher technological advancement.
Ans: The major robotics companies, such as, Anduril Industries Inc., SKYDIO, INC., and Diligent Robotics Inc, are estimated to enter the robotic guide dog market in the near future.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by application, distribution channel, and by region.
Ans: The visual assistance segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities, owing to the less expense of robotic guide dog over guide dog.