People across the world are increasingly using mobile robots to meet the rising security concerns. These robots are embedded with automation solutions and artificial intelligence (AI), which enable their mobility. Such robots are being largely used in spying applications, as they can detect thieves and unidentified individuals entering houses and make a noise to alert house owners of the intrusion.

Additionally, the rising integration of the internet of things (IoT) in personal robots also makes them mobile, owing to which they can cover and secure more areas. Thus, the burgeoning demand for mobile robots will help the personal robots market exhibit a CAGR of 7.8% during 2020–2030. Additionally, the declining cost of personal robots will also aid the market revenue to surge from $21.5 billion in 2019 to $51.5 billion by 2030.

The plunging price of such robotic systems can be attributed to the increasing shift of manufacturing units of robotic companies from developed countries to developing countries. For instance, in November 2019, iRobot Corporation commenced robot manufacturing at its Malaysian factory. Cleaning robots, educational robots, security robots, companion robots, handicap assistance robots, personal transportation robots, and entertainment and toy robots are the common types of personal robots available across the world.

In the coming years, companion robots will be adopted at the highest rate due to the surging emptiness in the lives of people, owing to the absence of a companion, especially in developed countries. Moreover, declining fertility in countries such as Japan will also propel the adoption of companion robots. Therefore, the escalating demand for mobile robots and the plunging cost of robotic systems will propel the adoption of personal robots, worldwide.

This market research report provides a comprehensive overview of the market

* The Future potential of the market through its forecast for the period 2020– 2030
* Major factors driving the market and their impact during the short, medium, and long terms
* Market restraints and their impact during the short, medium, and long terms
* Recent trends and evolving opportunities for the market participants
* Historical and the present size of the market segments and understand their comparative future potential
* Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings