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Service Robots to Hit $30B in Sales by 2022, a 30% Increase in Two Years

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Unlike the industrial robotics sector, service robots have received a boost from the disruption caused by the COVID-19 pandemic.

According to data presented by BuyShares, the entire market is expected to continue growing strongly and hit over $30bn in sales by 2022, a 30% increase in two years.

Americas Lead in the Use of Service Robots, Entire Market to Hit $12B Value in 2022

Recent years have witnessed a surge in the use of service robots, as they offer increased productivity and convenience in both professional and private settings. The entire market is divided into two main segments. Commercial robots are used to perform tasks in a business environment, like medical robots and automated guided vehicles used in warehouses.

Personal service robots include convenience robots, which perform tasks like cleaning and vacuuming, and entertainment robots, such as toys and photography drones.

In 2018, the entire market generated $13.7bn in sales volume, revealed the Statista survey. This figure surged by almost 70% in the next two years, reaching $23.1bn in 2020. The growing demand for service robots is expected to continue this year, with the sales value rising by another 17% YoY to $27bn. By the end of 2022, this figure is forecast to jump by another $3bn.

Statistics show the service robotics market is led by the Americas, with an estimated sales value of $10.8bn in 2021, up from $7.4bn before the pandemic. This figure is forecast to jump to over $12bn in 2022.

As the second-largest region, the Asia Pacific is expected to hit almost $7.4bn in sales volume in 2021, a 20% jump in a year. The European market follows with a $7.3bn value.

Medical Robots to Generate One-Third of Total Sales Value

Statistics show that most service robots are used in the medical industry, expected to generate almost $9bn or 33% of total sales value this year. In the next twelve months, this figure is set to jump to $10bn. Technical innovations and demographic developments drive the market growth of these robots.

Robotic technologies can be more precise and flexible than human surgeons, making robot-assisted surgery a popular option. Since they are immune to infectious diseases, medical robots have also been implemented during the COVID-19 pandemic. They are also widely used in diagnostic, rehabilitation, and nursing care.

Statistics show the Americas dominate the medical robot’s market. However, due to aging populations, the Asia-Pacific region is expected to witness the most significant growth in the future.

Convenience robots for domestic tasks ranked as the second-largest segment, with $6.7bn in sales value in 2021. This figure is set to reach almost $7.5bn next year. These robots are increasingly finding their way into households worldwide. Packed with different capabilities, they can make everyday life more comfortable. Statistics show the Asia-Pacific region is the leading market for convenience robots. However, the largest producer, iRobot, is headquartered in the United States.

As the fastest-growing segment of the commercial service robotics market, logistics is forecast to hit over $3.9bn in sales volume this year, up from $3.1bn in 2020. The pandemic fuelled eCommerce surge continues driving demand for logistics robots, as they help automate and optimize operations, enabling higher precision, lower costs, and faster delivery times.

The Asia-Pacific region is forecast to witness the biggest increase in sales volume. However, Europe is expected to maintain its position as the region with the most sales of logistics service robots.

Statistics show the entire logistics robots industry is set to continue growing and reach $4.5bn in sales by 2022.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Telecommunications

Lagos Residents Frustrated by Rapid Data Drain, Call for NCC Action

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Lagos residents are expressing increasing frustration over what they describe as the rapid depletion of their data bundles.

Many subscribers are now calling on the Nigerian Communications Commission (NCC) to address their concerns as they suspect changes in billing practices by telecommunication providers.

Numerous subscribers have reported that their data does not last as long as it used to. A Lagos-based teacher, Mrs. Nafidah Zaynab, shared her experience, stating that a N2,000 data bundle, which previously lasted almost a month, now depletes within just a few days.

This sentiment is echoed by many, including Idowu Anabili, a trader who has reduced his data usage due to rising costs.

Abdullahi Yunus, who runs a café, noted a significant increase in his data expenses, spending between N70,000 and N100,000 monthly, up from N30,000. He attributes this spike to faster data consumption.

Telecom operators deny any wrongdoing, attributing the faster data consumption to increased usage by subscribers.

An anonymous official from MTN explained that the variety of activities performed on smartphones has increased, leading to faster data usage.

Airtel Nigeria’s spokesperson, Mr. Femi Adeniran, suggested that background apps and high-definition streaming contribute to the issue.

Despite complaints, operators assert they have not officially increased data prices. They emphasize that automatic app updates and other technical factors may be responsible for the perceived quick depletion.

Experts suggest that the challenging economic climate may be pressuring telecom companies to subtly reduce data value.

The industry has reported a 43% rise in operational costs, although no formal tariff hikes have been announced.

The NCC has clarified that it has not authorized any increase in data tariffs. The commission highlights technical factors like automatic video play and app updates as potential causes for quick data depletion.

In a bid to assist consumers, the NCC has advised turning on data saver modes and managing app updates to conserve data.

To combat the issue, Mobile Network Operators (MNOs) have initiated a campaign to educate consumers on optimizing their data usage.

They recommend practices such as disabling automatic updates and closing unused apps.

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Social Media

Meta Shuts Down 63,000 Nigerian Accounts in Sextortion Crackdown

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In a significant move to combat online crime, Meta Platforms Inc., the parent company of Facebook, Instagram, and WhatsApp, has removed 63,000 accounts in Nigeria linked to sextortion scams.

This sweeping action is part of Meta’s ongoing effort to address the growing threat of digital extortion on its platforms.

Unmasking the Scammers

The crackdown, which took place at the end of May, targeted accounts engaged in blackmail schemes.

These scammers posed as young women to coerce individuals into sharing intimate photos, which were then used to extort money from the victims.

The removal follows a Bloomberg Businessweek exposé highlighting the rise of such crimes, particularly affecting teenagers in the United States.

The Global Impact

The U.S. Federal Bureau of Investigation (FBI) has identified sextortion as one of the fastest-growing crimes targeting minors.

The schemes often lead to severe consequences, including the tragic suicides of more than two dozen teens.

In one high-profile case, the death of 17-year-old Jordan DeMay in Michigan led to the arrest of suspects traced back to Lagos, Nigeria.

The Role of the Yahoo Boys

Many of the dismantled accounts were linked to the “Yahoo Boys,” a notorious group known for orchestrating various online scams.

These individuals have been using social media to recruit and train new scammers, sharing blackmail scripts and fake account guides.

Meta’s Response

Meta’s spokesperson emphasized the company’s commitment to user safety, stating, “Financial sextortion is a horrific crime that can have devastating consequences.”

The company is continually improving its defenses and has reported offenders targeting minors to the National Center for Missing & Exploited Children.

To enhance protection, Meta has implemented stricter messaging settings for teen accounts and safety notices regarding sextortion.

They are also employing technology to blur potentially harmful images shared with minors.

Ongoing Efforts

Meta’s actions highlight the complex and evolving nature of online crime. The company has pledged to remain vigilant, adapting its strategies to counter new threats as they emerge.

“This is an adversarial space where criminals evolve to evade our defenses,” Meta noted.

Looking Forward

As digital platforms continue to grapple with issues of privacy and security, Meta’s recent actions demonstrate a proactive stance in safeguarding users.

By dismantling these networks, the company aims to reduce the prevalence of sextortion and foster a safer online environment for all.

The crackdown serves as a reminder of the need for continued vigilance and collaboration between tech companies and law enforcement to protect individuals from the harmful effects of digital exploitation.

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Fintech

Flutterwave Celebrates Inclusion in CNBC’s Top 250 Global Fintechs

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Flutterwave has been recognized as one of the Top 250 Fintech companies globally by CNBC and Statista.

Joining the ranks of industry giants like Ali Pay, Klarna, Piggyvest, and Mastercard, this accolade underscores Flutterwave’s impact on the financial technology sector.

This honor follows Flutterwave’s recent inclusion in Fast Company’s Most Innovative Companies list, highlighting the company’s pivotal role in transforming Africa’s payment landscape.

The recognition is a testament to Flutterwave’s dedication to innovation and excellence in providing seamless payment solutions across the continent.

Expressing gratitude, Flutterwave acknowledged its talented team, supportive board, reliable partners, and loyal customers for contributing to this success.

The company continues to drive progress in the fintech industry, reinforcing its commitment to enhancing financial accessibility and inclusion in Africa and beyond.

Flutterwave’s recognition on these prestigious lists marks a proud moment and a significant milestone in its journey, reflecting the company’s growing influence and leadership in the global fintech arena.

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