According to the research report titled ‘Global Programmable Robots Market Size study, by Component (Hardware, Software), by Application (Education & Research, Entertainment, Household, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global programmable robots market was worth USD 2073 million in 2019 and is projected to expand with a CAGR of 14.9% during 2020-2027.
 

Global programmable robots market growth is majorly attributed to rapid technological advancements in the product for enhanced functionality. Increasing usage of programmable robots for learning & educational purposes, and surging demand for domestic consumer robotics are also fueling the market size.
 

For those uninitiated, programmable robot is an automatic device that performs tasks that are recognized through remote control or programs. These may be programmable robotic kits ranging from remotely operated to PC controlled robots and simple wheeled to intricate robots like humanoids. Such type of robots aid in understanding and conceptualizing theories regarding designing and operating a robot as well as assisting in programming the robot using simple virtual programming language like Java, C, C++, and others. Programmable robots allow consumers to have a systematic thinking approach with respect to problem solving. These factors encourage the use of programmable robots among end-users such as hobbyists, researchers, and students, which in turn is facilitating the business scenario.
 

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As per International Federation of Robotics (IFR), worldwide demand for domestic consumer robotics was worth USD 2.9 billion in the year 2019, which was a 24.6% increase from 2015 which accounted for USD 1.2 billion. The IFR also predicted that domestic consumer robot value is likely to reach USD 6.8 billion through 2025. This is expected to boost the demand for programmable robots, thereby adding momentum to the market outlook.
 

The COVID-19 pandemic has had a negative impact on global programmable robots industry owing to restrictions imposed by the government on travel and movement of goods & services, creating a gap between demand and supply. Besides the reduced demand for programmable robots during the pandemic, hefty cost and time-consuming deployment are the factors that may hamper the overall market growth during 2020-2027.
 

Citing the regional landscape, North America holds a significant market share credited to increasing research & development activities in robotic technology and rapid adoption of programmable robots in research institutes, universities, and schools. Meanwhile, Asia Pacific programmable robots market is slated to grow substantially over the analysis period, owing to rising cognizance of robotics in education industry in order to improve the learning process in economies, specially in India and China.
 

Major contenders in global programmable robots market are RobotShop, Inc., Robobuilder Co., Ltd., Bossa NOVA Robotics, Inc., Evollve, Inc., Orbotix, Inc., WoWee Group Limited, Innovation First International, Inc., Aldebaran Robotics SAS, The LEGO Group, and Honda Motor Co., Ltd.