Amazon could launch consumer robot product in 2019
Amazon (AMZN) joins the list of American technology companies that have recently been linked to low-profile product development projects. Apple and Facebook (FB) have recently been reported as quietly building semiconductor components for their future products.
Amazon has been quietly building robots for the consumer market, according to news reports. The company has already created working prototypes capable of navigating through homes like driverless cars. Amazon could begin testing its consumer robots later this year, initially among its employees as it did with its automated convenience store known as Amazon Go. The robots could be ready for the consumer market as early as next year.
$23 billion revenue opportunity in consumer robotics market
The consumer robotics market presents an attractive revenue opportunity for its participants. According to Boston Consulting Group, the consumer robotics market is poised to hit $23.0 billion by 2025. Overall, the global market for robots is expected to be worth $87.0 billion by 2025.
Consumer robotics market is crowded
Amazon’s foray into the consumer robot market is expected to meet strong resistance. In addition to iRobot Corporation (IRBT), which builds robots that can be used for domestic cleaning, Sony (SNE), SoftBank (SFTBF), and Toyota Motor (TM) are seeking revenues in the hotly contested consumer robotics market.
Sony, for example, has brought back its popular dog-shaped pet robot, Aibo. Toyota has a companion robot called Kirobo Mini, while SoftBank has Pepper. SoftBank is the parent company of American mobile operator Sprint (S).