As I mentioned before, we are served by robots each day in our daily life. And that's not science fiction as these intelligent service robots are already around you. The result and also it is the fact that, AI robotics markets are booming in the global world.
Intelligent robots playing the role of personal assistants, in-home caregivers, even pet sitters used to be fantasies that played out only in the realm of science fiction -- but not anymore. The artificial intelligent robotics market is taking off and will continue to grow, with worldwide spending on robotics predicted, according to an IDC study, to reach $139 billion by 2019.
Already we're beginning to see multi-purpose robotic devices on the market. An example is the Sanbot programmable humanoid robot, which is an open API advanced robot and can be easily customized according to the scenarios where the users would like it to work, accessible for home and businesses. Like Jibo, Padpot and the other similar kinds, are mainly for home service.
With robots becoming more ubiquitous in many scenarios of our lives, and with so much opportunity and promise, it's no surprise that more entrepreneurs are jumping into the market.
In fact, entrepreneurial innovation is fueling the demand for robotics. Research from the International Federation of Robotics states that startups less than five years old already make up 15 percent of all companies engaged in the intelligent service robotics market. A lot of investment is pouring in, only adding to the number of companies in this space.
The good news for entrepreneurs in the robotics space is the plethora of resources available to help on all aspects of this type of business, including robots in home, programmable robots for education, usher robots and advanced medical robotics, etc. Organizations involved in the industry include Silicon Valley Robotics, a meta accelerator for startups in the robotics space in Northern California; the Robot Lab in Paris, an incubator that provides designers with tools and resources needed for the creation and development of their products; and our organization, IngDan, a one-stop IoT hardware innovation platform for consumer testing and feedback, to accelerate brand recognition and product adoption among Chinese consumers.
As the markets illustrates, China is the fastest-growing robotics market, followed by Japan and the United States. The opportunities are numerous, but it's also important to understand the differences in each market. For example, in a country like the United States, consumers tend to seek out high-value products, with data privacy and security being important issues needing to be addressed.
Intelligent robots playing the role of personal assistants, in-home caregivers, even pet sitters used to be fantasies that played out only in the realm of science fiction -- but not anymore. The artificial intelligent robotics market is taking off and will continue to grow, with worldwide spending on robotics predicted, according to an IDC study, to reach $139 billion by 2019.
Already we're beginning to see multi-purpose robotic devices on the market. An example is the Sanbot programmable humanoid robot, which is an open API advanced robot and can be easily customized according to the scenarios where the users would like it to work, accessible for home and businesses. Like Jibo, Padpot and the other similar kinds, are mainly for home service.
With robots becoming more ubiquitous in many scenarios of our lives, and with so much opportunity and promise, it's no surprise that more entrepreneurs are jumping into the market.
In fact, entrepreneurial innovation is fueling the demand for robotics. Research from the International Federation of Robotics states that startups less than five years old already make up 15 percent of all companies engaged in the intelligent service robotics market. A lot of investment is pouring in, only adding to the number of companies in this space.
The good news for entrepreneurs in the robotics space is the plethora of resources available to help on all aspects of this type of business, including robots in home, programmable robots for education, usher robots and advanced medical robotics, etc. Organizations involved in the industry include Silicon Valley Robotics, a meta accelerator for startups in the robotics space in Northern California; the Robot Lab in Paris, an incubator that provides designers with tools and resources needed for the creation and development of their products; and our organization, IngDan, a one-stop IoT hardware innovation platform for consumer testing and feedback, to accelerate brand recognition and product adoption among Chinese consumers.
As the markets illustrates, China is the fastest-growing robotics market, followed by Japan and the United States. The opportunities are numerous, but it's also important to understand the differences in each market. For example, in a country like the United States, consumers tend to seek out high-value products, with data privacy and security being important issues needing to be addressed.
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