Robotic companions for the elderly in Korea

Korea ranks fourth in the deployment of industrial robots across the globe. It is on the fast track to have the world’s largest stock of robots by 2016. Korea is also home to 6 million people above the age of 65. Korean innovators are now bringing robots into the homes of the elderly. Spire Research and Consulting shared its insights, published on the US Consumer Electronics Association’s blog.

The robotics industry in Korea reached a total revenue of KRW2.1 trillion in 2012 (approximately USD2 billion) – a two-fold increase in size since 2009. More than 600 domestic robot manufacturing companies operate within the country, employing more than 34,000 people. The government plans to spend KRW7 trillion (approximately USD6.3 billion) by 2018 in this industry.

At the same time, Korea’s silver market will grow to eight million seniors by 2020. There are many companies catering to the unmet needs of the elderly. GoCart – a Korean-made robot – started distributing meals in elder care facilities in the U.S. since October 2014.

Quite a few robots have been integrated to existing devices such as a Galaxy Tab and Ipads – mounted on an external structure. A typical example of this concept is Furo-I – launched by Korea’s future robot – with a parrot-shaped controller to receive instructions from a detachable touchscreen tablet.

On the other hand, people are still skeptical about giving up too much control to artificial intelligence. Some factors that deter consumers from purchasing robots include technical faults and total expenditure. As a result, industry players have not yet generated adequate sales volume and still need to rely on the government to fund research and development initiatives.

The good news is that Korean household robot manufacturers are well placed to succeed in the coming years, as robots continue to get up close and personal within the human household.

https://www.spireresearch.com/newsroom/media/robotic-companions-for-the-elderly-in-korea/

Comments

FIFA World Cup 2018 holds lessons for successful team building

The FIFA World Cup 2018 is widely seen as one of the best World Cups in recent memory, with many surprises and goals aplenty. One talking point was the role of teamwork as opposed to just superstar talent. What lessons can businesses learn from the beautiful game? Leon Perera, CEO of Spire Research and Consulting, shared his thoughts in The Business Times – Views from the Top section on 23 July 2018. As World Cup fever draws to an end, the game lived up to its hype with breath-taking goals and outstanding performances. Perera highlighted the role of 'team effort' over mere individual talent, which was evident in the early failure of teams with world-class superstars like Argentina and Portugal. Perera also pointed out the importance of investing in new talent pipeline development, which paid rich dividends for France, the winning team and also one of the youngest teams in the World Cup. The game also highlighted the role of risk-taking. A relentless approach t...

Side Click: Are you under the surveillance camera?

Identifying VIPs with strong purchasing power is crucial to retail success. More often than not, retail staff fail to do this in time. Facial recognition technology can help prevent this. But does it put our privacy at risk? With high-spending customers making out-sized contributions to retail profitability, it is increasingly crucial for retailers to provide personalized customer service the minute a VIP customer sets foot in the store. For instance, Katie Holmes reportedly spent USD100,000 on a fashion makeover and USD14,200 on lingerie alone in 2012! This is where identification technology can play a role. NEC, a Japan-based ICT vendor, has developed an identification application based on a facial recognition system – comparing the individual’s facial features against its database, and sending prompts when a match is identified. The initial purpose of the application was to help identify terrorists and criminals , but it was subsequently adapted to the retail setting....

The race to invest in Vietnam – How FDI is changing Vietnam’s economy and society

Vietnam’s economy has been among the fastest growing in Southeast Asia. Today, it is a key destination for Foreign Direct Investment (FDI) in the region. In 2016, FDI climbed to USD24.4 billion, a 9 per cent growth compared to 2015. This is despite Vietnam suffering an epic drought in 2016 and a third of its vast population of 93 million people living in poverty. Vietnam has won a reputation as a cheaper manufacturing hub compared to China. Could FDI propel Vietnam to become Asia’s next Tiger economy? A growing economy With a USD200 billion Gross Domestic Product (GDP), Vietnam’s economy is tracking well since the start of deep economic reforms – known as Doi Moi – in 1986. Since 1990, its GDP per capita growth has been one of the fastest among emerging economies, at an average 6.4 per cent (yearly) growth in the 2000s. Vietnam has improved provision of basic services. In 2014, the part of the population living below poverty line fell to 13.5 per cent – down from approxim...

Spire speaks on growth prospects for VARs and SIs in India’s SME market

Spire Research and Consulting was honored to participate in the GATES India ICT Reseller Channel Summit 2017 as the official research partner. The event was held in Gurgaon from 12-14 September, 2017. The Summit is a business platform for consumer electronics, and mid-market segment vendors to understand market trends. Saurabh Sharma, Country Director for Spire Research and Consulting India, was honored to be a guest speaker at GATES India ICT Reseller Channel Summit 2017 on opportunities facing Value-added resellers (VARs) and System Integrators (SIs) in India’s mid-market segment. In his presentation, Saurabh shared his insights on Small and Medium Enterprise (SME) sector growth for VARs and SIs in India. His data was drawn from in-depth interviews with VARs and SIs in India. With SIs and VARs seeing consistent growth in India, total market revenue is expected to reach USD350 billion by 2025. On the other hand, India’s e-commerce and m-commerce sectors continue to e...

The Indonesian Elections – Will it change the business landscape?

Since 1998, Indonesia has become one of the most dynamic and successful democracies in Southeast Asia today. Though it has navigated the global financial crises of the past five years relatively unscathed, infrastructure bottlenecks and regulatory hurdles have held back the country’s economic potential. How will the upcoming parliamentary and presidential elections impact the Indonesian economy and the companies operating in it? Indonesia may become the world’s 7th largest economy by 2030. A growing young population, bountiful natural resources along with an expanding consumer base will help sustain growth. Indonesia’s 2014 elections have been touted by some observers as the country’s most important since 1955. What is at stake? 1. Economic growth Elections do have the ability to kick-start growth by boosting business and consumer confidence in ways that defy normal economic calculations. Witness the surge in confidence that accompanied the election victory of Japan...

The Knowledge to Decide

Search This Blog