Around 40% of American adults have robot assistants in their homes today.
I’m talking about smart speakers like Amazon’s Alexa and Alphabet’s Google Home.
When paired with other devices, these speakers are able to do all sorts of things for you like:
- Order groceries.
- Lock your doors.
- Control your thermostat.
- Make you a cup of coffee.
But as smart as these devices seem, they’re actually quite limited.
You may have had instances when Alexa didn’t understand your question.
Sometimes it may even feel like you have to talk to it in a robotic way to get what you want.
Thankfully, we’re in a new age of robotic assistants that are better and smarter in every way.
In fact, they’re so advanced that the state of New York trusts them to take care of the elderly.
The New Generation of Robot Assistants
Last week, New York decided to put a robot assistant in the homes of more than 800 older adults.
These assistants are supposed to seamlessly become part of their lives and help them with daily tasks.
Now, if you’re imagining Alexa or Google Home, this might seem like a disaster.
But this is a new device, and its name is ElliQ.
Intuition Robotics designed ElliQ to help older adults gain independence.
Unlike the smart speakers we’re used to, ElliQ is also meant to be a companion.
That means it learns the way you speak and adapts to you.
This allows it to have a conversation with you, as opposed to blurting out short, choppy sentences like Alexa.
It also doesn’t just sit quietly in the corner of the room until it’s called on. Throughout the day it initiates conversations and checks in on you.
It can also remind you to check your blood pressure or insulin levels. It then forwards that information to your doctor or caregiver.
You can also use it to get in touch with your friends and family via video or voice.
Now, most smart speakers can already perform many of ElliQ’s advanced tasks.
But they’re underutilized because it’s hard to set up those tasks on the device.
This is where ElliQ excels again.
Since it’s aimed at an older audience, it’s built to be incredibly easy to set up, connect and use.
The Home Robotics Market Is Ramping Up
While ElliQ is certainly impressive, it’s not the only advanced robot assistant out there.
It just happens to be the most advanced commercially available robot in the U.S.
Most of the big moves in the space are happening in the Asia-Pacific region.
And the growth is being driven by the large aging population in this part of the world.
With a shortage of caregivers, the solution tech companies have come up with is more advanced robot assistants.
For example, Samsung came out with Ballie.
Ballie resembles a tennis ball and can do everything most smart speakers can.
But on top of that, it also rolls around. Ballie patrols the house and follows you around like a pet.
And companies like Xiaomi have taken the concept further with a four-legged CyberDog that obeys your commands.
Invest in the Tech That Makes These Robots Tick
These advances are now starting to spread to the rest of the world. And they’re being adapted to serve every age group and demographic.
It’s basically the 2.0 version of robotic assistants. The new robots coming out make Alexa and Google Home look primitive.
That’s why Mordor Intelligence expects this market to more than triple in size to $22 billion by 2027.
Now, it’s a daunting task to pick and choose the best robots in this space.
An easier way to profit is by betting on the companies that build the chips and sensors that go into these robots.
Check out Ian King’s Strategic Fortunes service for companies leading the charge in automation tech.
Regards,
Research Analyst, Strategic Fortunes
Morning Movers
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