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The social robots market size is estimated to grow by USD 6.20 billion, accelerating at a CAGR of 28.88% between 2023 and 2027. Technological advances in social robots is the key factor driving market growth. Social robots are gaining popularity globally, particularly among the growing elderly population. Growing government support for the development of advanced social robots, and a preference for robots over traditional security methods are among the key factors that drive the market. This market research and growth report includes an in-depth analysis of drivers, trends, and challenges. Furthermore, this market analysis and report includes historic market data from 2017 to 2021.
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The market is propelled by a convergence of psychological insights and cutting-edge AI technologies. These robots, equipped with advanced algorithms and natural language processing capabilities, offer companionship and emotional support to users, particularly the elderly and those in rehabilitation. With features like facial recognition and gesture detection enhancing user experience, they are revolutionizing personalized services and redefining human-robot interaction dynamics.
In the market, key components such as sensors, cameras, and advanced technologies drive the functionality and effectiveness of social robots across various applications. In the robotics and automation sector, these components enable social robots to navigate and interact autonomously, enhancing their utility in industries such as medical and education. In the medical field, social robots assist in autism therapy, leveraging their abilities to engage with patients and provide personalized support. Additionally, in classroom settings, social robots facilitate interaction and learning experiences, particularly benefiting students with disabilities. The integration of sensors, camera, and path-planning systems enables precise navigation and interaction tailored to individual needs. With advancements in Artificial Intelligence (AI) and digitization, social robots continue to evolve, incorporating neuroscientific insights to enhance their capabilities further. Designers leverage these components to develop innovative solutions that enable social robots to offer impactful support and companionship in various settings, driving the growth of the market.
The hardware segment will account for a major share of the market's growth during the forecast period.? This segment includes components such as processors, actuators, sensors, cameras, robotic arms, controllers, and power systems. Factors such as the miniaturization of electronic components such as sensors and actuators, technological advances in batteries and control systems, and the development of advanced vision systems are driving the demand for advanced social robots. It is expected that the development of electronic components and technologies will positively impact the growth of the global market.
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The hardware segment was valued at USD 588.78 million in 2017 and continued to grow until 2021.? In this segment, the major vendors are primarily focused on investing in the development of advanced technologies to enhance their functionalities. The main aim of vendors is to enhance their thinking abilities, for which they require advanced microprocessors. The demand for hardware in the global market will rise during the forecast period because of the increasing capabilities and the growing number of applications for them. The above factors will increase the segment growth during the forecast period.
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APAC is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
In the APAC region Japan, China, Singapore, and South Korea are the prominent markets. The aging population in Japan and Singapore is driving their adoption. In China, factors such as the availability of inexpensive social robots and the rising number of HNWIs are also driving the adoption. Over the past few years, the number of people 65 and older has significantly increased in Japan and Singapore. The demand for long-term care and the amount the public spends on it is expected to rise during the forecast period as a result of the growing number of older people.
The market is witnessing rapid growth, especially in the medical and educational sectors. With advancements in robotics and automation, social robots are transforming autism therapy and classroom interaction for students with disabilities. Equipped with sensors, cameras, and path-planning systems, they navigate social environments with ease, providing companionship and emotional support. Leveraging advanced technologies like Artificial Intelligence, facial recognition, and gesture detection, they offer personalized services based on neuroscientific and psychological insights. Designed to enhance user experience, social robots are revolutionizing elderly care and rehabilitation, ushering in a new era of AI-driven social interaction. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Technological advancements in social robots play a pivotal role in propelling market growth, particularly through enhanced human-robot interaction facilitated by robotics, artificial intelligence, and emotional intelligence. These companion robots, assistive robots, and communication robots are at the forefront of leveraging social interaction technologies to cater to diverse needs.
With a global demographic shift towards an aging population, the demand for personal robots is on the rise, especially in developed nations like the US, Europe, and Japan, where a significant percentage of the populace is aged 65 and above. Companies such as Intuition Robotics and Blue Frog Robotics are pioneering the development of such robots, offering solutions like ElliQ and Buddy, respectively, to address the companionship and assistance needs of the elderly, thereby enriching their quality of life.
Increasing focus on enhancing battery life is a key trend shaping the market. Their battery life is a significant concern for manufacturers, as continuous use necessitates frequent charging. To address this issue, R&D engineers are working on enhancing battery longevity. Additionally, the bulky size of batteries, occupying a substantial portion of a robot's interior, limits design possibilities. Consequently, researchers are striving to reduce battery size without compromising performance.
For example, the University of Michigan is developing biomorphic batteries capable of providing 72 times more energy for robots. Bristol Robotics Laboratory is creating EcoBot-II, a self-powering robot that converts insect biomass into energy using onboard microbial fuel cells. As their adoption grows across diverse applications, the focus on improving battery energy capacity is expected to intensify, driving increased R&D in the field and fostering market growth.
The high cost of owning social robots is a key challenge hindering market growth. Using advanced software and sensors to process images and make independent decisions increases the cost for manufacturers. Several consumers in emerging economies like India are reluctant to buy highly-priced social robots. This is a big challenge to accepting them among consumers.
Furthermore, vendors continuously invest in R&D to integrate advanced technologies in social robots. Owing to this, several new and advanced models are expected to be launched in the market during the forecast period. This is expected to further increase the cost of social robots. Such an increase in the cost is expected to hamper their adoption among middle-class consumers, especially in India, countries from Africa, and other developing countries. Therefore, the high cost might pose a major challenge to the growth of the global market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Diligent Robotics Inc.: The company offers social-robots namely Moxi for hospitals, assisting clinical staff with non-patient-facing tasks.
This market trends and analysis report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Alphabet Inc., BLUE FROG ROBOTICS SAS, Diligent Robotics Inc., Engineered Arts Ltd., Furhat Robotics AB, Haapie SAS, Hitachi Ltd., Hyundai Motor Co., Intuition Robotics Ltd., Kompai Robotics, Navel robotics GmbH, Nippon Telegraph and Telephone Corp., PAL Robotics, Relay Robotics Inc., SoftBank Group Corp., Sony Group Corp., Toyota Motor Corp., UBTECH Robotics Inc., Yukai Engineering Inc., and Knightscope Inc.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is experiencing rapid growth, driven by advancements in automation and their applications across various sectors, including Medical Industries and Elderly Care. They are playing a crucial role in Autism Therapy and assisting individuals with Neurological Disorders like Alzheimer's Disease and Dementia. Governments, including the Government of Japan, are investing heavily in initiatives like the Telepresence Robot Project to enhance Navigation and Classroom Interaction for people with Disabilities. Organizations such as the WHO and NIH are collaborating with universities like the University of New Hampshire to develop Rehabilitation Robots and improve Medication Tracking. The IBEF supports research in Human Caregiver assistance, highlighting the increasing importance of social robots in healthcare and caregiving.
The market is at the forefront of robotics and automation, revolutionizing various sectors with their advanced capabilities. Designed to interact with workforces and labor and cater to diverse demographics, including students with disabilities, they incorporate cutting-edge technologies such as sensors and cameras and employ sophisticated path-planning systems for social robot navigation. Powered by Artificial Intelligence (AI) and equipped with natural language processing and facial recognition, they offer personalized experiences and emotional support. Leveraging neuroscientific and psychological insights, along with intricate algorithms, they excel in user experience and gesture detection. With a focus on digitization and AI technologies, social robots are poised to redefine human-robot interaction across various domains.
In the market, designers are integrating neuroscientific insights to create robots capable of recognizing and responding to human emotions and expressions, including faces. They offer personalized services tailored to individual needs, particularly in domains like augmented reality, where they assist the elderly and handicapped through assistive devices. Moreover, they serve in telecare and telepresence, acting as guidance and information providers. Catering to diverse demographics, from educational robot toys to assisting in education, they embody the multifaceted potential of social robotics. With a focus on neuroscientific insights and innovative design, they are poised to revolutionize human-robot interaction and enhance various aspects of daily life.
This market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Industry Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 28.88% |
Market growth 2023-2027 |
USD 6.20 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
26.67 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 36% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alphabet Inc., BLUE FROG ROBOTICS SAS, Diligent Robotics Inc., Engineered Arts Ltd., Furhat Robotics AB, Haapie SAS, Hitachi Ltd., Hyundai Motor Co., Intuition Robotics Ltd., Kompai Robotics, Navel robotics GmbH, Nippon Telegraph and Telephone Corp., PAL Robotics, Relay Robotics Inc., SoftBank Group Corp., Sony Group Corp., Toyota Motor Corp., UBTECH Robotics Inc., Yukai Engineering Inc., and Knightscope Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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