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The Global Social Robots Market size of the market is forecast to increase by USD 14.23 billion, at a CAGR of 41.29% between 2022 and 2027. The social robots market is experiencing significant expansion, driven by several key factors. Firstly, technological innovations continue to advance the capabilities of social robots, making them increasingly sophisticated and effective. Secondly, government support for the development of advanced social robots is on the rise, with funding and regulatory frameworks being put in place to encourage growth in this sector. Lastly, there is a growing preference among individuals and organizations for robots over traditional security methods, due to their ability to provide more efficient, reliable, and cost-effective solutions. These factors combined are fueling the rapid expansion of the social robots market.
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In the realm of robotics and automation, the medical industries are experiencing a transformative shift, particularly in areas like autism therapy. This innovation extends beyond mere efficiency; it touches upon the very essence of workforces and labor, redefining roles and responsibilities. In classroom interaction, especially for students with disabilities, social robot navigation plays a pivotal role, aided by sensors and cameras. These robots utilize a sophisticated path-planning system to navigate environments while integrating digitization for streamlined operations. Artificial Intelligence (AI) serves as the backbone, leveraging neuroscientific insights and psychological insights to craft effective algorithms for recognizing faces and enhancing user experience. AI technologies like natural language processing enable seamless communication, while features like facial recognition and gesture detection facilitate personalized services. Beyond functionality, these robots provide companionship and emotional support, truly embodying the future of personalized services.
Rise in adoption of social robots for elder population is one of the key factors driving the growth of the market. Social robots are witnessing an increase in adoption across the world, especially among the aging population. The global aging population is increasing significantly. According to the World Bank Group, in 2022, the global population aged 65 years and above was 10%, which is anticipated to increase consistently during the forecast period. Developed countries such as the US, European countries, and Japan have a high elderly population. The adoption of social robots to provide services for the elderly is witnessing an increase, especially in developed countries. Social robots are capable of providing physical services, entertainment, communication, and comfort to the elderly population.
Moreover, this helps in enhancing the quality of life of the elderly population. Several vendors in the market offer social robots for the elderly population. For instance, Intuition Robotics offers ElliQ, which is a companion robot for the elderly. The robot is actually a tabletop that communicates, answers phone, reads emails and plays music on a user command. Similarly, Buddy, a social robot manufactured by Blue Frog Robotics, can communicate with every family member. The availability of such companion robots for the elderly, coupled with the increasing elderly population across the world, is likely to drive the demand for social robots, which will propel the growth of the market in focus during the forecast period.
The rising number of adoption of social robots in the hospitality industry is the key trend driving the growth of the market. Several frontline services employ social robots like robotic concierges in hotels and humanoid robots in malls and restaurants. A growing number of firms in the hospitality and tourism sector have implemented service robots in an effort to reduce operational expenses and provide consumers with more convenience and improved services. Thus, innovative hospitality startups such as Savioke, Inc., Maidbot, and Aethon, Inc., are developing effective techniques such as series funding and revolutionary innovations.
For example, Aethon Inc., a major provider of robots in hotels and shopping malls, announced the extension of its unique autonomous mobile robots to include two specialized solutions for the hospitality industry. These innovative robots give a high-capacity, adjustable payload in addition to secure delivery of guests. These advanced robots provide high-capacity and configurable payload combined with secured guest delivery. These key strategies by emerging companies are expected to drive market growth and trends during the forecast period.
The high cost of owning social robots is the major challenge to the growth of the market. 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 these social robots among consumers. Furthermore, vendors continuously invest in R and D to integrate advanced technologies in social robots.
However, owing to this, several new and advanced models of social robots 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 of social robots is expected to hamper their adoption among middle-class consumers, especially in India, countries from Africa, and other developing countries. Therefore, the high cost of social robots might pose a major challenge to the growth of the global social robots market during the forecast period.
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 social robots market.
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The hardware segment was valued at USD 719.60 million in 2017.? In this segment, the major vendors are primarily focused on investing in the development of advanced technologies to enhance the functionalities of social robots. The main aim of vendors is to enhance the thinking abilities of social robots, for which they require advanced microprocessors. The demand for hardware in the global social robots market will rise during the forecast period because of the increasing capabilities of social robots 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 39% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. In the APAC region Japan, China, Singapore, and South Korea are the prominent markets for social robots. The aging population in Japan and Singapore is driving the adoption of social robots. In China, factors such as the availability of inexpensive social robots and the rising number of HNWIs are driving the adoption of social robots. 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.
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.
Furhat Robotics AB: The company offers social robots through its subsidiary Misty Robotics namely Misty
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market players, including:
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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In today's landscape of technology and innovation, augmented reality stands out as a game-changer, especially in domains like rehabilitation robots and elderly and handicapped assistive devices. These advancements extend to telecare and telepresence robots, providing crucial guidance, information, and telepresence for individuals in need. Beyond functionality, robot toys and social robots serve educational purposes, engaging users in interactive learning experiences. In designing these technologies, camera integration is pivotal, capturing emotions, voices, and speech to cater to people's needs effectively. Machine Learning (ML) further refines these systems, offering personalized customer experiences while optimizing budgetary allocations for technology development.
Furthermore, healthcare and educational organizations benefit from research funding programs, driving innovation in IoT, Big Data, and 5G technology. These advancements in robot technologies find applications in industrial, commercial, and residential spaces, revolutionizing human observations and demonstration of behavior. In education, mobility assistive devices aid the education sector by empowering tutors and peer learners to achieve cognitive outcomes and affective outcomes through innovative teaching and learning processes facilitated by interactive panels, tablets, and projectors. Moreover, advancements in video conferencing enhance customer experience and machine learning algorithms decipher facial expressions, gestures, and empathy for enriching therapy sessions and personalized tutoring.
In addition, sectors like banking, labor shortages are mitigated through customer service automation and smart home technology advancements, integrating smart devices like thermostats, lighting systems, and security cameras for enhanced entertainment systems. With an emphasis on technology, physical structure, and technical support, these systems leverage programming, integration, computer vision, and context awareness for seamless natural language processing (NLP) interactions.
Industry Scope |
|
Report Coverage |
Details |
Page number |
181 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 41.29% |
Market growth 2024-2028 |
USD 14.23 billion |
Market structure |
USD Fragmented |
YoY growth 2023-2024(%) |
30.28 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 39% |
Key countries |
US, China, UK, Japan, 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., Knightscope Inc., 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., and Yukai Engineering Inc. |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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