Social Robots Market: Global Industry Analysis and Forecast (2023-2029)

Social Robots Market was estimated to be USD 3.17 Bn. in 2022. It is expected to reach 24.72 Bn. by 2029, registering a CAGR of 34.06% from 2023 to 2029.
Social Robots Market Overview:
Social robots are equipped with advanced technologies like artificial intelligence (AI) to interact with the information received through the camera and other sensors installed on the robot. It leverages advances in AI that enable the designers to help translate both neuroscientific and psychological insights into algorithms, thereby allowing them to recognize faces and emotions, voices, behavior, and interpret speech and responds appropriately to people's needs. Such features have led to a rise in the applications of social robots across various industries.To know about the Research Methodology :- Request Free Sample Report
Social Robots Market Dynamics:
The advent of technologies, such as Artificial Intelligence (AI), and Machine Learning (ML), along with the growing need for personalized customer experiences across industries, is largely driving the investments in social robots by organizations and governments alike. Governments across nations are making significant budgetary allocations and offering subsidies for investment in R&D innovations in technology development and field of robotics. Further, the Covid-19 pandemic has highlighted the importance of interactive and advanced robots and other automation technologies in end-user industries, especially the healthcare and educational organizations. Research funding programs (R&D) are vital to enable and further support these developments.

Alternatively, subsidies/government aids also drive the adoption of social robots by both established players and start-ups. Also, several governments across countries are investing in robotics, influenced by AI, IoT, Big Data and 5G technology advancements. Through diversification and the establishment of robot technologies, investment in new robot technologies has become larger than before, and the application spectrum of such R&D on robotics is now broader.

The exponential increase in technology advancements and robotics coupled with growth across end-user industries has facilitated the need for robots for various tasks, not only confined to industrial spaces but for commercial and residential spaces too. These robots are required to be equipped with interactive and assistive capabilities along with learning and simulation capabilities to sustain in dynamic public environments and be readily accepted as substitutes to human assistance and guidance.

Social robot navigation is programmed to learn from human observations or demonstration of behavior around them. To carry out this task, robots are equipped with sensors and cameras that allow them to perceive the environment and a path planning system that enables them to compute a feasible route to achieve the navigation goal. Hence, the assistance or guidance offered by these social robots is a simulation of what they see around them and mimics the same human behavior.

However, the challenge lies in these techniques that typically aim to mimic human behavior do not guarantee fair behavior. Consequently, social robots follow a set algorithm to replicate human behavior that is perceived by them in the environment they operate in and promote and amplify societal unfairness, such as discrimination and segregation.
Social Robots Market Segment Analysis:
On the basis of end user, social robots market is segmented into healthcare, education, entertainment, retail and others. Healthcare segments is dominating the market with highest CAGR during the forecast period. Social robots are increasingly being developed, tested, and adopted in healthcare contexts. The growing number of old-aged and handicapped people across the globe is a factor which is creating a need for mobility assistive devices. According to World Health Organization (WHO), by 2020, the number of people aged 60 years and older outnumbered children younger than 5 years. In addition, between 2015 and 2050, the proportion of the world’s population over 60 years is expected to be nearly double from 12% to 22%.

Also, as of 2020, over 1 billion people are estimated to live with some form of disability. This corresponds to about 15% of the world's population, with up to 190 million (3.8%) people aged 15 years and older having significant difficulties in functioning, often requiring healthcare services.

Secondly, the education segment is dominating the market during forecast period. Social robots are used in education as tutors or peer learners. They effectively increase cognitive and affective outcomes and have achieved results similar to human tutoring on restricted tasks. The evolving technologies have played a significant role in changing the teaching and learning processes. There has been new tools and devices to help students develop creative, collaborative, and active learning. According to the 2020 State of Technology in Education report by Promethean World, 43% of the respondents focus on technology training. In addition, some of the major technologies used by the respondents included interactive panels (52%), tablets (39%), projectors (29%), and video conferencing (23%). The adoption of new tools and technology creates new opportunities for social robots in the educational space. (n= 1,200 American teachers and administrators; K12 schools).

Social robots in the education sector assist by offering language learning, practicing social skills and behavior, learning programming, and studying human behavior. In addition, the robots also help in teaching robotics to students.
Social Robots Market Regional Insights:
The Social Robots market is studied for North America, Europe, APAC, MEA and South America region. The market for social robots in North America is growing due to factors such as the increasing adoption of robots across industries, automation, and digitization. In addition, the growing adoption of robotics for improving customer experience is also a factor driving the market's growth. The adoption of robots for improving customer experience plays a vital role in the major end-user verticals such as retail, healthcare, entertainment, and education. According to the 2020 Global customer service benchmarking report by NTT, 35.80% of respondents adopted robots for customers' experience in 2020.

In the Europe, growth of social robots is mainly due to the favorable government efforts towards digitization and robotics, a strong base of medical robot suppliers, the growing aging of the population, and others. The government is playing a significant role in the transition to digital. In September 2021, the European Commission proposed a Path to the Digital Decade, a concrete plan to achieve the digital transformation of society and economy by 2030. The proposed Path to the Digital Decade will translate the EUʼs digital ambitions for 2030 into a concrete delivery mechanism. In 2021, through its Horizon Europe Framework Program (HORIZON), the European Commission has allocated a grant for research and innovation actions for AI-powered robots. The program's outcome is to enable robots to have more profound impacts than they currently have, in powering them with a deeper kind of AI, and endowing them with better perception and understanding of the world.

The Asia-Pacific region is expected to witness substantial growth over the forecast period due to various social robot manufacturers such as Softbank, Paro Therapeutic, and others. The robust production of personal service robots, including educational robots, robots for personal leisure, entertainment, hobbies, and emotional sympathy, and others in countries such as South Korea, Japan, and others, pushes the market for social robots. Japan is one of the significant manufacturers of robots across the globe. Under the vision of Society 5.0, the country aims to create a highly efficient economic model by successfully embedding several technological innovations. Also, under the vision, the government is investing heavily in technologies such as IoT, interactive robotics, and machine learning.

The objective of the report is to present a comprehensive analysis of the global Social Robots market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global Social Robots market dynamics, structure by analyzing the market segments and project the global Social Robots market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Social Robots market make the report investor’s guide.
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Social Robots Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 3.17 Bn.


Forecast Period 2023 to 2029 CAGR:
34.06%
Market Size in 2029:
US $ 24.72 Bn.


 Segments Covered:
by End-Use
Healthcare
Education
Entertainment
Retail
Others



Social Robots Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Social Robots Market, Key Players are:
. Alphabet Inc.
2. Blue Frog Robotics
3. Dassault Systèmes
4. DFRobot
5. Furhat Robotics
6. Hanson Robotics
7. Hitachi, Ltd.
8. International Business Machines Corporation
9. Intuition Robotics
10.Knightscope, Inc
11.Reach Robotics
12.Uber Technologies, Inc.
13.UBTECH Robotics, Inc.

Frequently Asked Questions:

1. Which region has the largest share in Global Social Robots Market?
Ans: North America region held the highest share in 2022.

2. What is the growth rate of Global Social Robots Market?
Ans: The Global Social Robots Market is growing at a CAGR of 34.06% during forecasting period 2023-2029.

3. What is scope of the Global Social Robots Market report?
Ans: Global Social Robots Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Social Robots Market?
Ans: The important key players in the Global Social Robots Market are – Alphabet Inc., Blue Frog Robotics, Dassault Systèmes, DFRobot, Furhat Robotics, Hanson Robotics, Hitachi, Ltd., International Business Machines Corporation, Intuition Robotics, Knightscope, Inc, Reach Robotics, Uber Technologies, Inc., UBTECH Robotics, and Inc.

5. What is the study period of this Market?
Ans: The Global Social Robots Market is studied from 2022 to 2029.