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The latest report by IMARC, titled “ Social Robots Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-20 28
” " the global social robots market size reached US$ 3.4 Billion in 2022.
Social robots refer to physically embodied autonomous robots used for conducting natural and interpersonal interactions with individuals. These robots are equipped with various sensors, cameras, and microphones that allow them to perceive and respond to human actions and emotions. They are programmed to use natural language processing and machine learning to communicate with humans in a way that feels human-like. They offer several advantages, such as improved safety, speed, productivity, and the ability to create engaging and interactive environments for children. They are used in various contexts, from healthcare and education to customer service and entertainment. They provide help to individuals with disabilities, help children learn and develop social skills, and even provide companionship to the elderly population who may feel isolated or lonely. They are also utilized in shopping malls, workplaces, and personal settings to perform functions such as greeting, lifting, and moving materials and customer service.
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Significant growth in the information technology (IT) sector is driving the global market. Moreover, the integration of social robots with artificial intelligence (AI) and machine learning technology in order to facilitate meaningful communication between individuals and robots is creating a positive market outlook. Besides, the increasing demand for automation is fostering the market for social robots as they are well-suited for multiple tasks, can work 24/7, and do not require time off. Apart from this, the wide adoption of social robots across the healthcare industry to facilitate the treatment of diseases, such as cerebral palsy is impacting the market favorably. In line with this, the increasing utilization of robots in the treatment of autism spectrum disorders among children is acting as another growthinducing factor.
Additionally, the rising usage of social robots in the banking, financial services, and insurance (BFSI) sector is providing an impetus to the market since BFSI institutions deploy social robots for functions such as tutoring, answering banking-related queries, and customer engagement. Besides, several major companies are heavily investing in extensive research and development (R&D) activities to develop more advanced social robots, thus creating a positive market outlook. Other factors, including rapid digitization, continuous product innovations, increasing demand for public services, and widespread product utilization in the education industry as tutors or peer learners, are projected to propel the market further. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 17.2 Billion by 2028, exhibiting a growth rate (CAGR) of 30.7% during 2023-2028.
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
Market Summary:
Breakup by Component:
• Hardware
• Software
• Services
Breakup by Technology:
• Machine Learning
• Computer Vision
• Context Awareness
• Natural Language Processing
Breakup by End Use Industry:
• Healthcare
• Education
• Media and Entertainment
• Retail
• Others
Breakup by Region:
• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa
Competitive Landscape with Key Players:
• AlterG Inc
• Bionik Laboratories Corp.
• Blue Frog Robotics SAS
• Blue Ocean Robotics ApS
• Embodied Inc.
• Furhat Robotics AB
• Haapie SAS
• Intuition Robotics Ltd
• Knightscope Inc
• Motorika USA Inc.
• MOVIA Robotics Inc.
• SoftBank Robotics (SoftBank Group)
View Full Report with TOC & List of Figure: https://www.imarcgroup.com/social-robots-market
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