NEW
YORK, July 19, 2024 /PRNewswire/ -- The global
social robots market size is estimated to grow by USD 14.23 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of 41.29%
during the forecast period. Rise in adoption of social robots for
elder population is driving market growth, with a trend
towards increasing focus on enhancing battery life.
However, high cost of owning social robots poses a challenge.
Key market players include 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..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Component (Hardware,
Software, and Services), End-user (Healthcare, Media and
entertainment, Education, Retail, and Others), and Geography (APAC,
North America, Europe, Middle East and Africa, and South
America)
|
Region
Covered
|
APAC, North America,
Europe, Middle East and Africa, and South America
|
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.
|
Key Market Trends Fueling Growth
The battery life of social robots is a significant challenge for
manufacturers, as continuous use necessitates frequent charging.
Research and development teams are addressing this issue by
creating longer-lasting batteries. However, battery size also
restricts robot design, occupying approximately one-fifth of the
available space. University of Michigan
researchers are developing biomorphic batteries, providing up to 72
times more energy for robots. Meanwhile, Bristol Robotics
Laboratory's self-powering robot, EcoBot-II, converts insect
biomass into energy using onboard microbial fuel cells. These
advancements in battery technology are expected to boost R&D in
robotic batteries, contributing to the growth of the social robots
market during the forecast period.
The Social Robots Market is experiencing significant growth as
businesses seek to enhance teaching, learning processes, and
customer experience through advanced technologies. Peer learners
and cognitive outcomes are key trends, with robots used for
personalized tutoring and therapy sessions. Interactive panels,
tablets, projectors, video conferencing, and automation are
essential hardware components. AI technologies, including machine
learning, facial recognition, and gesture detection, are driving
cognitive and affective outcomes. Robots offer empathy and
emotional support, making them ideal for elderly care and therapy.
In hospitality, banking, and customer service, they provide
personalized services, improving user experience. Labor shortages
in various industries are driving efficiency and support through
automation. Smart home technology, including smart thermostats,
lighting systems, and security cameras, is integrating robots for
enhanced functionality. Technical support is available for hardware
and software issues. Customization and customized services are
essential for business success in this market.
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Market Challenges
- The global social robots market faces a significant challenge
due to the high cost of manufacturing these advanced devices. The
integration of advanced software and sensors for image processing
and independent decision-making increases production expenses. This
high cost is a barrier for consumers in emerging economies, such as
India, to purchase social robots.
Vendors continue to invest in research and development, introducing
new and advanced models with advanced technologies. While these
innovations enhance the functionality of social robots, they also
contribute to the rising costs. This price point may hinder the
adoption of social robots among middle-class consumers in
developing countries, potentially hindering market growth during
the forecast period.
- The Social Robots Market is experiencing significant growth due
to the integration of advanced technologies such as Artificial
Intelligence (AI) and Machine Learning (ML) in rehabilitation
robots, robot toys, and social robots. Designers and
neuroscientists use psychological insights and algorithms to create
robots with faces, emotions, voices, and behavior that mimic
humans. These robots use sensors and cameras for navigation and
human observations, providing personalized customer experiences.
Budgetary allocations for technology development in healthcare and
educational organizations, research funding programs, and start-ups
are driving the market forward. Robotics, IoT, Big Data, and
5G technology are also playing crucial roles. Challenges include
ensuring fair behavior, mobility assistive devices for
disabilities, and demonstration of behavior in various
environments, including industrial, commercial, and residential
spaces. Path planning systems and human-robot interaction are
essential for successful implementation.
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challenges - Download a Sample Report
Segment Overview
This social robots market report extensively covers market
segmentation by
- Component
- 1.1 Hardware
- 1.2 Software
- 1.3 Services
- End-user
- 2.1 Healthcare
- 2.2 Media and entertainment
- 2.3 Education
- 2.4 Retail
- 2.5 Others
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Hardware- The social robots market encompasses the
hardware segment, which involves components like processors,
actuators, sensors, cameras, robotic arms, controllers, and power
systems. The miniaturization of electronic components, such as
sensors and actuators, along with advancements in batteries and
control systems, fuel the demand for sophisticated social robots.
Advanced cameras, such as LIDAR technology-integrated systems, are
essential for social robots' vision systems, enabling functions
like object detection and facial recognition. Vendors prioritize
investing in advanced technologies, including microprocessors, to
boost social robots' cognitive abilities. Qualcomm Inc.'s Robotics
RB3 platform, featuring AI engines and heterogeneous computing, is
an example of such advancements. As social robots' functionalities
evolve, their adoption in various applications increases, driving
the demand for the hardware segment in the global social robots
market.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global market for humanoid robots, logistics robots, and
autonomous mobile robots is experiencing rapid growth driven by
advancements in AI and automation technologies. Humanoid robots are
revolutionizing industries with their human-like capabilities,
while logistics robots streamline warehouse operations, enhancing
efficiency. Autonomous mobile robots are transforming logistics
with their ability to navigate complex environments independently.
These markets are poised for expansion as businesses seek
innovative solutions to optimize operations and meet rising
consumer demands for faster and more efficient services.
Research Analysis
Social robots are advanced technologies revolutionizing various
industries, including robotics and automation, medical industries,
autism therapy, workforces, and labor. These robots are designed to
navigate social environments, utilizing sensors and cameras for
perception and a path-planning system for mobility. The integration
of AI technologies, such as natural language processing, facial
recognition, and gesture detection, enhances their ability to
interact with users. In the medical field, social robots offer
companionship and emotional support for the elderly, while in
education, they facilitate classroom interaction for students with
disabilities. Neuroscientific and psychological insights inform the
design of social robots, ensuring user experience is optimized.
With the ongoing digitization, social robots are set to become an
integral part of our lives, providing personalized services and
enhancing human capabilities.
Market Research Overview
The Social Robots Market is experiencing significant growth as
robotics and automation continue to revolutionize various
industries. In the medical field, social robots are being used for
autism therapy, rehabilitation, and elder care. These robots are
designed with advanced technologies such as artificial intelligence
(AI), sensors, and cameras to navigate social environments,
understand people's needs, and demonstrate fair behavior. In the
education sector, social robots are being used to enhance classroom
interaction for students with disabilities, improve cognitive and
affective outcomes, and provide personalized tutoring. The use of
facial expressions, gestures, and empathy in social robots is
making therapy sessions more effective and engaging. The market is
also being driven by budgetary allocations, technology development,
and research funding programs in healthcare and educational
organizations. Start-ups and AI technologies such as machine
learning, IoT, big data, and 5G technology are also contributing to
the growth of the social robots market in industrial, commercial,
and residential spaces. The market is expected to continue growing
as social robots become more integrated into our daily lives,
providing personalized customer experiences, automating customer
service, and improving the quality of life for individuals with
disabilities and the aging population.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Component
-
- Hardware
- Software
- Services
- End-user
-
- Healthcare
- Media And Entertainment
- Education
- Retail
- Others
- Geography
-
- APAC
- North America
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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