Social Robots Market size is set to grow by USD 14.23 billion from 2024-2028, Rise in adoption of social robots for elder population boost the market, Technavio

NEW YORK, Aug. 8, 2024 /PRNewswire/ — The global social robots market size is estimated to grow by USD 14.23 billlion 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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Market Driver

The battery life of social robots is a significant challenge for manufacturers, as the continuous use of robots 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. To overcome this, engineers are working on reducing battery size without compromising performance. For instance, the University of Michigan is developing biomorphic batteries, which could provide up to 72 times more energy for robots. Additionally, the Bristol Robotics Laboratory is creating a self-powering robot, EcoBot-II, which converts insect biomass into energy using onboard microbial fuel cells. The increasing adoption of social robots is expected to boost R&D in battery technology, leading to market growth during the forecast period. 

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Market Challenges

• The global social robots market is experiencing significant advancements with the integration of advanced software and sensors for image processing and independent decision-making. However, the high cost of manufacturing these features poses a challenge for vendors, making social robots less affordable for consumers in emerging economies, particularly India. This reluctance to purchase expensive social robots may hinder market growth. Despite this, continuous R&D investments are expected to launch new, advanced models during the forecast period, further increasing costs. This cost escalation may limit social robot adoption among middle-class consumers in developing countries, potentially hindering market expansion.
• 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 leverage psychological insights, facial recognition, emotions, voices, and behavioral algorithms to create robots that understand and respond to people’s needs. Budgetary allocations for technology development in healthcare and educational organizations, along with research funding programs and start-ups, fuel the market’s expansion. Robotics, AI, IoT, Big Data, and 5G technology are key drivers, enabling personalized customer experiences and navigation in industrial, commercial, and residential spaces. Human observations and demonstration of fair behavior through cameras and sensors are essential for creating realistic robot interactions. Path planning systems ensure mobility assistive devices cater to disabilities, while robot technologies find applications in education, industrial spaces, and commercial spaces. The challenges include ensuring fair behavior, privacy concerns, and ethical considerations. Navigation in complex environments, human-robot interaction, and the integration of various technologies require continuous research and development. The market’s growth is further influenced by the need for advanced algorithms to recognize and respond to various emotions and speech patterns.

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Segment Overview 

This social robots market report extensively covers market segmentation by  

1. Component 

• 1.1 Hardware
• 1.2 Software
• 1.3 Services

• 2.1 Healthcare
• 2.2 Media and entertainment
• 2.3 Education
• 2.4 Retail
• 2.5 Others

• 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 is witnessing significant growth due to advancements in hardware components such as processors, actuators, sensors, cameras, robotic arms, controllers, and power systems. The miniaturization of electronic components and technological developments in batteries and control systems are key drivers for the market. Advanced cameras, like LIDAR technology-equipped vision systems, are essential for social robots to perform tasks such as object detection and facial recognition. Major vendors are investing in advanced technologies, including microprocessors, to enhance social robots’ functionalities and thinking abilities. Qualcomm’s Robotics RB3 platform is an example of such advancements, offering on-device machine learning, computer vision, security, and connectivity capabilities. As social robots’ capabilities continue to expand, their adoption in various applications will increase, driving demand for the hardware segment in the global social robots market.

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Research Analysis

Social robots are advanced technologies that are revolutionizing various industries, including robotics and automation, medical industries, autism therapy, workforces and labor, and classroom interaction. These robots are designed with sensors and cameras, path-planning systems, and AI technologies to navigate social environments. They utilize facial recognition, natural language processing, and gesture detection to interact with users, providing companionship, emotional support, and personalized services. In the medical field, social robots are used for therapy and rehabilitation, particularly for individuals with disabilities. In education, they enhance classroom interaction and facilitate learning for students. For the elderly, social robots offer companionship and emotional support, improving their quality of life during digitization. Designers and neuroscientists collaborate to create social robots with psychological insights, ensuring a positive user experience.

Market Research Overview

The Social Robots Market is a dynamic and innovative industry that merges robotics and automation with advanced technologies such as artificial intelligence (AI), machine learning (ML), augmented reality, and IoT. Social robots are making waves in various sectors, including medical industries, autism therapy, workforces and labor, classroom interaction, and rehabilitation robots. These robots are designed with sensors and cameras for social navigation, facial recognition, and emotion detection, providing personalized customer experiences. The aging population and healthcare sector are major consumers, with social robots offering fair behavior, mobility assistive devices, and therapy sessions. In entertainment, social robots bring joy as robot toys and in education, they serve as tutors, peer learners, and interactive panels. Technology development is fueled by research funding programs, start-ups, and budgetary allocations. The future of social robots lies in their ability to understand people’s needs, demonstrate empathy, and provide personalized tutoring and customer service.

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

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Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio