Report Ocean has released a research study titled “Social Robots Market 2023 Forecast to 2031 Analysis by Market Trends.” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
Social Robots Market to reach USD 15.64 billion by 2027.Global Social Robots Market is valued approximately at USD 1.98 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 34.34% over the forecast period 2021-2027. Social robots are mainly used in the healthcare, education, entertainment and the retail sector. Rapid technological advancements and increasing concerns towards the elderly population and Expanding need of the labors are factors contributing to the market growth. For instance: according to Reuters, by 2025, the Japanese government expects a shortage of 380,000 specialist personnel, hence it is working on the development of assisted living robots. Further, the World Bank has estimated that by 2025, 22% of the world’s population would be over 60 years of age.
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Thus, the desire for associated robots is likely to expand, making social robots a profitable business. However, Algorithmic Bias-Related Complexity and Long-Term Engagement and Unexpected Consequences impedes the growth of the market over the forecast period of 2021-2027. Also, increasing demand from the end user industries such as education, medical and healthcare sector and heavy investment in the robotics sector are likely to increase the growth of the market in the forecast period.
Major market player included in this report are:
Intuition Robotics Ltd
Inrobics Social Robotics SLL
Matia Robotics (US) Inc.
Blue Ocean Robotics ApS
Motorika USA Inc.
Bionik Laboratories Corp.
Furhat Robotics AB
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I can provide you with some general key takeaways based on industry trends around that time. Keep in mind that the market dynamics may have evolved since then.
- Increasing Interest and Adoption:
- The market for social robots witnessed a growing interest and adoption across various sectors, including healthcare, education, retail, and customer service. Social robots were increasingly seen as companions and assistants in different contexts.
- Diverse Applications:
- Social robots found applications in diverse areas, such as elder care, therapy, education, and entertainment. They were designed to interact with humans, providing companionship, assistance, and even support in therapeutic interventions.
- Advancements in Artificial Intelligence (AI) and Natural Language Processing (NLP):
- Advances in AI and NLP technologies played a crucial role in enhancing the capabilities of social robots. These technologies enabled robots to understand and respond to human emotions, gestures, and speech, creating more natural and engaging interactions.
- Human-Robot Collaboration in Workplaces:
- Social robots were increasingly being explored for collaborative tasks in workplaces. This included roles in customer service, information dissemination, and working alongside human employees in various industries.
- Education and Therapeutic Applications:
- Social robots were used in educational settings to enhance learning experiences, especially for children with special needs. Additionally, in healthcare, robots were employed for therapeutic purposes, aiding in physical and emotional rehabilitation.
- Customization and Personalization:
- The market saw an emphasis on customization and personalization of social robots. Manufacturers worked on creating robots with adaptable personalities and features to suit individual preferences and needs.
- Humanoid and Non-Humanoid Designs:
- Social robots came in both humanoid and non-humanoid designs. While some were designed to resemble humans for improved interaction, others adopted non-humanoid forms for specific tasks, such as customer service in retail.
- Privacy and Ethical Considerations:
- As social robots became more integrated into daily life, concerns about privacy and ethical considerations emerged. Manufacturers and developers focused on addressing these concerns through features like privacy modes and transparent data policies.
- Integration with Smart Homes and IoT:
- Social robots were designed to integrate seamlessly with smart home systems and other IoT devices. This integration aimed to enhance the overall user experience and provide users with a unified and connected environment.
- Regulatory Landscape and Standards:
- The development and deployment of social robots were influenced by the regulatory landscape. Adherence to safety standards, ethical guidelines, and regulations related to human-robot interactions became important considerations for manufacturers.
The detailed segments and sub-segment of the market are explained below:
By End User Vertical:
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Rest of the World
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