Social Robots Market Size & Share, by Component (Hardware, Software, Service); Application (Designing, Consulting, Support & Maintenance); End-user (Healthcare, Education, Entertainment, Retail); Technology (Machine Learning, Computer Vision, Context Awareness, Natural Language Processing) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 3682
  • Published Date: Feb 05, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Social Robots Market size is poised to reach USD 45 Billion by the end of 2036, growing at a CAGR of 33% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of social robots was USD 2 Billion. The reason behind the growth is due to the growing adoption of robotsics and automation across the globe. More and more jobs that have historically required less expertise and lower compensation are being replaced by robotss to increase efficiency, productivity, and safety.

For instance, more than 553,050 industrial robotss are currently installed in factories worldwide, representing an annual growth rate of around 4% in 2022.  Particularly, of all the recently deployed robotss, over 70% were located in Asia, 14% in Europe, and 9% in the Americas.

The growing integration of artificial intelligence is believed to fuel the market growth. One of the technologies that has most accelerated mobile robotsics and automation is artificial intelligence (AI) which enables to carry out complicated activities that were previously only conceivable for people, more accurately resemble human behavior, enables robotss to make judgments based on sensor data, and adapt to new circumstances, and learn from past experiences.


Social Robots Market
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Social Robots Sector: Growth Drivers and Challenges

Growth Drivers

  • Development of Synergetic Interaction Methods - The Development of synergetic interaction methods for communicating with the robotss, such as one-to-one conversation and eye gaze, is estimated to boost the demand for social robotss.  In addition, state-of-the-art voice recognition technology has promise for numerous advantages and also aids in the introduction of "hearing" and the use of speech as a natural language processing (NLP) interface for human-robots interaction.
  • Growing Elderly Population- Social robotss support psychosocial needs, assist manage chronic illnesses, encourage good habits, build connections, give access to helpful information, and are seen as a possible technological option to help alleviate some of the problems brought on by growing aging populations. According to estimates, the percentage of people over 60 in the world is predicted to increase from 12 to over 20% between 2015 and 2050.
  • Surging Prevalence of Anxiety and Depression- Social robots solutions are being used to lessen loneliness and depression, and are intended to engage people and give them a secure, accepting environment in which to communicate their symptoms of stress, anxiety, and sadness.
  • Increasing Demand for Personalized Services- Artificially intelligent social robotss offer a range of personalized services as they can carry out tailored learning tasks and seamlessly incorporate them into educational activities in a fun and engaging way.
  • Social Robotss in Workspaces- The goal of social robotss is to work alongside people in collaborative workspaces to improve the convenience and comfort of human lives, carry out simple duties like handing a worker a tool, and remind workers of their prolonged sitting period.

Challenges

  • Security and Privacy Concerns - Social robotss utilize a variety of private and sensitive user data, which presents security and privacy risks including forging login passwords, obtaining information from robotss, and hacking the gadgets. A serious risk to user privacy exists since some of the most widely used consumer robotss are frighteningly simple to hack and might be used as bugging devices.
  • High Initial Investment Owing to Complex Design, and Extensive Research and Development
  • Lack of Technical Temperament in Low-Income Economies

Social Robots Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

33%

Base Year Market Size (2023)

 USD 2 Billion

Forecast Year Market Size (2036)

 USD 45 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Social Robots Segmentation

End-User (Healthcare, Education, Entertainment, Retail)

The healthcare segment in the social robots market is estimated to gain a robust revenue share of 40% in the coming years owing to the growing burden of autism among children. Autism Spectrum Disorder (ASD) is a neurodevelopmental disorder that affects social life and is one of the most debilitating developmental disorders. Moreover, ASD can lead to severe difficulties with behavior, and social interaction, and can impede the language and communication development of children.

For kids with autism spectrum disorders (ASDs), robots-assisted treatment (RAT) is a promising field in translational neuroscience as they have been found to have a favorable effect on their ability to imitate, make eye contact, and exhibit repetitive and stereotyped behavior. Social robotss are being employed more and more as mediators between a child and a therapist since they are less frightening than humans and have a solid, three-dimensional presence. For instance, Orbit, an interactive robots, hopes to educate kids with autism spectrum disorders (ASD) about emotions and teaches kids how to build social appropriateness through visual communication, physical engagement, and storytelling.

According to the World Health Organization (WHO), globally, an estimated 1 in 100 children suffer from autism.

In addition, social robotss can take on a variety of roles to assist or instruct pupils while they study as they are capable of filling a variety of positions, such as novice, tutor, and teaching assistant. In education, social robotss are being utilized more and more, and over time, they have become more and more common, and have demonstrated efficacy in improving cognitive and affective outcomes, and on limited tasks, they have produced results comparable to those of human tutoring.

Technology (Machine Learning, Computer Vision, Context Awareness, Natural Language Processing)

The machine learning segment in the social robots market is set to garner a notable share shortly. Robotss with machine learning algorithms installed can learn about their environment and how to interact with it by analyzing large volumes of data and adjust to changing environments since they can recognize patterns, and anticipate outcomes. Moreover, machine learning-equipped social robotss can identify speech patterns, comprehend context, identify emotions from voice tonality, and can recognize and interact with items in their environment with previously unheard-of precision and dexterity.

Our in-depth analysis of the global social robots market includes the following segments:

          Component

  • Hardware
  • Software
  •  Service

           Application

  • Designing
  • Consulting
  •  Support & Maintenance

           End-User

  • Healthcare
  •  Education
  •  Entertainment
  •  Retail

           Technology

  • Machine Learning
  • Computer Vision
  • Context Awareness
  • Natural Language Processing

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Social Robots Industry - Regional Synopsis

North American Market Forecast

Social robots market in North America is predicted to account for the largest share of 42% by 2036 impelled by the shift in consumer behavior towards automation and digitalization, coupled with advancement in technologies in the region. Moreover, the growth in advanced technologies such as Artificial Intelligence, Augmented Reality, and others, are estimated to boost the regional market growth. For instance, around 30% of US workers are exposed to automation-related uses of cutting-edge technologies. Particularly, in the year 2030, more than 25% of American work hours could be automated owing to the rapid use of artificial intelligence.

APAC Market Statistics

The Asia Pacific social robots market is estimated to be the second largest, during the forecast timeframe led by the growing government initiatives to promote the production of robotsics. For instance, to integrate robotss into every area and sector, the state government, in collaboration with the All-India Robotss Association (AIRA), launched Har Vibhag Mein Robotsics to promote robotsics, establish a top-notch robotsics ecosystem, and establish India as a global center for robotsics manufacturing.

Research Nester
Social Robots Market Size
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Companies Dominating the Social Robots Landscape

top-features-companies
    • Haapie SAS
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Double Robotsics, Inc.
    • AoBo Information Technology Co., Ltd.
    • Wonder Workshop, Inc.
    • Blue Frog Robotsics SAS
    • ABB, Ltd.
    • Kuka AG
    • Trapo AG
    • Stäubli International AG

In-the-news

In The News

 

  • Robosen Robotsics Co. Ltd, and Hasbro to join hands to develop an advanced and programmable Transformers franchise robots. The collaboration was announced at Hasbro Pulse Fan Fest. 
     
  • ABB Ltd. has launched a block-based programming interface, ‘Wizard Easy Programming’ for the programming of its single-arm YuMi robots.

 

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 3682
  • Published Date: Feb 05, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing adoption of robotsics and automation across the globe and the growing integration of artificial intelligence are the major factors driving the growth of the market.

The market size of social robots is anticipated to attain a CAGR of 33% over the forecast period, i.e., 2024-2036.

The major players in the market are Double Robotsics, Inc., AoBo Information Technology Co., Ltd., Wonder Workshop, Inc., Blue Frog Robotsics SAS, ABB, Ltd., Yaskawa Electric Corporation, Kuka AG, Trapo AG, Stäubli International AG, and others.

The healthcare segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North American region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Social Robot Market Report Scope
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