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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
33% |
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Base Year Market Size (2023) |
USD 2 Billion |
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Forecast Year Market Size (2036) |
USD 45 Billion |
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Regional Scope |
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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:
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Component |
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Application |
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End-User |
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Technology |
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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.
Author Credits: Abhishek Verma
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