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Social Robot Market Segmentation by Component (Hardware, Software, and Service); by Application (Designing, Consulting, Support & Maintenance, and Others); by End-User (Healthcare, Education, Entertainment, Retail, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • April, 2021: Robosen Robotics Co. Ltd, and Hasbro to join hands to develop an advanced and programmable Transformers’ franchise robot. The collaboration was announced at Hasbro Pulse Fan Fest. 

  • April, 2020- ABB Ltd. has launched a block-based programming interface, ‘Wizard Easy Programming’ for the programming of its single arm YuMi robot.

Global Social Robot Market Highlights over 2022 – 2030

The global social robot market is estimated to grow at a CAGR of ~35% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing adoption of robotics and automation amongst various industrial verticals, along with rapid technological advancements. Social robots are interactive, and can help in various sectors, including healthcare, education, and eldercare. Development of synergetic interaction methods for communicating with the robots, such as, one-to-one conversation and eye gaze, are estimated to boost the demand for social robots. Prior to this, robots were widely deployed in construction, and medical sectors as well. Social robots are primarily used for therapies, for instance, in case of autistic children, as robots can provide positive social behaviors, without any setbacks to the children. The increasing incidences of disorders, such as, autism, and growing awareness regarding the treatment are projected to boost the market growth.    

Social Robot Market Graph

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The market is segmented by end-user into healthcare, education, entertainment, retail, and others, out of which, the healthcare segment is anticipated to hold the notable share in the global social robot market over the forecast period on account of increasing demand for robots for treatment and post-treatment care. According to the data by the World Health Organization (WHO), one in 160 children suffers with autism spectrum disorder. It is slightly different from the robotics assisted medical care, where robots and automation are used for conducting surgeries. Social robots are primarily used for physical and behavior therapy, as it saves cost, training, and can provide quicker results. 

Major Macro-Economic Indicators Impacting the Market Growth

Research and Development Expenditure Graph

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.

Global Social Robot Market Regional Synopsis

On the basis of geographical analysis, the global social robot market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Europe region is estimated to witness noteworthy growth over the forecast period on the back of increasing adoption of robotics in the region, along with the rising investment in technological development activities. Countries, such as, Sweden, Germany, and United Kingdom are escalating in technological advancement, with adoption of new technologies in every sector.

The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to 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.

Social Robot Market Share Image

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The global social robot market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

Market Segmentation

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

By Component

  • Hardware
  • Software 
  • Service

By Application

  • Designing
  • Consulting
  • Support & Maintenance
  • Others

By End-User

  • Healthcare
  • Education
  • Entertainment
  • Retail
  • Others

Growth Drivers

  • Increasing Adoption of Robots
  • Advantage of Using Robots for Therapy
  • Rising Development of Artificial Intelligence and Other Technologies

Challenges

  • Lack of Technical Temperament in Low-Income Economies
  • High Initial Investment

Top Featured Companies Dominating the Market

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

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