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.
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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.
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.
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.
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The global social robot market is further classified on the basis of region as follows:
Our in-depth analysis of the global social robot market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing adoption of automation and robotics is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~35% over the forecast period, i.e., 2022 – 2030.
Lack of technical temperament in low-income economies, and high initial investment are estimated to hamper the market growth.
The market in the North America region is anticipated to provide more business opportunities over the forecast period, owing to the increasing adoption of robotics in the region.
The major players in the market are Double Robotics, Inc., AoBo Information Technology Co., Ltd., Wonder Workshop, Inc., Blue Frog Robotics SAS, ABB, Ltd., Yaskawa Electric Corporation, Kuka AG, Trapo AG, and Stäubli International AG.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by component, application, end-user, and by region.
The consulting segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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