Global Social Robots Market to Reach US$ 17.2 Billion by 2028, Fostered by Significant Growth in IT Sector

April 14, 2023 | Technology & Media

According to the latest report by IMARC Group, titled "Social Robots Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global social robots market size reached US$ 3.4 Billion in 2022. Social robots refer to physically embodied autonomous robots used for conducting natural and interpersonal interactions with individuals. These robots are equipped with various sensors, cameras, and microphones that allow them to perceive and respond to human actions and emotions. They are programmed to use natural language processing and machine learning to communicate with humans in a way that feels human-like. They offer several advantages, such as improved safety, speed, productivity, and the ability to create engaging and interactive environments for children. They are used in various contexts, from healthcare and education to customer service and entertainment. They provide help to individuals with disabilities, help children learn and develop social skills, and even provide companionship to the elderly population who may feel isolated or lonely. They are also utilized in shopping malls, workplaces, and personal settings to perform functions such as greeting, lifting, and moving materials and customer service.

Global Social Robots Market Trends:

Significant growth in the information technology (IT) sector is driving the global market. Moreover, the integration of social robots with artificial intelligence (AI) and machine learning technology in order to facilitate meaningful communication between individuals and robots is creating a positive market outlook. Besides, the increasing demand for automation is fostering the market for social robots as they are well-suited for multiple tasks, can work 24/7, and do not require time off. Apart from this, the wide adoption of social robots across the healthcare industry to facilitate the treatment of diseases, such as cerebral palsy is impacting the market favorably. In line with this, the increasing utilization of robots in the treatment of autism spectrum disorders among children is acting as another growth-inducing factor. Additionally, the rising usage of social robots in the banking, financial services, and insurance (BFSI) sector is providing an impetus to the market since BFSI institutions deploy social robots for functions such as tutoring, answering banking-related queries, and customer engagement. Besides, several major companies are heavily investing in extensive research and development (R&D) activities to develop more advanced social robots, thus creating a positive market outlook. Other factors, including rapid digitization, continuous product innovations, increasing demand for public services, and widespread product utilization in the education industry as tutors or peer learners, are projected to propel the market further. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 17.2 Billion by 2028, exhibiting a growth rate (CAGR) of 30.7% during 2023-2028.

Market Summary:

On the basis of the component, the market has been segmented into hardware, software, and services.
Based on the technology, the market has been classified into machine learning, computer vision, context awareness and natural language processing.
On the basis of the end use industry, the market has been categorized into healthcare, education, media and entertainment, retail, and others.
Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include AlterG Inc., Bionik Laboratories Corp., Blue Frog Robotics SAS, Blue Ocean Robotics ApS, Embodied Inc., Furhat Robotics AB, Haapie SAS, Intuition Robotics Ltd, Knightscope Inc, Motorika USA Inc., MOVIA Robotics Inc. and SoftBank Robotics (SoftBank Group).

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Component, Technology, End Use Industry, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	AlterG Inc., Bionik Laboratories Corp., Blue Frog Robotics SAS, Blue Ocean Robotics ApS, Embodied Inc., Furhat Robotics AB, Haapie SAS, Intuition Robotics Ltd, Knightscope Inc, Motorika USA Inc., MOVIA Robotics Inc. and SoftBank Robotics (SoftBank Group)
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