According to the latest report by IMARC Group, titled "Social Robots Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global social robots market reached a value of US$ 2.6 Billion in 2021. Social robots are computer-controlled machines that are generally programmed for interacting with humans and other robots. They are usually equipped with sensors, processors and cameras that help in controlling the movement of the robot and assist in collecting human data for conducting a meaningful interaction. Additionally, they are designed for performing various actions, such as greeting and lifting materials, while offering basic personal assistance and customer services. As a result, they are extensively utilized in educational institutions and healthcare settings in order to build engagement, improve social interactions and enhance the quality of care.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Social Robots Market Trends:
The global market is primarily driven by significant growth in the information technology (IT) sector. Apart from this, continual technological advancements across the sector are propelling the market growth. In addition to this, 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 outlook for the market. Moreover, the widespread adoption of social robots across the healthcare industry for providing physical and emotional therapy to patients is also providing a boost to the market growth. Also, the increasing utilization of the product in the treatment of autism spectrum disorders among children is acting as another major growth-inducing factor. Furthermore, the rising usage of social robots in the banking, financial services and insurance (BFSI) sector is providing an impetus to the market growth. Other factors, including rapid digitization, continuous product innovations and extensive research and development (R&D) activities conducted by key players, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 13.3 Billion by 2027, registering a CAGR of 31.3% during 2022-2027.
- 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.
- On the basis of 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. 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).
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