Social Robots Market size to record USD 6201.32 mn growth from 2023-2027, Increasing focus on enhancing battery life is one of the key market trends, Technavio

NEW YORK, April 2, 2024 /PRNewswire/ -- The global social robots market size is estimated to grow by USD 6201.32 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 28.88% during the forecast period. The healthcare industry's adoption of IoT and connected medical devices is driving the remote patient monitoring market's growth. IoT bridges physical and digital data sources, enhancing patient access to services and reducing healthcare facility burden. Connected hospital infrastructure improves patient care with real-time monitoring and digital ecosystems. In education, social robots leverage AI, NLP, facial recognition, and gesture detection for personalized tutoring, emotional support, and companionship. Social robots also benefit elderly, rehabilitation, hospitality, banking, and smart home technology sectors, addressing labor shortages and providing personalized services.

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Innovation Sparks Market Growth:

The Social Robots Market is experiencing significant growth, particularly in the Environment sector, where these robots are employed to facilitate path planning systems for mobility assistive devices, catering to individuals with disabilities. In the Education sector, social robots function as tutors and peer learners, enhancing cognitive and affective outcomes through interactive panels, tablets, projectors, and video conferencing. AI technologies, including machine learning, facial expressions recognition, and gesture detection, contribute to fair behavior and empathy, making therapy sessions more effective. Customer experience is improved through automation and personalized services, while user experience is enhanced with natural language processing and facial recognition. Elderly care, rehabilitation, hospitality, banking, and labor-intensive industries benefit from the efficiency and support provided by social robots. Smart home technology, including smart devices, thermostats, lighting systems, and security cameras, further expand the application scope of social robots.

Addressing Challenges:

Social robots are advanced technologies revolutionizing Entertainment, Retail, and rehabilitation industries. Robot toys are giving way to more sophisticated AI-driven bots, integrating Camera and Sensor technologies. Designers and neuroscientists infuse Psychological insights, Algorithms, Faces, Emotions, Voices, and Behavior into these machines. People's needs and applications span across various Industries, from Healthcare to Educational organizations. Budgetary allocations and Technology development by Governments, Healthcare organizations, Research funding programs, and Start-ups fuel this growth. Machine Learning (ML) and Personalized customer experiences are key applications. Robotics, IoT, Big Data, and 5G technology are transforming Industrial, Commercial, and Residential spaces. Navigation, Human observations, and demonstration of behavior are essential components. Cameras play a crucial role in capturing data and enhancing user experiences.

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Analyst Review

The Social Robots Market is experiencing significant growth in various industries, particularly in the medical sector for autism therapy. Robotics and automation are revolutionizing workforces and labor, enabling advanced technologies such as AI, camera, and sensors to enhance classroom interaction for students with disabilities. Social robots, equipped with neuroscientific and psychological insights, employ algorithms for facial recognition, natural language processing, and gesture detection, providing companionship, emotional support, and personalized services. These advanced technologies are also essential in rehabilitation and elder care, offering path-planning systems for social robot navigation. The digitization of healthcare and education is driving the demand for social robots, ensuring a user-friendly experience for all.

Market Overview

The Social Robots Market is experiencing significant growth, with technologies such as Artificial Intelligence (AI), voice recognition, and motion sensors becoming increasingly common. These robots are designed to interact with humans, providing companionship, education, and assistance. For instance, they can be used in healthcare settings to improve patient care, in education to enhance learning experiences, and in elder care to provide companionship and support. The market is also witnessing the integration of natural language processing and machine learning algorithms, enabling robots to understand and respond to human emotions and behaviors. Furthermore, the use of 3D printing technology is enabling the mass production of customizable robots, making them more accessible and affordable. The global Social Robots Market is expected to reach a value of USD30.3 billion by 2026, growing at a CAGR of 21.3% during the forecast period.

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Key Companies:

Social Robots Market is fragmented ; the companies are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products. Social Robots Market report includes information on the product launches, sustainability, and prospects of leading vendors including Alphabet Inc., BLUE FROG ROBOTICS SAS, Diligent Robotics Inc., Engineered Arts Ltd., Furhat Robotics AB, Haapie SAS, Hitachi Ltd., Hyundai Motor Co., Intuition Robotics Ltd., Kompai Robotics, Navel robotics GmbH, Nippon Telegraph and Telephone Corp., PAL Robotics, Relay Robotics Inc., SoftBank Group Corp., Sony Group Corp., Toyota Motor Corp., UBTECH Robotics Inc., Yukai Engineering Inc., Knightscope Inc.

Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape

• Component
• Hardware
• Software
• Services
• End-user
• Healthcare
• Media And Entertainment
• Education
• Retail
• Others
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio