Social Robots Market Size to grow by USD 14233.4 million between 2024-2028
According to a research report “ Social Robots Market” by Component (Hardware, Software, Services) End-user (Healthcare, Media and entertainment, Education, Retail, Others) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 14233.4 million, at a CAGR of 41.29% during the forecast period. In the global business landscape, the adoption of social robots is experiencing significant growth, particularly in developed nations with substantial aging populations. According to the World Bank Group, the global population aged 65 and above reached 10% in 2022, a figure projected to rise consistently throughout the forecast period. Notably, developed countries such as the US, European nations, and Japan have a disproportionately high elderly demographic. Social robots, which offer physical assistance, entertainment, communication, and comfort to this demographic, are increasingly being integrated into their daily lives. These advanced technologies provide essential services, enhancing the quality of life for the elderly population and addressing the challenges of an aging society..
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By Component, the Hardware segment is projected to dominate the market size in 2024
The hardware component segment of the social robots market encompasses essential elements such as processors, actuators, sensors, cameras, robotic arms, controllers, and power systems. The miniaturization of advanced sensors and actuators, coupled with technological advancements in battery technology and control systems, fuels the demand for sophisticated social robots. Furthermore, the development of advanced vision systems, including facial recognition and object detection capabilities, significantly contributes to the growth of the global social robots market. Social robots are equipped with sophisticated robot vision systems, which employ one or more cameras to perform functions such as image capture, object scanning, facial expression recognition, and object positioning and orientation determination.
By End-user, Healthcare segment is expected to hold the largest market size for the year 2024
In the healthcare industry, social robots play a significant role in enhancing patient care through assistance to medical professionals. These robots are primarily utilized in non-surgical applications, focusing on patient monitoring and mental health support. Key functions include tracking vital signs, such as body temperature and blood pressure, and providing telemedicine services for mental health care. The growing awareness of mental health issues and the shortage of skilled healthcare personnel are major factors fueling the demand for social robots. According to recent studies, burnout rates among doctors have risen from 32% in 2019 to 40% in 2022, emphasizing the need for innovative solutions like social robots to alleviate the burden on healthcare providers.
APAC is forecasted to hold the largest market size by region in 2024
The Social Robots Market represents a significant growth opportunity for businesses seeking to integrate advanced automation solutions into their operations. These robots, designed to mimic human interaction, offer enhanced customer engagement and employee assistance. With increasing demand for personalized experiences and productivity improvements, the market is poised for substantial expansion in the coming years. Businesses looking to stay competitive must consider the strategic benefits of integrating social robots into their operations.
The Social Robots Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Social Robots Market is experiencing significant growth due to the increasing demand for personalized services for the elderly population. These robots provide emotional support and companionship, utilizing advanced technologies such as gesture detection, facial recognition, and natural language processing powered by AI. The user experience is further enhanced through algorithms that provide psychological and neuroscientific insights. Designers integrate sensors and cameras into social robots, enabling social robot navigation and path-planning systems. In various industries, social robots are making a mark. They are being used in classrooms to interact with students with disabilities, enhancing their learning experience. In workforces and labor, they are streamlining processes and improving efficiency. In the medical industries, social robots are being used for autism therapy, providing a safe and effective environment for children. The digitization of industries is driving the adoption of advanced technologies, and social robots are at the forefront of this trend. With AI at their core, these robots offer a new level of interaction and engagement, revolutionizing the way we connect and communicate.
Market Research Overview
The Social Robots Market is experiencing significant growth in various industries, including media and entertainment, banking, hospitality, elderly care, and education. These robots are context-aware, utilizing computer vision, gesture detection, facial recognition, and natural language processing to understand and respond to their environment and users. Hardware and software integration is crucial for social robots, requiring technical support and customization. Actuators and physical structures are essential components, while AI technologies such as machine learning and affective outcomes drive user experience and personalized services. Social robots are being integrated into entertainment systems, security cameras, lighting systems, smart devices, and smart home technology. Their applications include emotional support, companionship, personalized tutoring, and therapy sessions. The technology's efficiency addresses labor shortages in industries like healthcare, hospitality, and education. Social robots are also being used for rehabilitation, mobility assistive devices, and fair behavior in residential, commercial, and industrial spaces. 5G technology, Big Data, and IoT are driving the development of advanced social robots. Research funding programs, educational organizations, healthcare organizations, and robotics companies are investing in technology development and budgetary allocations. Social robots offer personalized customer experiences, addressing people's needs through speech, behavior, voices, emotions, faces, and algorithms. They provide psychological and neuroscientific insights, enabling designers to create empathetic and effective social robots. Start-ups and research institutions are at the forefront of social robot development, creating robot toys, rehabilitation robots, and entertainment robots. The technology's potential applications are vast, from augmented reality and artificial intelligence to digitization, path-planning systems, and classroom interaction. Social robots are revolutionizing industries, from medical industries and robotics and automation to autism therapy and workforces and labor. The future of social robots holds endless possibilities, making our lives more efficient, personalized, and emotionally fulfilling.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
