Categories: IT & Communication Technology

Social Robots Market Insights: Outlook and Demand Analysis 2024-2033

Overview and Scope

Social robots refer to autonomous machines or artificial agents designed to interact and communicate with humans in a social and human-like manner. These robots are created with artificial intelligence and are outfitted with sensors, cameras, microphones and other technological devices. It is used in various applications, including companionship for older people or individuals with disabilities, educational tools, therapy and rehabilitation aids, customer service representatives and entertainment.

Sizing and Forecast

The social robots market size has grown exponentially in recent years. It will grow from $4.26 billion in 2023 to $5.72 billion in 2024 at a compound annual growth rate (CAGR) of 34.1%. The growth in the historic period can be attributed to aging population, healthcare needs, demand for entertainment and leisure, government funding.

The social robots market size is expected to see exponential growth in the next few years. It will grow to $18.26 billion in 2028 at a compound annual growth rate (CAGR) of 33.7%. The growth in the forecast period can be attributed to awareness of mental health and wellbeing, increasing prevalence of remote work, rise in demand for communication, integration into smart homes. Major trends in the forecast period include collaborative robots, artificial intelligence (AI) and machine learning (ML), human-robot interaction, ethical AI and data privacy.

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Segmentation & Regional Insights

The social robots market covered in this report is segmented –

1) By Component: Hardware; Software; Services

2) By Technology: Machine Learning; Computer Vision; Context Awareness; Natural Language Processing

3) By Industry: Public Utility; Media And Entertainment; Education; Hospitality; Healthcare; Telecommunication; Banking, Financial Services and Insurance (BFSI); Other Industries

Asia-Pacific was the largest region in the social robot’s market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in social robot’s market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth

The growing need for personalized customer experiences across industries drives the social robot market. Customer experience (CX) refers to a consumer’s impressions and feelings from interactions with a brand’s products and services. Social robots can interact with customers and improve their experience by asking them to review the experience and make suggestions. For instance, in June 2022, a survey of more than 2000 US consumers aged 18 to 75 was conducted by Verint, a US-based customer engagement solutions company. 39% of the respondents agreed that they would tell their friends and family not to purchase goods from a company if they had a bad customer experience with that brand. 64% of the respondents had already stopped doing business with such companies. 79% of respondents under 45 agreed that having a good experience on digital platforms was very important. Therefore, the growing need for personalized customer experiences across industries is driving the growth of the social robot market.

Key Industry Players

Major players in the social robots market are Toyota Motor Corporation, Samsung Electronics Co. Ltd., Honda Motor Co. Ltd., Sony Corporation, Toshiba Corporation, Nvidia Corporation, ASUSTeK Computer Inc., Hasbro Inc., KUKA Robotics Corp, UBTECH Robotics Inc., Charles River Analytics Inc., Starship Technologies Inc., Cyberdyne Inc., Kinova Inc., WowWee Group Limited, Furhat Robotics AB, Blue Frog Robotics SAS, Knightscope Inc., Mayfield Robotics, Agility Robotics Inc., Hanson Robotics Ltd., Wonder Workshop Inc., Embodied Inc., Apptronik Inc., Double Robotics Inc., Vecna Robotics Inc., Paro Robots US Inc., Diligent Robotics Inc., KOMPAI Robotics, SoftBank Robotics Group Corp.

The social robots market report table of contents includes: