What Fueled The Previous Growth In The Social Robots Market?
The social robots market has seen considerable growth due to a variety of factors.
• The market size for social robots has seen a significant surge in the past few years. The market is projected to expand from a value of $5.72 billion in 2024 to a staggering $7.66 billion in 2025, growing at a compound annual growth rate (CAGR) of 34.0%.
This historical period growth has been primarily driven by factors such as the rising aging population, increasing healthcare requirements, the burgeoning demand for entertainment and leisure, and significant government funding.
What Is The Expected Growth In The Social Robots Market Size Evolve over the Forecast Period?
The social robots market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the rapid expansion of the social robots market in the upcoming years. The market size is projected to surge to $24.7 billion by 2029, reflecting a compound annual growth rate (CAGR) of 34.0%.
Several factors are set to contribute to this expected surge in the forecast period, including an increased focus on mental health and wellbeing, the growing adoption of remote work setups, a higher demand for effective communication, and the incorporation in smart homes. The forecast period is also likely to see significant trends such as the emergence of collaborative robots, the utilization of artificial intelligence (AI) and machine learning (ML), advancements in human-robot interaction, and emphasis on ethical AI and data privacy.
What Main Forces Are Fueling Expansion In The Social Robots Market?
The escalating demand for tailored customer encounters across varying sectors is propelling the social robot market. The term customer experience (CX) describes the emotions and impression consumers gain from their interactions with a product or service. Social robots are instrumental in enhancing customer experiences by inviting feedback and recommendations. For instance, Verint, a US customer engagement solutions firm, conducted a survey in June 2022. The study involved more than 2000 US consumers aged between 18 and 75. Roughly 39% of the participants would advise their friends and family against purchasing from a company following a negative experience. Furthermore, 64% confessed to ceasing their business with companies that had previously given them a bad experience. Additionally, 79% of the participants who were below 45 years confirmed the importance of good digital platform encounters. Consequently, the escalating demand for personalized customer experiences is fueling the social robot market. Social robot Market Driver: Upsurge In Smart Home Adoption Accelerates Social Robot Market
What Are The Primary Segments In The Global Social Robots Market?
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
Subsegments:
1) By Hardware: Sensors, Actuators, Processors, Power Supply, Communication Modules
2) By Software: Operating Systems, Application Software, Development Software
3) By Services: Integration Services, Maintenance and Support Services, Training And Consulting Services
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How Are New Trends Impacting The Size Of The Social Robots Market?
In order to maintain their market standing, companies in the social robot arena are incorporating advanced technologies like artificial intelligence and machine learning into their offerings. Artificial intelligence involves the simulation of human intelligence processes by computers, with a specific focus on computer systems. Machine learning, alternatively, is the means by which a computer system enhances its intelligence. Embodied Inc., a robotics and artificial intelligence firm based in Los Angeles, introduced the Moxie robot in December 2022 as an example. This innovative robot aims to assist with the developmental and entertainment needs of children aged 5 to 10. It uniquely integrates aspects of child development, engineering, technology, game design and entertainment with machine learning technology to interpret, process, and react to natural conversation, maintain eye contact, recognize facial expressions and remember people, places, and objects.
Who Are the Key Players In The Social Robots Market?
Major companies operating 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.
What Is The Most Dominant Region In The Social Robots Market?
Asia-Pacific was the largest region in the social robot’s market in 2024. 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.
