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Social Robots Market Driven by Automation and Technological Advancements

According to a detailed market research analysis released today, the market for social robots worldwide is anticipated to reach an astounding $10,998.3 million by 2031. During the projected period of 2021 to 2031, the market is expected to expand at a remarkable annual rate of 21.8%. This remarkable growth can be attributed to a number of factors, such as the rising demand for automation and digitalization across various industries, the widespread use of robots in the healthcare and public services industries, the quick development of artificial intelligence (AI) technology, and rising investments in R&D projects.

The report identifies the rising demand for automation and digitalization as a major factor influencing the market for social robots worldwide. The incorporation of social robots has come to be recognised as a game-changing solution for industries looking to improve operational efficiency and streamline procedures. These intelligent machines have unmatched capacities, from interacting with customers and providing support to carrying out difficult jobs, and they are revolutionising a variety of industries.

Additionally, the market growth has been accelerated by the significant use of social robots in the healthcare and public services sectors. These robots have been used in hospitals, nursing homes, and rehabilitation facilities to significantly improve patient care, offer old people companionship, and streamline staff workflows. In providing information, directing guests, and guaranteeing safety and security at airports, shopping centres, and other public locations, social robots have been crucial in public services. The research also emphasises how quickly AI technology is developing as a determinant in the market's growth. Natural language processing, computer vision, and machine learning advancements have greatly improved social robots' capabilities, allowing them to converse intelligently, comprehend human emotions, and carry out difficult jobs with accuracy and precision.

The market's growth trajectory has also been supported by the increasing emphasis on research and development efforts, combined with government support measures. To meet the needs of many industries and satisfy changing customer expectations, numerous organisations and institutions are actively funding the development of advanced social robots.

The research study provides in-depth analysis of the global market for social robots, as well as trends, drivers, challenges, and opportunities in the market. Additionally, it provides comprehensive profiles of the major participants in the market, together with information on their marketing plans and industry rivals.

The global market for social robots is anticipated to experience impressive growth over the coming years as demand for automation and technological innovation continues to soar. The market landscape is changing, and industry participants, stakeholders, and investors are urged to take advantage of the lucrative prospects it presents.

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Global social robots market will reach $10,998.3 million by 2031, growing by 21.8% annually over 2021-2031, driven by the increasing requirement for automation and digitalization, the significant adoption of robots in the healthcare industry and public services, rapid technological advancements in artificial int elligence (AI), and the growing R&D investment including government supporting initiatives.

Highlighted with 80 tables and 74 figures, this 165-page report “Global Social Robots Market 2021-2031 by Component (Hardware, Software, Services), Technology (ML, NLP, Computer Vision, Context Awareness, Others), Industry Vertical (Healthcare, Education, Media and Entertainment, Retail, BFSI, Others), and Region: Trend Forecast and Growth Opportunity” is based on acomprehensive research of the entire global social robots market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2019-2021 and provides forecast from 2022 till 2031 with 2021 as the base year. (Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)

In-depth qualitative analyses include identification and investigation of the following aspects:

Market Structure
Growth Drivers
Restraints and Challenges
Emerging Product Trends & Market Opportunities
Porter’s Fiver Forces

The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19 and Russia-Ukraine conflict. The balanced (most likely) projection is used to quantify global social robots market in every aspect of the classification from perspectives of Component, Technology, Industry Vertical, and Region.

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Based on Component, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2031 included in each section.

Hardware
Software
Services

o             Managed Services

o             Professional Services

Based on Technology, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2031 included in each section.

Machine Learning (ML)
Natural Language Processing (NLP)
Computer Vision
Context Awareness
Other Technologies

By Industry Verticals, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2031 included in each section.

Healthcare
Education
Media and Entertainment
Retail Industry
BFSI
IT and Communication
Other Industry Verticals

Geographically, the following regions together with the listed national/local markets are fully investigated:

North America (U.S., Canada, and Mexico)
Europe (Germany, UK, France, Spain, Italy, Netherlands, Rest of Europe; Rest of Europe is further segmented into Russia, Switzerland, Poland, Sweden, Belgium, Austria, Ireland, Norway, Denmark, and Finland)
APAC (Japan, China, South Korea, Australia, India, and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines)
South America (Brazil, Chile, Argentina, Rest of South America)
MEA (UAE, Saudi Arabia, South Africa and Rest of MEA)

For each aforementioned region and country, detailed analysis and data for annual revenue ($ mn) are available for 2021-2031. The breakdown of all regional markets by country and split of each national market by Component, Technology, and Industry Vertical over the forecast years are also included.

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The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.

Selected Key Players:

AlterG Inc.

Amy Robotics Co., Ltd.

AoBo Information Technology Co., Ltd.

Bionik Laboratories Corp.

Blue Frog Robotics SAS

Blue Ocean Robotics ApS

BotsAndUs Ltd.

Camanio AB

Double Robotics Inc.

Embodied Inc.

Furhat Robotics AB

Haapie SAS

Hanson Robotics Ltd.

Inrobics Social Robotics SLL

Intuition Robotics Ltd.

Kinova Inc.

Knightscope Inc.

KOMPAI Robotics

Matia Robotics (US) Inc.

Motorika USA Inc.

MoviaRobotics Inc.

OhmniLabs Inc.

Reach Robotics Limited

SoftBank Group Corp.

Sony Group Corporation

SZ DJI Technology Co., Ltd.

UBTECH Robotics, Inc.

Wonder Workshop Inc.

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