NEW YORK, Sept. 12, 2023 /PRNewswire/ -- The social robots market size is expected to grow by USD 6.20 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 28.88% during the forecast period. The market is segmented by Component (Hardware, Software, and Services), End-user (Healthcare, Media and Entertainment, Education, Retail, and Others), and Geography (APAC, North America, Europe, Middle East and Africa, and South America). The technological advances in social robots drive the social robots market. Social robots are popular all over the world, particularly among the aging population. Also, there is a growing geriatric population in the world with developed countries such as the US, European countries, and Japan having a high elderly population. Hence, such factors fuel the growth of the social robots market during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a PDF Sample
Key Highlights:
- The report recognizes the following as some of the key players in the social robots market: 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., and Knightscope Inc.
- Social Robots Market is fragmented in nature.
- Market to observe 26.67% YOY growth in 2023.
Market Dynamics:
Trend
- The rising adoption of social robots in the hospitality industry is an emerging market trend.
Challenge
- The high cost of owning social robots challenges the growth of the market.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
Keg Segments:
The hardware segment holds the largest social robots market share. The segment will continue to account for the highest market share throughout the forecast period. The growth of this segment can be attributed to the miniaturization of electronic components such as sensors and actuators, technological advances in batteries and control systems, and the development of advanced vision systems. Get a glance at the market contribution of the segments, Request a Sample
The entertainment robots market size is estimated to grow at a CAGR of 25% between 2022 and 2027. The market size is forecast to increase by USD 47,514.74 million. This entertainment robots market report extensively covers market segmentation by product (robotic toys, educational robots, and robotic companion pets), end-user (media, education, and retail), and geography (Europe, APAC, North America, Middle East and Africa, and South America). Increasing demand for entertainment robots for leisure purposes is one of the key drivers for the growth of the market.
The robotics end-of-arm tooling market size is estimated to grow at a CAGR of 4.96% between 2022 and 2027. The market size is forecast to increase by USD 992.39 million. This report extensively covers market segmentation by application (material handling, assembly line, welding and soldering, surface treatment and finishing, and others), end-user (automotive, semiconductor and electronics, food and beverage, industrial machinery, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa). An increase in demand for robotic end-of-arm tooling from the food and beverage industry drives the market growth.
Social Robots Market Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 28.88% |
Market growth 2023-2027 |
USD 6.20 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
26.67 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 36% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
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., and Knightscope Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Component
Market Segmentation by End-user
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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 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
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