Humanoid Robot Market Forecast 2024 Revenue Analysis by Industry key players Hanson Robotics Limited, SoftBank Robotics US, Toshiba, UBTECH Robotics, Willow Garage

Global humanoid robot market is set to exceed USD 5 billion by 2024, according to this new research report. Increasing deployment of robots enabled with advanced features across retail and hospitality applications to enhance the customer experience is projected to augment demand. Deployment in the hospitality industry to augment the operational efficiency, perform multiple tasks and boosting the overall productivity is expected to fuel the humanoid robot market growth.

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Growth drivers

• Increasing demand to enhance the customer experience in China & Japan
• Technological advancements in the China & Japan
• Declining cost of hardware components in China
• Growing demand from retail sector in APAC
• Increasing adoption in education sector across LATAM & Europe
• Rise in demand from healthcare sector in Japan
• Rising investments by government in North America
• Surge in demand for military & defense applications across North America & MEA
• Demand from universities and research institutes in Europe and North America

Growing demand from the education and research sector is anticipated to surge the adoption of humanoid robots over the future. The popularity of such robots providing humanly interaction is on the rise among students of various age-groups further contributing to the market growth. However, concerns such as high prices might limit the humanoid robot market growth. In addition, the reluctance of consumers to adopt such robots pose a major challenge to the industry demand.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. DST Robot Co Ltd
2. Engineered Arts
3. Hajime Research Institute
4. Hanson Robotics Limited
5. Honda + LinkedIn - Google Search
6. KAWADA
7. Qihan Technology Co, LTD
8. ROBOTIS Co.,Ltd.
9. SoftBank Robotics US
10. Toshiba
11. Trossen Robotics
12. UBTECH Robotics
13. Willow Garage

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Wheel drive robots are expected to witness significant growth over the forecast timeline. This growth can be accredited to the growing demand of such robots for enhancing customer engagement across various industrial sectors. The incorporation of robots with advanced technology such as AI is an emerging trend in serving experiences as part of the product offerings. Humanoid robots enable retailers to upgrade the ability to provide experiences to their customers in terms of personalized recommendations. In addition, they utilize emotion recognition technology to enhance the customer interaction.

Surging adoption across applications such as security, education and healthcare is anticipated to fuel the humanoid robot market growth. These machines use interactive demonstrations and animations to entertain the customers, guide them through the service & product offerings in a business establishment. It helps in reducing efforts resulting in optimizing the performance of the sales force. Healthcare sector provides lucrative growth opportunities to the market. It can be credited to the rising adoption of such robots for providing care to elderly persons reducing the burden of nursing care.

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Asia Pacific is anticipated to witness huge adoption and will dominate the humanoid robot market with a significant share of revenue. It can be attributed to the increasing R&D investments coupled with the presence of large number of players operating in the industry. Increasing adoption of the robots across department stores, banks, hotels and airports will drive the regional market growth. In addition, the rising use of such robots by healthcare facilities in Japan to provide elderly people with a better quality of life will have a positive impact on the industry.

MEA humanoid robot market is estimated to grow at around 30% CAGR in terms of revenue over the forecast timeline. It can be credited to the growing deployment of the robots for patrolling busy areas, as a part of government initiative aimed at replacing human security staffs with robots. Moreover, the regional government’s plan to reduce the number of police force by incorporating robots for chasing down suspects and collecting evidence further contributes to the humanoid robot market demand.

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