Social Robots Market Size to Reach US$ 17.2 Billion by 2028 | Industry CAGR of 30.7%

According to the latest report by IMARC Group, titled, "Social Robots Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The global social robots market size reached US$ 3.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 17.2 Billion by 2028, exhibiting a growth rate (CAGR) of 30.7% during 2023-2028.

Social robots refer to physically embodied autonomous robots used for conducting natural and interpersonal interactions with individuals. They comprise control systems, manipulators, drivetrains, body, and frame. Social robots can be controlled remotely and utilized for employee training, medical screening, recruitment, teaching assistance, and travel concierge. They provide enhanced safety, speed, productivity, and aid in creating an appealing, interesting, and meaningful interactive environment for children. As a result, social robots are extensively used in numerous sectors, such as education and entertainment.

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Social Robots Market Trends Drivers:

The expanding healthcare sector across the globe and the widespread adoption of physically embodied autonomous robots in hospitals and healthcare centers to facilitate the treatment of diseases, including cerebral palsy, are primarily augmenting the social robots market. Furthermore, the rising usage of the product in the banking, financial services and insurance (BFSI) sector, as tutoring, answering banking-related queries, and customer engagement, is positively influencing the market growth. Apart from this, the inflating technological advancements, such as the integration of artificial intelligence (AI) and machine learning (ML) solutions, are acting as significant growth-inducing factors. Moreover, the increasing utilization of these technologies, as they aid the robots with navigation, identifying objects, and interacting independently, is also bolstering the global market. Besides this, the escalating product demand in public services is further catalyzing the market growth. Additionally, the growing need for physically embodied autonomous robots for traffic management, telepresence, surveillance, queue management, and ensuring social distancing is also driving the global market. In addition to this, the elevating requirement for automation and digitalization across sectors and the widespread product adoption in the education sector as tutors or peer learners are expected to drive the social robots market in the coming years.

Social Robots Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

AlterG Inc.
Bionik Laboratories Corp.
Blue Frog Robotics SAS
Blue Ocean Robotics ApS
Embodied Inc.
Furhat Robotics AB
Haapie SAS
Intuition Robotics Ltd
Knightscope Inc
Motorika USA Inc.
MOVIA Robotics Inc.
SoftBank Robotics (SoftBank Group).

The report has segmented the market based on component, mobility, application and vertical.

Breakup by Component:
Hardware
Software
Services

Breakup by Technology:
Machine Learning
Computer Vision
Context Awareness
Natural Language Processing

Breakup by End Use Industry:
Healthcare
Education
Media and Entertainment
Retail
Others

Breakup by Region:
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa

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Key highlights of the report:

Market Performance (2017-2022)
Market Outlook (2023-2028)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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