Social Robots Market Trends, Top Companies, Share, Growth And Forecast 2033

The social robots market size has grown exponentially in recent years. It will grow from $4.26 billion in 2023 to $5.72 billion in 2024 at a compound annual growth rate (CAGR) of 34.1%. The growth in the historic period can be attributed to aging population, healthcare needs, demand for entertainment and leisure, government funding.

The social robots market size is expected to see exponential growth in the next few years. It will grow to $18.26 billion in 2028 at a compound annual growth rate (CAGR) of 33.7%. The growth in the forecast period can be attributed to awareness of mental health and wellbeing, increasing prevalence of remote work, rise in demand for communication, integration into smart homes. Major trends in the forecast period include collaborative robots, artificial intelligence (AI) and machine learning (ML), human-robot interaction, ethical AI and data privacy.

Market Overview -
Social robots refer to autonomous machines or artificial agents designed to interact and communicate with humans in a social and human-like manner. These robots are created with artificial intelligence and are outfitted with sensors, cameras, microphones and other technological devices. It is used in various applications, including companionship for older people or individuals with disabilities, educational tools, therapy and rehabilitation aids, customer service representatives and entertainment.

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Rising Demand For Personalized Customer Experiences Fuels Growth In The Social Robot Market
The growing need for personalized customer experiences across industries drives the social robot market. Customer experience (CX) refers to a consumer's impressions and feelings from interactions with a brand's products and services. Social robots can interact with customers and improve their experience by asking them to review the experience and make suggestions. For instance, in June 2022, a survey of more than 2000 US consumers aged 18 to 75 was conducted by Verint, a US-based customer engagement solutions company. 39% of the respondents agreed that they would tell their friends and family not to purchase goods from a company if they had a bad customer experience with that brand. 64% of the respondents had already stopped doing business with such companies. 79% of respondents under 45 agreed that having a good experience on digital platforms was very important. Therefore, the growing need for personalized customer experiences across industries is driving the growth of the social robot market.

Competitive Landscape -
Major players 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.

Innovative Integration Of Artificial Intelligence And Machine Learning Boosts Social Robot Market
Companies in the social robot market are integrating innovative technologies like artificial intelligence and machine learning into their solutions to sustain their position in the market. Artificial intelligence is the modeling of human intelligence processes by computers, particularly computer systems, whereas Machine learning is how a computer system develops its intelligence. For instance, in December 2022, Embodied Inc., a Los Angeles-based robotics and AI company, launched the Moxie robot. The new robot is engaging for children ages 5 to 10 and helps with child development and entertainment. Moxie combines child development, engineering, technology, game design and entertainment functions with machine learning technology to perceive, process and respond to natural conversation, eye contact, facial expressions and to recognize and recall people, places and things.

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Key Segments -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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