Social Robots Market: Exploring Technological Advancements and Expanding Applications in Modern Society

The new report published by The Business Research Company, titled Social Robots Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, 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 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%.

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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.

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.

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

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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.

Contents of the report:
1. Executive Summary
2. Social Robots Market Report Structure
3. Social Robots Market Trends And Strategies
4. Social Robots Market - Macro Economic Scenario
5. Social Robots Market Size And Growth
…..
27. Social Robots Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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