Press release
Social Robots Market Set to Reach $24.7 Billion by 2029 with 34% Yearly Growth
Social Robots Market Segments
The social robots market has experienced significant growth in recent years. It will grow from $5.72 billion in 2024 to $7.66 billion in 2025, at a CAGR of 34.0%. This growth is due to the aging population, increased healthcare needs, demand for entertainment and leisure, and government funding.
The social robots market is projected to experience exponential growth, reaching $24.7 billion by 2029 with a CAGR of 34.0%. This growth is driven by increased awareness of mental health, the rise of remote work, and the demand for communication. Key trends include AI and machine learning integration, collaborative robots, and human-robot interaction.
What Are the Forces Behind the Rapid Growth of the Social Robots Market?
The growing demand for personalized customer experiences across various industries is accelerating the social robot market. Customer experience (CX) refers to a consumer's overall perception and sentiment derived from interactions with a brand's products and services. Social robots enhance customer engagement by soliciting feedback and providing tailored recommendations. For example, in June 2022, Verint, a US-based company specializing in customer engagement solutions, conducted a survey of over 2,000 US consumers aged 18 to 75. The findings revealed that 39% of respondents would advise friends and family against purchasing from a company after a negative customer experience. Additionally, 64% had already discontinued business with such companies. Among respondents under 45, 79% emphasized the importance of a seamless digital experience. Consequently, the increasing need for personalized customer interactions is driving the social robot market's expansion.
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Who Are the Dominant Companies Influencing Social Robots Market Trends?
Major companies operating 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.
How Is the Social Robots Market Evolving?
Companies in the social robot market are integrating artificial intelligence (AI) and machine learning (ML) into their robotics solutions to strengthen their market position. AI involves the simulation of human intelligence in machines, while ML enables systems to develop intelligence over time. For instance, in December 2022, Embodied Inc., a Los Angeles-based robotics and AI company, introduced Moxie, a social robot designed for children aged 5 to 10. Moxie combines child development, engineering, game design, and entertainment technology with machine learning to interact naturally with users. It can process speech, recognize facial expressions, recall names and locations, and engage in conversations, making it an engaging tool for both learning and entertainment.
What Are the Different Segmentations in the Social Robots Market?
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
Subsegments:
1) By Hardware: Sensors, Actuators, Processors, Power Supply, Communication Modules
2) By Software: Operating Systems, Application Software, Development Software
3) By Services: Integration Services, Maintenance and Support Services, Training And Consulting Services
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Which Region Is at the Forefront of the Social Robots Market?
Asia-Pacific was the largest region in the social robot's market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in social robot's market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Is Covered In The Social Robots Global Market Report?
- Market Size Analysis: Analyze the Social Robots Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Social Robots Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Social Robots Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Social Robots Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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