Social Robots Market Set to Grow at 19.2% CAGR, Fuelled by AI and Robotics Advancements
The global social robots market is expected to experience significant growth at a compound annual growth rate (CAGR) of 19.2% during the forecast period. This growth can be attributed to the continuous advancements in artificial intelligence (AI) and robotics technology, as well as the increasing adoption of social robots across various industries.
The market growth is driven by several factors. Firstly, the technological advancements in AI and robotics have paved the way for the development of highly sophisticated social robots that are capable of performing complex tasks. These robots are equipped with advanced sensors, facial recognition technology, and natural language processing capabilities, allowing them to interact and engage with humans in a more natural and intuitive manner.
Secondly, the increasing adoption of social robots in industries such as healthcare, education, retail, and hospitality is also fueling market growth. Social robots are being utilized in healthcare settings for patient care, rehabilitation, and providing companionship to the elderly. In educational institutions, these robots are being used to enhance the learning experience by delivering personalized and interactive lessons. In the retail and hospitality sectors, social robots are being employed to provide customer service and create engaging experiences for consumers.
The improved healthcare outcomes, enhanced educational experiences, and personalized customer service offered by social robots are driving the demand for these robots globally. Consequently, market players are introducing new and advanced solutions to cater to this rising demand. For instance, KOMPAÏ Robotics recently launched its Kompaï robot, which is specifically designed to assist in hospitals and nursing homes. This robot is equipped with hardware and software that are easy to adopt and customize for healthcare facilities. It can store and share medical data, provide mobility assistance to patients, and offer entertainment and social engagement to older individuals.
In terms of market segmentation, the global social robots market is categorized based on robot type, application, and end-use industry. The robot types include humanoid robots, companion robots, collaborative robots, educational robots, and others. The applications of social robots span across healthcare and elderly care, education and research, retail and hospitality, entertainment and gaming, customer service, and others. The end-use industries for these robots encompass healthcare, education, retail, hospitality, manufacturing, and others.
Among the various applications, healthcare and elderly care is expected to witness significant growth. This can be attributed to the increasing adoption of social robots for patient care, rehabilitation, and providing companionship to the elderly. Social robots are proving to be valuable assets in healthcare settings by assisting in tasks such as medication reminders, monitoring vital signs, and providing emotional support.
In conclusion, the global social robots market is set to grow at a CAGR of 19.2% due to the advancements in AI and robotics technology, as well as the increasing adoption of these robots in various industries. The healthcare and elderly care segment is anticipated to experience substantial growth. Market players are introducing new and innovative solutions to meet the rising demand for social robots and capitalize on the opportunities presented by this rapidly evolving market.
Source: [Social Robots Market Set to Grow at 19.2% CAGR, Fuelled by AI and Robotics Advancements]
