According to the latest report by IMARC Group, titled, “Social Robots Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global social robots market reached a value of US$ 2.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 13.3 Billion by 2027, exhibiting at a CAGR of 31.3% during 2022-2027.

Social robots are generally deployed in workplaces and shopping malls to interact and communicate with individuals. They are usually equipped with gears, sensors and software that control the movements of the robot. They are designed to perform various functions while offering basic customer services and personal assistance. Apart from this, they are widely used in healthcare and educational institutions in order to improve social interactions and build engagement.

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Market Trends

The global market is primarily driven by significant growth in the information technology (IT) sector. Along with this, continual technological advancements in the sector are creating a positive outlook for the market. For instance, the widespread integration of machine learning (ML) and artificial intelligence (AI) with social robots to facilitate meaningful communication between the robots and individuals is positively influencing the market growth. Moreover, the increasing adoption of social robots for emotional and physical therapy across the healthcare industry has also propelled the market growth. Some of the other factors contributing to the market growth include rapid digitization and extensive research and development (R&D) activities conducted by key players.

Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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, technology and end use industry.

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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