The social robot market was valued at US$288.23 million in 2017 and is projected to expand at a CAGR of 13.75% over the forecast period to reach US$699.18 million by 2023. As the baby boomer population is reaching Medicare age, social robot market is expected to grow. The industry is chronically short of personnel to serve growing elderly population, thus, there is a growing demand for social robot in healthcare industry. Moreover, there is a growing focus to adopt social robot by enterprises to overcome issues like technology illiteracy in workforce. In addition to this, the high average wage in some regions encourages business leaders to invest in social robots which, in turn, augment its market growth. Other drivers include rising innovation budget, growing need for efficient and simpler work process, advancement in AI and growing number of players. However, factors like lack of skilled labor as well as high initial investment might restraints the market growth.
By End User
By End User, healthcare has a high potential to grow in years ahead owing to rapidly growing elderly population as well as trending in-home care service. Likewise, rapidly modernizing educational system as well as increasing number of educational institute contributes to the education segment growth over the projected period.
By Geography
By, Geography, Asia Pacific is expecting to grow at a decent rate over the projected period. The rising labor cost owing to rapidly aging population and falling birth rate, especially in China and Japan, augment the need to replace workforce with social robots. This propels the regional market growth. The presence of large scale elderly population in Europe augments the regional demand for social robot while propelling the regional market growth. Likewise, early adoption of technology and high speed innovations coupled with high R&D investment in robotics contributes to the North America market share.
Competitive Insight
The social robot market is considerably competitive owing to the presence of well-diversified regional and international players. Product innovations and new launch will further intensify the competitiveness. The major players discussed in the report include Blue Frog Robotics & Buddy, Reach Robotics, Haapie, and Knightscope, Inc. among others. The expanding applications will attract more players in the market.

Segmentation
The social robot market has been analyzed through following segments:

  • By Component
  • ·Software
  • ·Hardware
  • ·Sensor
  • ·Control System
  • ·Actuator
  • By End User
  • ·Information & communication
  • ·Healthcare
  • ·Education
  • ·Retail Trade
  • ·Entertainment
  • ·Others
  • By Geography
  • ·North America
  • ·United States
  • ·Canada
  • ·Others
  • ·South America
  • ·Brazil
  • ·Others
  • ·Europe
  • ·United Kingdom
  • ·Germany
  • ·Others
  • ·Middle East and Africa
  • ·Asia Pacific
  • ·Japan
  • ·Korea
  • ·China
  • ·Others