The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The Social Robots market is estimated to grow at a CAGR of about 14% over the forecast period 2020 to 2025. The rise of research in the field of Artificial Intelligence (AI), Natural Language Processing(NLP), and development platforms such as the Robotic Operating System has enabled the rise in a class of robots called Social Robotics.
- Social robots rely on artificial intelligence (AI) to interact with the information received through the camera and other sensors. It leverages advances in AI that enables the designers to help translate both neuroscientific and psychological insights into algorithms. Thereby allowing them to recognize faces & emotions, voices, interpret speech, and respond appropriately to the people’s needs. This instance has led to a rise in the applications of social robots across various industries.
- According to the WEF ’s 2019 report on emerging technologies, the field of social robotics has reached a tipping point wherein the robots have greater interactive capabilities and are able to perform useful tasks than ever. For instance, there are about 15,000 Peppers (by Softbank Robotics) deployed worldwide that are used to perform services such as hotel check-ins, shopping assistance, and airport customer care.
- The study further reveals that the sales of consumer robots worldwide reached an estimated figure of USD 5.6 billion in 2018. Its revenues are expected to grow to USD 19 billion by the end of 2025, with over 65 million robots sold every year.
- Moreover, social robots are gaining traction among in toys, as vendors continue to incorporate social behaviors into them. For instance, Sony sold around 11,000 units of its new AIBO robotic dog equipped with a sophisticated set of features that enable it to develop new behaviors based on past interactions, despite its limited success in the past.
- However, factors such as higher upfront cost, malfunctioning of hardware & software, concerns to users’ privacy, and the robots’ weaponization hamper the growth of the market.
Key Market Trends
Healthcare Sector is Hold Major Share
- Social robots are primarily designed to interact with people in a consistent human social psychology manner. They are particularly used in the field of healthcare due to their ability to engage people along with emotional and social dimensions, also the growing expenditure of the healthcare sector across the globe showcases the potential of adoption social robots.
- Also, the rise of assistive technologies such as telecare, proactive services system, the household robots, among others that aid the aging population to live independently in their homes and, care facilities, has further elevated the scope of social robot deployment in health care sector owing to the emotional and personality traits offered and thereby serving patients as potential companions.
- For instance, the PARO Therapeutic Robot ( by AIST, Japan) stimulates and reduces stress for patients with diseases such as Alzheimer’s in healthcare facilities as it responds to users by its name by moving its head and cries for petting. Also, Mabu ( By Catalia Health Inc) serves as a wellness aid to elderly patients by reminding them to take walks, medication, and contact family members.
- The development of social robotics research projects such as Human Interactive Robotics for Healthcare (HIRo) funded by Research Council of Norway’s ICT Plus initiative focuses on developing humanoid robotic platforms to assist both health professionals and patients in municipality’s home help services and hospital by performing contextual interactive tasks such as helping healthcare professionals in every patient task and accompanying new patients, visitors among others are expected to drive the growth of the market.
North America to Witness Fastest Market Growth
- North America is expected to witness the fastest market growth owing to factors such as the region is one of the pioneers in the adoption of robots across industries and advanced technologies such as AI, NLP, among others, also the rise of chronic diseases, aging population.
- For instance, the healthcare settings in countries such as Canada is under tremendous strain owing to the rapidly growing demand from the public, demanding healthcare organizations to keep pace with the changing societal needs of the aging population and growing number of people with chronic conditions such as dementia that require complex medical and mental health need.
- Given the complexity of dementia care, the adoption and integration of technology such as social robots as they serve multiple functions, including cognitive training, affective therapy, social facilitator, companionship among others, stands to be an important opportunity for the growth of the market. For instance, PARO, a baby harp seal social robot, was explicitly designed as pet therapy for the elderly population with dementia.
- Also, global pandemic COVID-19 has accelerated the adoption of workplace automation. Organizations in the region are leveraging robots and AI to keep business running during the social distancing period to reduce the health risk to human workers. Further, the post-coronavirus era is expected to drive the social acceptance of robots across various industries, thereby leveraging market growth.
- For instance, Brain Corp, a robotic software development company based in San Diego, reported that its customers are employing robots around 13% more as compared to the months before the pandemic. A similar trend is expected to be followed by the demand for social robots in the region.
The Social Robots Market is moderately competitive, accounting for the healthy competition from both the established players and new startups. While most of the social robot vendors had limited success with initial products, they continue to launch new products with enhanced features, aggressive pricing, or complete switch in terms of targetted audiences. For instance, few players have been focusing on children’s demographics with launching social robots that help children in early childhood development while others continue to serve the elderly population.
- April 2020: Embodied, Inc. announced the launch of Moxie, a social companion robot explicitly aimed for children aged 6 to 9 to help promote emotional, social, and cognitive development of children through everyday play-based learning and captivating content. The companies aim to add further support for children diagnosed with disorders such as AD/HD, anxiety, and autism.
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