DUBLIN--(BUSINESS WIRE)--The "Social Robots Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The social robots market is expected to grow at a compound annual growth rate of 12.68% over the analyzed period to reach a market size of US$912.488 million in 2026 from US$395.577 million in 2019.
- Blue Frog Robotics and Buddy
- Reach Robotics
- Knightscope Inc.
- Intuition Robotics
- Furhat Robotics
- SoftBank Robotics
- Merck group
Social Robots are companion robots. These robots help in lifting, companionship, and simulation of emotions in human beings. In addition, these robots assist in everyday life, by performing various activities. Sony was the first company that introduced social robots in 1999. AIBO is a social robot pet dog that responds to its owner's voice and action. This robot has significant market standing even 20 years later of its first launch. The software of AIBO was last updated in April 2021, to accommodate new features such as app connection.
In 2006, France-based Aldebaran Robotic launched the Nao robot for therapy of autistic children. The first nursing social robot in Japan was launched in 2015. Developed by the Riken institute, Robear assists patients and caregivers in a nursing home across Japan. The robot assists in lifting patients from their beds by providing physical strength. Growing complexities of the world and increased adoption of automation will drive the demand for social robots. In malls and shopping complexes, social robots guide the customers, increasing their shopping experience. In parking lots, robots assist in smooth functioning. The Healthcare sector also employs social robots for better treatment of patients. Furthermore, robots ease household chores and provide companionship to the owner. However, growing automation results in a decrease in employment opportunities and have raised several concerns, hindering the market growth.
Social Robots assist in the caregiving of the aging population and facilitate better mental health in specially-abled people hence driving the adoption of robots in the healthcare sector.
Growth in the IT and communication industry will also increase the adoption of social robots to cater to customer queries and needs, which will provide significant growth prospects. However, during the forecasted period, healthcare and household sectors are projected to hold dominating share of the market. In the healthcare sector, social robots are used for nursing purposes. These robots also help in catering emotional needs of the patients. Japan is the leading user of social robots in its healthcare sector. The education sector will also grow at a significant rate.
The key factor driving the growth in the market is surging automation across varied industrial verticals. The International Federation of Robotics has predicted that the adoption of robots across many industry verticals will grow at a quadruple rate in the coming decade. In 2017, robot installation increased 21% in Asia, 16% in the Americas, and 8% in the European region. China, South Korea, Japan, United States, Germany are the top 5 robotics markets, accounting for 74% of the total robotics supply (2016). A significant proportion is a share by the social robot. Hence, growth in the robotic industry will support the market growth of social robots.
The effect of the coronavirus pandemic increased the market prospects for the social robot industry. To deal with the rapid spread of the virus, healthcare sectors employed more robots to support and reduce the risk of the spread of the virus to healthcare workers. Social Assistive Robots (SAR) saw an increase in demand in the retail sector as well. Delivery from social robots increased significantly to ensure quarantine and distance adhering containment measures implemented by the government. Tho contain the spread of the virus, innovation in the robotics industry resulted in the creation of Pre-screening Experience Through Robotic Assessment (PETRA) social robots by Merck Group. PETRA can detect common yet undiagnosed diseases. The social robot has widened the opportunities for the industry and will saw a surge in adoption during the forecasted period.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Social Robots Market, by Application
6. Social Robots Market, by End Users
6.6. IT and communication
7. Social Robots Market, by Geography
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrative
8.3. Mergers, Acquisition, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
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