Social Robots Global Market Report 2024

The global social robots market has grown exponentially in recent years. It will grow from $4.26 billion in 2023 to $5.72 billion in 2024 at a compound annual growth rate (CAGR) of 34.1%. The growth in the historic period can be attributed to aging population, healthcare needs, demand for entertainment and leisure, government funding.

The global social robots market is expected to see exponential growth in the next few years. It will grow to $18.26 billion in 2028 at a compound annual growth rate (CAGR) of 33.7%. The growth in the forecast period can be attributed to awareness of mental health and wellbeing, increasing prevalence of remote work, rise in demand for communication, integration into smart homes. Major trends in the forecast period include collaborative robots, artificial intelligence (AI) and machine learning (ML), human-robot interaction, ethical AI and data privacy.

The escalating demand for tailored customer experiences across industries is a key impetus behind the growth of the social robot market. Customer experience (CX) encompasses the impressions and sentiments a consumer forms from interactions with a brand's products and services. Social robots play a pivotal role in enhancing these experiences by engaging with customers, seeking feedback, and incorporating their suggestions. For instance, in June 2022, involving over 2000 US consumers aged 18 to 75, highlighted the profound impact of customer experience on brand loyalty. It revealed that 39% of respondents would dissuade friends and family from purchasing goods from a company after a negative experience, and 64% had already ceased doing business with such companies. Moreover, 79% of respondents under 45 emphasized the significance of having a positive experience on digital platforms. Hence, the escalating demand for personalized customer experiences across industries propels the growth of the social robot market.

The widespread adoption of smart homes is poised to significantly drive the growth of the social robot market. Smart homes are residences equipped with interconnected devices and automated systems that allow for remote control and efficient management of various functions, including lighting, security, heating, and entertainment. Within smart homes, social robots play a crucial role as intelligent companions and control centers. They facilitate voice-activated device management and offer personalized assistance, thereby elevating convenience, security, and overall quality of life for residents. As per a report from Security.org in April 2021, 7 out of 10 homebuyers were actively seeking a smart home, with 78% expressing a willingness to invest more in a home equipped with smart devices. Hence, the surge in smart home adoption is a driving force behind the growth of the social robot market.

The impediments encountered by small businesses in adopting robotics have the potential to impede market growth in the forecast period. These obstacles pertain to the trials and tribulations faced by small enterprises when endeavoring to integrate and incorporate robotic technologies into their business operations. Small businesses often grapple with a range of challenges in their pursuit to adopt robotics, including high initial costs, limited financial resources, intricate integration processes, and the need to comply with regulatory standards. For instance, as of September 2023, a report from Control Engineering, a U.S.-based company specializing in technology exploration and education in automation, control, and instrumentation, revealed that smaller enterprises, struggling with financial constraints, are likely to face hurdles in implementing robotics. Notably, 90% of American firms have yet to introduce robots into their operational setups. While financial limitations play a significant role, cultural considerations and concerns about potential job displacement may also contribute to the reluctance. Consequently, these challenges pose a constraint on the adoption of robotics in the social robot market, particularly for small businesses.

Leading companies in the social robot market are leveraging cutting-edge technologies like artificial intelligence (AI) and machine learning (ML) to advance their market position. Artificial intelligence involves the emulation of human cognitive processes by computer systems, while machine learning enables a computer system to enhance its intelligence over time. For instance, in December 2022 release of the Moxie robot by Embodied Inc., a robotics and AI company based in Los Angeles. Designed for children aged 5 to 10, Moxie serves as an interactive companion for child development and entertainment. It seamlessly incorporates aspects of child development, engineering, technology, game design, and entertainment, all powered by machine learning technology. This enables Moxie to understand, process, and respond to natural conversation, eye contact, facial expressions, as well as recognize and recall individuals, places, and objects. This innovative integration of AI and ML is playing a pivotal role in propelling the social robot market forward.

In January 2022, Furhat Robotics, a Swedish company specializing in social robots, acquired Misty Robotics for an undisclosed sum. This strategic move enabled Furhat Robotics to extend its geographical presence in the US and advance the development of cutting-edge social robotics technologies. Misty Robotics, based in the US, is renowned for its creation, the Misty robot.

Major players in the social robots market are Toyota Motor Corporation, Samsung Electronics Co. Ltd., Honda Motor Co. Ltd., Sony Corporation, Toshiba Corporation, Nvidia Corporation, ASUSTeK Computer Inc., Hasbro Inc., KUKA Robotics Corp, UBTECH Robotics Inc., Charles River Analytics Inc., Starship Technologies Inc., Cyberdyne Inc., Kinova Inc., WowWee Group Limited, Furhat Robotics AB, Blue Frog Robotics SAS, Knightscope Inc., Mayfield Robotics, Agility Robotics Inc., Hanson Robotics Ltd., Wonder Workshop Inc., Embodied Inc., Apptronik Inc., Double Robotics Inc., Vecna Robotics Inc., Paro Robots US Inc., Diligent Robotics Inc., KOMPAI Robotics, SoftBank Robotics Group Corp.

Asia-Pacific was the largest region in the social robot’s market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in social robot’s report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the social robot’s market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

These social robots comprise three main components such as hardware, software, and services. Hardware refers to the tangible, physical elements of the system. They are equipped with technologies such as machine learning, computer vision, context awareness, and natural language processing. These robots are deployed across various sectors including public utility, media and entertainment, education, hospitality, healthcare, telecommunication, banking, financial services, and insurance (BFSI), among others.

This report provides social robots market statistics, including social robots’ industry global market size, regional shares, competitors with a social robot’s market share, detailed social robots market segments, market trends and opportunities and any further data you may need to thrive in the social robot’s industry. This social robot’s market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The social robots market consists of revenues earned by entities by providing such as companionship and emotional support, customer service, tutoring, healthcare and well-being coaching. The market value includes the value of related goods sold by the service provider or included within the service offering. The social robots market also includes sales of anthropomorphic, zoomorphic, caricatured and functional robots. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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