Social Robots Market Growth Set to Surge Significantly during 2019 – 2027

Global Social Robots Market: Introduction

Social robots can be referred to as an artificial intelligence (AI) system that is developed to interact with humans and other robots. Potential job functions such as greeting and basic customer service can be easily replaced by social robots at the work place. A social robot can be controlled through a remote.

Social robots can efficiently function at the work place such as a telepresence representative at a business meeting or companion in a healthcare facility. Artificial intelligence allows them to interact independently in response to cues from people and things in their environment.

Global Social Robots Market – Dynamics

Increasing Demand for Social Robots in Public Services

Demand for social robots which work autonomously has increased from the governments of many nations. India is deploying social robots for traffic management. Social robots are also used for automatic detection in video surveillance. Some of the major uses of social robots are tutoring, telepresence, companionship, and customer engagement.

Increasing Demand from BFSI Sector Driving Growth of the Market

In this competitive era, BFSI companies are deploying social robots at the workplace. Work functions such as customer engagement, and tutoring in many banks are done through social robots. Cost as well as time for individuals at workplaces can be highly optimized with social robots.

Hardware/Software Malfunctioning Hampering Growth of the Social Robots Market

Social robots are prone to hardware/software malfunctioning, which is greatly restraining the growth of the market. The probability of hacking the software could impact the demand for social robots as these robots can be controlled through a remote.

North America Expected to Dominate the Global Social Robots Market

In terms of region, the global social robots market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the global social robots market during the forecast period, due to strong adoption of artificial intelligence as well as AI enabled devices in the region.

Global Social Robots Market – Competitive Landscape

• In October 2019, Diligent Robotics Inc. raised approximately US$ 3 Mn in seed funding. The company also announced that it has finished beta testing of its Moxi robot, which is designed to assist hospital personnel.

Diligent Robotics Inc.

Established in 2017, Diligent Robotics Inc.is an AI company creating robot assistants. The company’s social robots feature mobile manipulation, social intelligence, and human-guided learning capabilities. In year 2019, the company developed a robot named Moxi which is a hospital robot. Moxi is an assistant that helps clinical staff with non-patient-facing tasks so they have more time for patient care.

Boston Dynamics

Established in 1992, Boston Dynamics is a leading smart mobile robot development company. The company integrated the principles of dynamic control and balance with sophisticated mechanical designs, cutting-edge electronics, and next-generation software for high performance social robots.

Global Social Robots Market: Segmentation

The global social robots market can be segmented based on:

• Component
• Industry
• Region

Global Social Robots Market, by Component

Based on component, the global social robots market can be divided into:

• Hardware
• Software
• Service
  • Professional
    • Designing
    • Consulting
    • Support & Maintenance
  • Managed

Global Social Robots Market, by Industry

Based on industry, the global social robots market can be divided into:

• BFSI
• Telecommunication
• Healthcare
• Hospitality
• Education
• Media & Entertainment
• Public Utility
• Others

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

• Customer Experience Maps
• Insights and Tools based on data-driven research
• Actionable Results to meet all the business priorities
• Strategic Frameworks to boost the growth journey

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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

• North America
• Asia Pacific
• Europe
• Latin America
• The Middle East and Africa

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