Interactive Robot Market is Predicted to Rise at a CAGR Of 24% by 2033

0
123

As revealed by Fact.MR, a provider of market research and competitive intelligence, the global interactive robot market is projected to reach a value of US$ 4.7 billion by the end of 2033, expanding at a CAGR of 24% between 2023 and 2033.

Robots that can interact with their environment and react to outside stimuli are called interactive robots. They are employed in a variety of contexts, including manufacturing, healthcare, and education. Interactive robots have sensors that enable them to react to their surroundings independently or be programmed to carry out specific tasks.

An increase in the number of elderly people is causing a demographic shift in many nations around the world. Elderly people need healthcare services, support with daily tasks, and social interaction to combat loneliness and isolation.

The market for interactive robots has been expanding steadily because of robotics, artificial intelligence (AI), and human-machine interaction developments. These machines are made to help, amuse, instruct, or work alongside people. Leveraging cognitive technologies, interactive robotics develops systems for robot interaction to aid humans in various domains, including military and education.

Over a million industrial robots are operational, indicating the potential for the acceptance of interactive robots in various fields in the coming years. Researchers assert that teams comprising humans and robots are 85% more efficient than solitary workers, and introduction of interactive robots is expected to triple productivity by replacing human labor. Due to advancements in artificial intelligence, digital devices can now understand language, recognize emotions, and exhibit social adaptability, enabling them to respond accordingly.

Key Takeaways from Market Study 

  • The interactive robot market is valued at US$ 4.7 billion in 2023.
  • Worldwide demand for interactive robots is projected to rise at a CAGR of 24% from 2023 to 2033.
  • The global market is forecasted to touch US$ 38 billion by the end of 2033.
  • The market in China is predicted to rise at a high-value CAGR of 29% through 2033.
  • The market in Germany is projected to expand significantly during the projected period at a CAGR of 23%.
  • Sales of stationary robots are projected to increase at a CAGR of 20.5% from 2023 to 2033.
  • The market in Japan is anticipated to advance significantly during the anticipated period at a CAGR of 18%.
  • Sales of mobile robots are forecasted to increase at a CAGR of 24% through 2033.

“With technological progress and growing consumer acceptance, the expectation was for the interactive robot market to diversify into new business sectors and applications. Enhanced sensors, improved natural language processing (NLP), and machine learning algorithms now enable robots to better understand and respond to human movements, voice, and emotions,” says a Fact.MR analyst.

Market Competition

Top manufacturers in the market are making significant R&D investments to develop the technology and functionalities of social robots. Researchers concentrate on enhancing natural language processing, machine learning algorithms, computer vision, and context awareness to improve robots’ comprehension of and responses to human interactions. The goal of R&D is to provide these robots with a higher level of emotional intelligence, social abilities, and adaptability. Key players also frequently collaborate and partner with businesses in the technology, research, and end-user industries.

Competitive Landscape

The competitive arena for interactive robots encompasses a diverse array of businesses, ranging from well-established robotics firms to innovative startups. The interactive robot market is a competitive one for these businesses in a variety of industries and applications. Modern robotic technologies are developed in universities and other research facilities. Commercial applications benefit from the practical implementation of some research findings.

  • In September 2021, Keenon Robotics, a top artificial intelligence company that specializes in indoor intelligent service robots, and SoftBank Robotics Group Corp., a world leader in robotics solutions, announced their partnership to expand the use of robotics systems in the service sector, which will boost productivity and efficiency. Due to the increased operational efficiency brought about by service robots, businesses are expected to be able to devote more time and resources to service teams so that they may refocus on customer service with the help of this partnership.