Increasing Reliance of Elderly Population on Interactive Robots for Various Healthcare Services
Rockville, Oct. 17, 2023 (GLOBE NEWSWIRE) — 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.
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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.
| Report Attribute | Details |
| Value Projection (2033) | US$ 38 Billion |
| Growth Rate (2023-2033) | 24% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 25 Tables |
| No. of Figures | 132 Figures |
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.
Key Companies Profiled in This Report
- Blue Frog Robotics
- Pal Robotics
- Savioke
- Vstone
- Softbank Robotics
- Bossa Nova Robotics, Inc.
- ECOVACS Robotics, Inc.
- Fellow Robots
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.
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Explore More Related Studies Published by Fact.MR Research:
Robot Arms Market: The global robot arms market is set to surpass a valuation of US$ 26.2 billion in 2023 and further expand at a CAGR of 11.4% to reach US$ 77.2 billion by the end of 2033.
Robot Control System Market: The robot control system market is estimated to reach valuation of US$ 6.8 Billion in 2023 and will top US$ 19.9 Billion by 2033, growing with a CAGR of around 11.2% from 2023-2033.
Robot Software Market: The global robot software market stands at a value of US$ 9.3 billion in 2023 and is projected to reach US$ 70 billion by 2033-end.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global interactive robot market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on product type (mobile robots, stationary robots) and application (education & research, companion & humanoid, guidance & marketing, hotel assistance), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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