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.
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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.
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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.
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:
Global Social Robots Market, by Component
Based on component, the global social robots market can be divided into:
- Support & Maintenance
Global Social Robots Market, by Industry
Based on industry, the global social robots market can be divided into:
- Media & Entertainment
- Public Utility
Regional Analysis of the Global Social Robots Market:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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
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
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.