Interactive Robots Market Size, Share, Growth, And Industry Analysis, By Type (Mobile Robots, Stationary Robots), By Application (Education and Research, Guidance and Marketing, Assistance, Others), Regional Insights, and Forecast 2024 To 2032

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Interactive Robots Market Report Overview

The global interactive robots market size was valued at USD 0.93 billion in 2023 and is projected to grow from USD 1.18 billion in 2024 to USD 7.74 billion by 2032, exhibiting a CAGR of 26.5% during the forecast period. Asia-Pacific holds leading position in interactive robots market share in 2023.

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 as industry, healthcare, and education. Interactive robots have sensors that enable them to react to their surroundings on their own or may be programmed to carry out specific tasks.

The expanding use of multimedia, education, and research robots, as well as the rising need for hotel support robots, are all factors contributing to the growth of this industry. Robotics education is perfect for classroom engagement since it promotes social contact and teamwork among young children. Students with impairments can gain extra advantages from using robots for play and study. To enhance real-time communication and boost user friendliness between robots and human users, social robot behaviors are being created.

COVID-19 Impact: High Demand for Medical Robots Due to COVID-19 Pandemic

The COVID-19 pandemic has been unprecedented and staggering, with the Interactive Robots market experiencing higher/lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The COVID-19 epidemic has significantly reduced worldwide economic activity. Consequently, there is a decrease in the demand for household robots. Governments, mostly in affluent countries, are launching projects to use robots for hospital aid, building disinfection, and entertaining patients in isolation. The Shanghai-based Investment and Technology Promotion Office (ITPO) of UNIDO (United Nations Industrial Development Organisation) has partnered with China. Other regions of the world have also witnessed the deployment of robots. For instance, the TIAGo Base robot of PAL Robotics (Spain) is used in Barcelona, Spain, to distribute food and transport items like medication and samples around hospitals and other similar settings. Tommy, a robot nurse in Italy, assists corona virus patients in communicating with medical professionals and assists physicians and nurses in monitoring vital signs via gadgets in rooms at a hospital in Varese, Lombardia. Through the EU-funded project ENDORSE, Robotnik (Spain) is creating a mobile robot base in Valencia that may be used as a remote patient status interface. A lightweight KUKA (Germany) robot was connected with the ROBERT device, developed in Denmark by Life Science Robotics (LSR), to assist physiotherapists in moving patients during times of social withdrawal. The COVID-19 epidemic has a detrimental effect on the market for smart toys. Due to the pandemic's tight limitations, such as total or partial lockdown, manufacturers were obliged to limit production. Furthermore, the development of the smart toy industry has been impeded by interruptions in the supply chains of a number of non-essential goods.

Latest Trends

"Rising demand in Healthcare Sector Launch of Intuitive Technologies for Robotics to Speed up Market Growth"

Interactive robots help care facilities by easing loneliness, interacting with medical professionals, keeping an eye on activity, and assisting carers. Vic Foundation and Research Manitoba joined up in February 2021 to launch a new telepresence robot project with the goal of relieving the stress on these carers and assisting dementia patients. Technology is continuously increasing the capabilities of service robots, allowing them to complete more tasks faster. The workflow process has undergone a significant transformation as a result of the deployment of these robots across a wide range of industries, including healthcare, defence, logistics, agriculture, and others. For example, the use of service robots in the healthcare industry has made it possible for surgeons to do less invasive procedures. These robots are employed as instruments to carry out more exact cuts or actions that are challenging for human hands to do. For instance, Johnson & Johnson, a U.S.-based manufacturer of medical devices, will introduce a new robot-assisted surgical system in 2020 for both open and laparoscopic procedures.

Interactive Robots Market Segmentation

• By Type Analysis

According to type, the market can be segmented into mobile robots, stationary robots. Mobile robots are anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into education and research, guidance and marketing, assistance, others. Education and research will be the dominating segment.

Driving Factors

"Rising demand for toys with autonomous robots in the educational sector Driving Market Growth"

Along with changing student demands, the educational sector continues to expand quickly. In order to get the best outcomes, modern educational institutions must now include cutting-edge technology into their classrooms. As a result, toys with autonomous robots have gained attention. Leading businesses, who make up the majority of the industry, are constantly creating autonomous robot toys that enhance interactive and hands-on learning. To improve the use and effectiveness of these robotic toys, new technologies are being incorporated into them. Therefore, the market growth rate is anticipated to be driven by the growing demand for autonomous robot toys in the educational sector. Due to increased demand from a variety of end-use sectors, including healthcare, security & surveillance applications, among others, the human-sized humanoid robot segment is anticipated to experience considerable expansion over the course of the projected period. Future years are expected to see a rise in the need for highly qualified professionals as a result of quick technical breakthroughs and high product adoption, among other things.

"Affordable Service Robots are Available Driving Market Growth"

The cost of manufacturing robots has decreased dramatically as a result of the quick development of technology and the growth in robot production. Over the past 30 years, the average cost of a robot has reduced by half in real terms and by a substantial amount when compared to labour expenses. Additionally, it is projected that production of robots would relocate to low-cost locations, further lowering manufacturing prices, due to the increased demand for robots from emerging nations. Additionally, in key manufacturing economies, growing labour costs relative to the cost of robots also contribute to an increase in the attractiveness of price dynamics, which supports market expansion. The usage of service robots, which increased productivity and quality, together with improved robot capabilities as a consequence of technological improvement, supported market expansion.

Restraining Factors

"High cost and lack of awareness may hamper the market growth"

During the aforementioned forecasted period, high initial costs and high maintenance costs are anticipated to act as some of the major market growth restraints, whereas in the forecast period of 2023 to 2030, a lack of public awareness of the technology behind autonomous robot toys could pose a threat to market growth. The difficulty arises in the fact that these methods, which often try to imitate human behaviour, cannot ensure ethical behaviour. Due of this, social robots propagate and magnify societal injustices like prejudice and segregation by following a predetermined algorithm to mimic human behaviour that is seen by them in the area they operate in.

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Interactive Robots Market Regional Insights

"Asia-Pacific market is propelled the market growth during forecast period"

Due to the development of technology and increased degrees of automation in industrial manufacturing across all sectors in the area, Asia Pacific is predicted to see significant growth. The Asia-Pacific market is propelled by the powerful economies of China, South Korea, Japan, and India. In addition, encouraging government initiatives in the manufacturing sector and increasing attention to economic diversification in developing nations are the two key growth engines promoting industrial automation. As a result, there is now a higher need for service robots. The most encouraging driver of the market's significant expansion in the region over the projected period can be found to be the rising robot density across the regional market.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

LIST OF TOP INTERACTIVE ROBOTS COMPANIES

• Softbank Robotics (Japan)
• Blue Frog Robotics (France)
• Vstone (U.S.)
• Savioke (U.S.)
• Pal Robotics (Spain)
• Ecovacs Robotics (China)
• Future Robotics (India)
• ASUS (Taiwan)
• Fellow Robots (U.S.)
• AvatarMind (China)
• Robot Care System (Netherlands)
• Bossa Nova Robotics (U.S.)
• Honda (Japan)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.