Social Robot Market Trends

Growth Drivers

• Development of Synergetic Interaction Methods - The Development of synergetic interaction methods for communicating with the robotss, such as one-to-one conversation and eye gaze, is estimated to boost the demand for social robotss.  In addition, state-of-the-art voice recognition technology has promise for numerous advantages and also aids in the introduction of "hearing" and the use of speech as a natural language processing (NLP) interface for human-robots interaction.
• Growing Elderly Population- Social robotss support psychosocial needs, assist manage chronic illnesses, encourage good habits, build connections, give access to helpful information, and are seen as a possible technological option to help alleviate some of the problems brought on by growing aging populations. According to estimates, the percentage of people over 60 in the world is predicted to increase from 12 to over 20% between 2015 and 2050.
• Surging Prevalence of Anxiety and Depression- Social robots solutions are being used to lessen loneliness and depression, and are intended to engage people and give them a secure, accepting environment in which to communicate their symptoms of stress, anxiety, and sadness.
• Increasing Demand for Personalized Services- Artificially intelligent social robotss offer a range of personalized services as they can carry out tailored learning tasks and seamlessly incorporate them into educational activities in a fun and engaging way.
• Social Robotss in Workspaces- The goal of social robotss is to work alongside people in collaborative workspaces to improve the convenience and comfort of human lives, carry out simple duties like handing a worker a tool, and remind workers of their prolonged sitting period.

Challenges

• Security and Privacy Concerns - Social robotss utilize a variety of private and sensitive user data, which presents security and privacy risks including forging login passwords, obtaining information from robotss, and hacking the gadgets. A serious risk to user privacy exists since some of the most widely used consumer robotss are frighteningly simple to hack and might be used as bugging devices.
• High Initial Investment Owing to Complex Design, and Extensive Research and Development
• Lack of Technical Temperament in Low-Income Economies