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Social Robots Market size is set to grow by USD 14.23 billion from 2024-2028, Rise in adoption of social robots for elder population to boost the market growth, Technavio

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NEW YORK, July 19, 2024 /PRNewswire/ — The global social robots market size is estimated to grow by USD 14.23 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 41.29% during the forecast period. Rise in adoption of social robots for elder population is driving market growth, with a trend towards increasing focus on enhancing battery life. However, high cost of owning social robots poses a challenge. Key market players include Alphabet Inc., BLUE FROG ROBOTICS SAS, Diligent Robotics Inc., Engineered Arts Ltd., Furhat Robotics AB, Haapie SAS, Hitachi Ltd., Hyundai Motor Co., Intuition Robotics Ltd., Knightscope Inc., Kompai Robotics, Navel robotics GmbH, Nippon Telegraph and Telephone Corp., PAL Robotics, Relay Robotics Inc., SoftBank Group Corp., Sony Group Corp., Toyota Motor Corp., UBTECH Robotics Inc., and Yukai Engineering Inc..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Component (Hardware, Software, and Services), End-user (Healthcare, Media and entertainment, Education, Retail, and Others), and Geography (APAC, North America, Europe, Middle East and Africa, and South America)

Region Covered

APAC, North America, Europe, Middle East and Africa, and South America

Key companies profiled

Alphabet Inc., BLUE FROG ROBOTICS SAS, Diligent Robotics Inc., Engineered Arts Ltd., Furhat Robotics AB, Haapie SAS, Hitachi Ltd., Hyundai Motor Co., Intuition Robotics Ltd., Knightscope Inc., Kompai Robotics, Navel robotics GmbH, Nippon Telegraph and Telephone Corp., PAL Robotics, Relay Robotics Inc., SoftBank Group Corp., Sony Group Corp., Toyota Motor Corp., UBTECH Robotics Inc., and Yukai Engineering Inc.

Key Market Trends Fueling Growth

The battery life of social robots is a significant challenge for manufacturers, as continuous use necessitates frequent charging. Research and development teams are addressing this issue by creating longer-lasting batteries. However, battery size also restricts robot design, occupying approximately one-fifth of the available space. University of Michigan researchers are developing biomorphic batteries, providing up to 72 times more energy for robots. Meanwhile, Bristol Robotics Laboratory’s self-powering robot, EcoBot-II, converts insect biomass into energy using onboard microbial fuel cells. These advancements in battery technology are expected to boost R&D in robotic batteries, contributing to the growth of the social robots market during the forecast period.

The Social Robots Market is experiencing significant growth as businesses seek to enhance teaching, learning processes, and customer experience through advanced technologies. Peer learners and cognitive outcomes are key trends, with robots used for personalized tutoring and therapy sessions. Interactive panels, tablets, projectors, video conferencing, and automation are essential hardware components. AI technologies, including machine learning, facial recognition, and gesture detection, are driving cognitive and affective outcomes. Robots offer empathy and emotional support, making them ideal for elderly care and therapy. In hospitality, banking, and customer service, they provide personalized services, improving user experience. Labor shortages in various industries are driving efficiency and support through automation. Smart home technology, including smart thermostats, lighting systems, and security cameras, is integrating robots for enhanced functionality. Technical support is available for hardware and software issues. Customization and customized services are essential for business success in this market.

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Market Challenges

The global social robots market faces a significant challenge due to the high cost of manufacturing these advanced devices. The integration of advanced software and sensors for image processing and independent decision-making increases production expenses. This high cost is a barrier for consumers in emerging economies, such as India, to purchase social robots. Vendors continue to invest in research and development, introducing new and advanced models with advanced technologies. While these innovations enhance the functionality of social robots, they also contribute to the rising costs. This price point may hinder the adoption of social robots among middle-class consumers in developing countries, potentially hindering market growth during the forecast period.The Social Robots Market is experiencing significant growth due to the integration of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML) in rehabilitation robots, robot toys, and social robots. Designers and neuroscientists use psychological insights and algorithms to create robots with faces, emotions, voices, and behavior that mimic humans. These robots use sensors and cameras for navigation and human observations, providing personalized customer experiences. Budgetary allocations for technology development in healthcare and educational organizations, research funding programs, and start-ups are driving the market forward. Robotics, IoT, Big Data, and 5G technology are also playing crucial roles. Challenges include ensuring fair behavior, mobility assistive devices for disabilities, and demonstration of behavior in various environments, including industrial, commercial, and residential spaces. Path planning systems and human-robot interaction are essential for successful implementation.

For more insights on driver and challenges – Download a Sample Report

Segment Overview

This social robots market report extensively covers market segmentation by

Component1.1 Hardware1.2 Software1.3 ServicesEnd-user2.1 Healthcare2.2 Media and entertainment2.3 Education2.4 Retail2.5 OthersGeography3.1 APAC3.2 North America3.3 Europe3.4 Middle East and Africa3.5 South America

1.1 Hardware- The social robots market encompasses the hardware segment, which involves components like processors, actuators, sensors, cameras, robotic arms, controllers, and power systems. The miniaturization of electronic components, such as sensors and actuators, along with advancements in batteries and control systems, fuel the demand for sophisticated social robots. Advanced cameras, such as LIDAR technology-integrated systems, are essential for social robots’ vision systems, enabling functions like object detection and facial recognition. Vendors prioritize investing in advanced technologies, including microprocessors, to boost social robots’ cognitive abilities. Qualcomm Inc.’s Robotics RB3 platform, featuring AI engines and heterogeneous computing, is an example of such advancements. As social robots’ functionalities evolve, their adoption in various applications increases, driving the demand for the hardware segment in the global social robots market.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022) – Download a Sample Report

Learn and explore more about Technavio’s in-depth research reports

The global market for humanoid robots, logistics robots, and autonomous mobile robots is experiencing rapid growth driven by advancements in AI and automation technologies. Humanoid robots are revolutionizing industries with their human-like capabilities, while logistics robots streamline warehouse operations, enhancing efficiency. Autonomous mobile robots are transforming logistics with their ability to navigate complex environments independently. These markets are poised for expansion as businesses seek innovative solutions to optimize operations and meet rising consumer demands for faster and more efficient services.

Research Analysis

Social robots are advanced technologies revolutionizing various industries, including robotics and automation, medical industries, autism therapy, workforces, and labor. These robots are designed to navigate social environments, utilizing sensors and cameras for perception and a path-planning system for mobility. The integration of AI technologies, such as natural language processing, facial recognition, and gesture detection, enhances their ability to interact with users. In the medical field, social robots offer companionship and emotional support for the elderly, while in education, they facilitate classroom interaction for students with disabilities. Neuroscientific and psychological insights inform the design of social robots, ensuring user experience is optimized. With the ongoing digitization, social robots are set to become an integral part of our lives, providing personalized services and enhancing human capabilities.

Market Research Overview

The Social Robots Market is experiencing significant growth as robotics and automation continue to revolutionize various industries. In the medical field, social robots are being used for autism therapy, rehabilitation, and elder care. These robots are designed with advanced technologies such as artificial intelligence (AI), sensors, and cameras to navigate social environments, understand people’s needs, and demonstrate fair behavior. In the education sector, social robots are being used to enhance classroom interaction for students with disabilities, improve cognitive and affective outcomes, and provide personalized tutoring. The use of facial expressions, gestures, and empathy in social robots is making therapy sessions more effective and engaging. The market is also being driven by budgetary allocations, technology development, and research funding programs in healthcare and educational organizations. Start-ups and AI technologies such as machine learning, IoT, big data, and 5G technology are also contributing to the growth of the social robots market in industrial, commercial, and residential spaces. The market is expected to continue growing as social robots become more integrated into our daily lives, providing personalized customer experiences, automating customer service, and improving the quality of life for individuals with disabilities and the aging population.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ComponentHardwareSoftwareServicesEnd-userHealthcareMedia And EntertainmentEducationRetailOthersGeographyAPACNorth AmericaEuropeMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Technology

Dr. Gerard van Belle Appointed Director of Science at Lowell Observatory, Charting a Bold Future for Research

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17 minutes ago

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January 11, 2025

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Dr. van Belle to guide scientific exploration and foster innovation in the next era of astronomical research

FLAGSTAFF, Ariz., Jan. 10, 2025 /PRNewswire/ — Lowell Observatory is pleased to announce the appointment of Dr. Gerard van Belle as the new Director of Science. Van Belle, who has been an astronomer at the observatory since 2011, has been serving as the interim Director of Science.

In his new role, van Belle will lead a diverse team of astronomers and planetary scientists. He will spearhead the observatory’s new Science Vision, which focuses on advancing research capabilities and implementing cutting-edge technological improvements supporting Lowell’s leadership in astronomical research.

Under his leadership, the science department will continue to advance Lowell Observatory’s mission to pursue the study of astronomy, including the study of our solar system and its evolution, and to conduct pure research in astrophysical phenomena.

Van Belle’s own research focuses on fundamental stellar parameters, including the sizes, shapes, masses, distances, and temperatures of various types of stars. He is also renowned for his expertise in optical and near-infrared astronomical interferometry.

He earned his bachelor’s degree in physics from Whitman College in 1990, followed by a master’s degree from The Johns Hopkins University in 1993, and a Ph.D. in physics from the University of Wyoming in 1996.

Throughout his career, van Belle has been instrumental in the development and commissioning of major optical interferometers worldwide, including the Palomar Testbed Interferometer, the Keck Interferometer, and the Very Large Telescope Interferometer. His pioneering work in stellar surface imaging earned him the inaugural Edward Stone Award for Outstanding Research Publication at NASA’s Jet Propulsion Laboratory in 2002.

In 2011, van Belle joined Lowell Observatory’s science staff, where he applied high-resolution astronomical techniques to detect nearby exoplanets and map stellar surfaces. He served as the Director of the Navy Precision Optical Interferometer (NPOI) in Flagstaff, Arizona, from 2017 to 2018, and subsequently as its Chief Scientist until 2022.

Notably, van Belle was among the astronomers who voted against the definition of ‘planet’ advanced during the 2006 International Astronomical Union (IAU) conference in Prague, which relegated Pluto to being a ‘dwarf planet’ (which according to the IAU resolution is not a planet).

His extensive experience and dedication to advancing astronomical research make him a valuable leader for Lowell Observatory’s scientific endeavors.

“I am honored to take on this role at such a pivotal time for Lowell Observatory,” said van Belle. “Our Science Vision will guide us in exploring new frontiers in astronomy while strengthening our commitment to public engagement and education.”

Executive Director Dr. Amanda Bosh expressed her confidence in van Belle’s leadership: “Gerard’s extensive experience and dedication to our mission make him the ideal person to lead our scientific endeavors. I look forward to working closely with him as we embark on this exciting new chapter for Lowell Observatory.”

For more information about Lowell Observatory’s research and public programs, visit lowell.edu.

About Lowell Observatory
Founded in 1894, Lowell Observatory in Flagstaff, Arizona, is a renowned nonprofit research institution. It is the site of historic and groundbreaking discoveries, including the first evidence of the expanding universe and the discovery of Pluto. Today, Lowell’s astronomers utilize global ground-based and space telescopes, along with NASA spacecraft, for diverse astronomical and planetary science research. The observatory hosts more than 100,000 visitors annually for educational tours, presentations, and telescope viewing through a suite of world-class public telescopes.

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SOURCE Lowell Observatory

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ALTICE USA IS ABANDONING LOCAL SPORTS FANS AND IS KEEPING MSG NETWORKS AND ITS KNICKS, RANGERS, ISLANDERS AND DEVILS COVERAGE OFF THE AIR

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1 hour ago

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January 10, 2025

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NEW YORK, Jan. 10, 2025 /PRNewswire/ — MSG Networks released the following statement about their dispute with Altice USA:

“Altice USA has pulled their last proposal and walked away from negotiations to bring MSG Networks back to its Optimum subscribers. They also just dropped WPIX Channel 11 in New York and other local stations around the country. If you have been waiting, like we have, for them to do right by their customers – don’t wait any longer. Now is the time to switch to Verizon Fios who has a special offer for Optimum subscribers. Meanwhile, Optimum has been charging their over 1 million customers for local sports programming they have not been receiving and EVERY subscriber should be credited at least $10 a month.

Verizon Fios is ready to take your business. If you are not in Verizon Fios area, you can get games through these other providers DirecTV, DirecTV Stream, Fubo and The Gotham Sports App. For more options on how to switch providers, visit www.keepMSG.com.”

About MSG Networks

MSG Networks, a pioneer in sports media, owns and operates two award-winning regional sports and entertainment networks (MSG and MSG Sportsnet) and MSG+, a direct-to-consumer and authenticated streaming offering (included in the Gotham Sports App), that serve the nation’s number one media market, the New York DMA, as well as other portions of New York, New Jersey, Connecticut and Pennsylvania. The networks feature a wide range of compelling sports content, including exclusive live local games and other programming of the New York Knicks, New York Rangers, New York Islanders, New Jersey Devils and Buffalo Sabres, as well as significant coverage of the New York Giants and Buffalo Bills. This content, in addition to a diverse array of other sporting events and critically acclaimed original programming, has established MSG Networks as the gold standard in regional sports. MSG Networks is part of the Sphere Entertainment Co. (NYSE: SPHR).

Contact:

Dan Schoenberg (dan.schoenberg@msg.com)

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SOURCE Sphere Entertainment Co.

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Infor Nexus Unveils NexTrace, its End-to-End Traceability Solution at NRF 2025

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1 hour ago

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January 10, 2025

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Leveraging AI technology and a supplier-centric philosophy, the solution simplifies the data collection process, helping to promote accuracy and compliance

NEW YORK, Jan. 10, 2025 /PRNewswire/ — Infor Nexus™ , the single-instance supply chain network platform providing unparalleled visibility and collaboration, today announced NexTrace. This innovative solution is designed to improve customer transparency and provide a competitive advantage. With the EU Digital Product Passport (DPP) set to take effect in 2027, companies need to start preparing now by implementing traceability solutions. NexTrace can give customers a head start to meet regulatory requirements like the EU DPP and the Corporate Sustainability Due Diligence Directive (CSDDD). 

NexTrace provides end-to-end transparency by seamlessly tracking raw material through to finished products and beyond, ensuring full traceability throughout the entire supply chain journey. It integrates supplier ESG data and certificates for a holistic view of sustainability and compliance information. Leveraging AI technology and a supplier-centric philosophy, NexTrace simplifies the data collection process, ensuring accuracy and compliance.

“Last June, we launched Map and Trace, which empowers our customers to map their supply chains and collect documentation from multiple supplier tiers. Map and Trace provides evidence of chain of custody compliance with regulations such as the US UFLPA and the French AGEC law. With NexTrace, we’re taking this to the next level by proactively gathering full-scale item-level traceability from each tier of the supply chain. This will help our customers to not only meet upcoming regulations like the EU Digital Product Passport but also gain a competitive edge by providing comprehensive data on their products’ journey, composition, and sustainability,” said Brian Carelli, Infor VP, Sustainability and Partnerships. 

Meeting regulatory and consumer demands for product traceability requires collaboration across supply chain tiers. By connecting to Infor Nexus, companies gain a head start, leveraging an established ecosystem of over 94,000 brands, retailers, and suppliers already on the platform. Managing traceability and chain-of-custody data alongside existing supply chain processes on a unified platform accelerates progress, boosts efficiency, and reduces reliance on multiple systems. 

NexTrace Capability Highlights: 

Enables seamless lot and item-level tracing by tracking the movement of raw material lots and batches through their conversion into finished products Leverages AI to collect data from the multiple tiers of suppliers, while automatically associating transactions from one tier to the next, helping to reduce the burden on suppliers and increase data accuracy and tracing efficiency Allows suppliers to upload data from existing reports in one easy step, rather than necessitating manual data entry RFID scanning of serialized barcodes at source automatically links the multi-tier chain of custody data Integrates supplier ESG data and certificates with traceability information, providing a comprehensive view of sustainability and compliance throughout the supply chain Creates a digital link and visualization to share traceability and product information with consumers, enhancing transparency and trust throughout the supply chain Tracing data automatically updates the network graph creating linkages between products and materials providing a higher fidelity map of your supply chain network 

“Vendors will be eager to tout their Digital Product Passport solutions at NRF, but their focus is often on flashy features, rather than the minutiae of how to feed such data-hungry systems. At NRF, we look forward to demonstrating how trace data is built and how to scale a system of this magnitude,” said Carelli. 

To learn more about building a more responsible supply chain, visit https://www.infor.com/solutions/scm/infor-nexus/sustainability

About Infor Nexus 

Infor Nexus™ is the leading global supply chain platform. Infor Nexus connects a network of over 94,000 brands, retailers, manufacturers, suppliers, logistics providers and banks on single-instance network platform to seamlessly orchestrate global supply chain processes from source through to delivery and payment. Companies streamline their operations to eliminate inefficiencies and waste while gaining data-driven insights and optimizing the flow of capital for improved agility, resilience, and sustainability. Visit www.infor.com/solutions/scm/infor-nexus. 

Media Contact: 
Alexandria Truby 
Senior Public Relations Specialist, Infor 
Alexandria.Truby@infor.com

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SOURCE Infor

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