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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.

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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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SOURCE Technavio

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AIRAmed and Memory Treatment Centers (Bonita Springs and Jacksonville, Florida) have launched a research partnership aimed at studying Alzheimer’s disease in cognitively impaired individuals undergoing anti-amyloid therapy

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September 27, 2024

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As the global Alzheimer’s community enters a new era of drug treatments, we at MTC are excited to announce our collaboration with AIRAmed. This partnership will provide enhanced tools for the diagnosis and treatment of Alzheimer’s patients. AIRAmed’s cutting-edge technology allows patients to monitor their brain health through serial MRIs, which are conducted regularly during anti-amyloid therapy.

BONITA SPRINGS, Fla., Sept. 27, 2024 /PRNewswire/ — AIRAmed, a software company dedicated to the earlier detection of neurodegenerative diseases, more precise diagnoses, personalized treatments, and improving the quality of life for affected patients, is pleased to announce a research collaboration with Memory Treatment Centers. In partnership with Dr. Donald McCarren (DO, FAAN, FAANEM), Dr. Samuel Giles (MD), Dr. Robert Mannel (MD) and Dr. Jamie Plante (MD), the study will focus on quantitative brain volume measurements in cognitively impaired individuals receiving anti-amyloid treatment.

AIRAmed and Memory Treatment Centers have launched a research partnership studying Alzheimer’s disease.

Dr Tobias Lindig, Managing Director, AIRAmed said, “AIRAmed’s vision and mission is to continuously improve patient care with cutting edge technology – especially in the field of neurodegenerative diseases. We dedicate ourselves to early detection of disease. We developed our FDA-cleared AI-software AIRAscore – allowing to track changes in regional brain volume not visible to the eye. We are convinced that the partnership with MTC in this new era of treatments for Alzheimer´s disease offers a game-changing quality-of-life change for patients undergoing these new therapies.”

Dr. Donald McCarren, Memory Treatment Centers, said, “we at MTC are eager to partner with AIRAmed and drive forward innovation in patient care. Through this collaboration, we will share HIPAA-compliant, real-world data with the global Neurologic community, helping to enhance our understanding of the disease, improve treatment strategies, and augment patient outcomes. AIRAmed will provide exact volumetric data – enabling us at MTC to get a better understanding for Alzheimer disease; exact quantification of MR imaging data at the same time will allow us to monitor disease under therapy with precision.”

About AIRAmed – Our mission at AIRAmed is to bring the latest findings and possibilities from clinical research to the patient as quickly as possible. In many years as doctors and researchers at the University Hospital of Tuebingen, we have often seen valuable research results disappear into a drawer. With AIRAmed’s innovative software solutions, we want to prevent exactly that, instead bringing innovation into medicine – pushing boundaries of modern radiology.     

For more information, visit https://www.airamed.de/en/home

 About Memory Treatment Centers – At Memory Treatment Centers, we are leaders in innovative treatments and advancing the level and effectiveness of memory diagnosing, treatment, and monitoring. Committed to providing hope and relief to individuals struggling with various forms of cognitive impairment, including Alzheimer’s Disease, our goal is to help patients achieve better health and a higher quality of life. We actively pursue new treatment opportunities and partnerships to enhance memory care and expand patient access to treatment. Additionally, we strive to help and educate individuals and caregivers, ensuring they have the support and knowledge needed on their journey to improved well-being.

For more information, visit https://memorytreatmentcenters.com/

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SOURCE Memory Treatment Centers

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Tencent Music Entertainment Group Releases Inaugural ESG Report

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5 mins ago

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September 27, 2024

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SHENZHEN, China, Sept. 27, 2024 /PRNewswire/ — Tencent Music Entertainment Group (“TME”, or the “Company”) (NYSE: TME and HKEX: 1698), the leading online music and audio entertainment platform in China, today released its inaugural Environmental, Social and Governance (“ESG”) report. This report highlights the Company’s commitment to sustainable practices and long-term value creation, and details the initiatives and performance in key areas such as responsible platform, employee care, and social responsibility. 

Mr. Cussion Pang, Executive Chairman of TME, commented, “Our inaugural ESG report showcases the steps we are taking to develop and implement a sustainability strategy. Building upon this foundation, we are committed to continuously shaping a sustainable future.”

To access the Company’s inaugural ESG Report, please visit: https://ir.tencentmusic.com/ESG-Reports.

About Tencent Music Entertainment

Tencent Music Entertainment Group (NYSE: TME and HKEX: 1698) is the leading online music and audio entertainment platform in China, operating the country’s highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. TME’s mission is to create endless possibilities with music and technology. TME’s platform comprises online music, online audio, online karaoke, music-centric live streaming and online concert services, enabling music fans to discover, listen, sing, watch, perform and socialize around music. For more information, please visit ir.tencentmusic.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Investor Relations Contact
Tencent Music Entertainment Group
ir@tencentmusic.com
+86 (755) 8601-3388 ext. 818415

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SOURCE Tencent Music Entertainment Group

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Vantage Foundation Connects V&A Solution with Metta Home for a Day of Fun and Learning

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September 27, 2024

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BANGKOK, Sept. 27, 2024 /PRNewswire/ — Following their recent partnership, the Vantage Foundation has connected V&A Solution AEC Co Ltd (or “V&A Solution”) with Metta Home to host an interactive, engaging, and educational event for the children.

A representative from V&A Solution began the day with a simple talk on how to manage money wisely, offering the children helpful advice on saving and spending responsibly. After the session, the children enjoyed a lunch from McDonald’s, which added to the lively and positive atmosphere of the day.

The event concluded with a range of fun-filled games, including Thai childhood favourites such as Captain’s Ball, a memory game, and a balancing water balloon race. The children enthusiastically participated, filling the afternoon with laughter, teamwork, and excitement. The games not only entertained the children but also encouraged cooperation and strengthened their bonds with each other.

Steven Xie, Executive Director of Vantage Foundation, said, “At Vantage Foundation, we focus on connecting local companies with local charities so they can give back directly to their communities. Facilitating partnerships like the one between V&A Solution and Metta Home allows us to bring positive, lasting experiences to these children and create deeper connections within the community.”

Pomme Natchaphan, Thailand Country Manager for V&A Solution said, “We were thrilled to spend the day with the children at Metta Home. Teaching them about good money habits was just one part of the day, but seeing their excitement during the games and lunch was truly the highlight. It was a pleasure to give back, and we are thankful to Vantage Foundation for connecting us with Metta Home.”

Pakorn Romruen, Head of Home for the Observed Juveniles, Metta Home said, “Today’s activities provided an important balance of education and recreation, contributing to the children’s overall development. Events like this not only help foster essential life skills such as teamwork and social interaction but also bring much-needed positivity to their daily lives. We are thankful to V&A Solution and Vantage Foundation for their support in creating a meaningful and enriching experience for the children in our care.”

By connecting local companies like V&A Solution with Metta Home, the Vantage Foundation continues its mission of raising awareness of invisible challenges, such as depression, anxiety, and loneliness, that often contribute to social immobility and struggle. Through partnerships and meaningful events, the Foundation aims to provide young people with the support and experiences they need to thrive.

For more information on how to support Metta Home, please visit the Department of Juvenile Observation and Protection’s official website.

About Vantage Foundation

Vantage Foundation is an independent charitable organisation launched at the McLaren Technology Centre in the UK in 2023. The foundation has worked with charity organisations around the world, including The iREDE Foundation in Nigeria, Teach For Malaysia in Malaysia, and Instituto Claret in Brazil.

For more information, please visit www.vantage.foundation

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