According to the recent research report titled ‘Global Social Robots Market Size study, by End User Vertical (Healthcare, Education, Entertainment, Retail) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global social robots market was worth USD 1.98 billion in 2020 and is expected to a expand with a CAGR of 34.34% over 2021-2027, subsequently amassing USD 15.64 billion by end of the forecast period.
 

Global social robots market growth is primarily driven by increasing technological advancements, rising concern towards supporting the geriatric population, and surging demand for labor.
 

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Credible sources cited that the Japanese government anticipates a shortage of 380,000 expert professionals by 2025, thus it is working on the development of assisted living robots. Furthermore, the World Bank predicts that by 2025, 22% of the global population will be over 60 years old. This implies that the demand for social robots will increase considerably in the forthcoming years.
 

Social robots are mostly employed in the field of education, healthcare, entertainment, and retail. Escalating demand from these sectors and increasing investments in robotics are expected to significantly add to industry development.
 

On the contrary, algorithmic bias-related complexity, long-term engagement, and unexpected consequences associated with robots are likely to hinder the overall social robots industry expansion over the forecast period of 2021-2027.
 

Coming to geographical ambit, North America (U.S., Canada), Europe (U.K., Germany, Spain, France, Italy), Asia Pacific (India, China, Australia, Japan, South Korea), and Latin America (Brazil, Mexico) are the key areas highlighted in the research literature.
 

Among these, North America currently holds considerable market share owing to accelerated digitization in the region. On the other hand, Europe industry is slated to grow substantially over the analysis period, attributable to increasing technological advancements.
 

Elaborating on competitive landscape, Camanio AB, Motorika USA Inc., Bionik Laboratories Corporation, Furhat Robotics AB, AlterG Inc., Matia Robotics (US) Inc., Blue Ocean Robotics ApS, Inrobics Social Robotics S.L.L., Kinova Inc., and Intuition Robotics Ltd. are the leading organizations impacting worldwide social robots market trends.