Humanoid Robot Market Size 2022 - Industry Trends, Analysis, Market Size Forecast By 2024

Global humanoid robot market trends will be significantly driven with the growing deployment of the robots across the retail sector to offer support. Consistent rise in installation of the equipment can be witnessed as a result of ineffectiveness of outdated promotional or advertisement events that are handled by brick and mortar outlets.
Qihan Technology, Honda, Ubtech Robotics, Bluefrog Robotics, Kawada, Softbank Robotics, Engineered Arts, Hajime Research Institute, DST Robot, Toshiba, and Hanson Robotics, are some of the leading humanoid robots manufactures. As per estimates, humanoid robot market size across the world will reach an annual valuation of USD 5 billion in remuneration, with growth rate of over 40%, up to 2024.
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Integration with AI technology
Implementation of AI into humanoid robot systems enables the robots to recognize the customers and offer them recommendations based on their purchase history. Humanoid robot design combined with smart AI tools provide integrated and seamless customer experiences, apart from empowering the organizations to enhance their abilities from effectively selling the product or service to offering high-quality customer experience.
The deployment of wheel drive robots is projected to rise over the coming years. This can be owed to the potential of the robots to transform diverse business operations and customer engagement apart from acting as an evolutionary tool for human augmentation. The industrial growth can be further attributed to the incorporation of AI, facial recognition, and emotion recognition, among various other advanced technologies to augment results.
Potential in the healthcare sector
Education, security, retail, and healthcare are some of the distinguished humanoid robot applications likely to bring significant revenues through 2024. The machines are employed to offer interactive demonstration and animation for user entertainment besides guiding the services as well as product offerings across businesses.
Humanoid robots could witness an increased consumption across the healthcare sector to render care to the older population, gradually limiting the need for nursing care. Also, the currently ongoing COVID-19 pandemic is leading to an augmented use of the robots as the healthcare workers are easily prone to the novel virus. The devices are being used in examining the affected patients, in various diagnostic procedures and minimizing their exposure to the virus.
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Asia Pacific to remain a major market
Asia Pacific humanoid robot industry will record considerable momentum owing to the presence of a vast number of companies, contributing to massive R&D investments and technological advancements to sustain market competition. Robust adoption of humanoid robots to cater security and surveillance requirements across various checkpoints will stimulate the demand for the machines in the MEA region.
 
Higher costs associated with various types of humanoid robots along with increasing service charges are likely to hamper their production and mass adoption, albeit the availability and access to the right leasing and financing choices. The devices are expensive and specifically developed for individuals or organizations with high purchasing capabilities, owing to the nascent stage of the deployed technology along with high development prices and features.
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