Northbrook, IL 60062 -- (SBWIRE) -- 12/01/2023 -- The humanoid robot market size is projected to grow from USD 1.8 billion in 2023 to USD 13.8 billion by 2028, growing at a CAGR of 50.2% from 2023 to 2028. Rising demand for humanoid robots from the medical sector and Growing development of humanoid robots with advanced features drive market growth during the forecast period. Factors such as the rapidly growing baby boomers in developed countries provide market growth opportunities for the humanoid robot Industry .
The healthcare sector has witnessed an increasing demand for humanoid robots due to their ability to assist medical professionals and enhance patient care. These robots are widely deployed in hospitals and medical centers, performing various tasks and functions.
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Software segment to register higher CAGR in the humanoid robot market during the forecast period
The software used in a humanoid robot is a set of coded commands and a list of instructions that are proposed to program robots according to the task required to be performed by them. The robotic software offers operating system-like functionality, hardware abstraction, low-level device control, implementation of generally used functionality, message-passing between processes, and package management services.
North America by region to hold the larger share during the forecast period
North America accounted for the largest global humanoid robot market share in 2022. The region is the early adopter of humanoids for all the major applications, such as public relations, personal assistance and caregiving, and education and entertainment, resulting in the maximum demand for robots. A few of the humanoid robot manufacturers based in North America are Promobot Corp. (US), WowWee Group Limited (Canada), Kindred Inc. (US), Agility Robotics (US), and the National Aeronautics and Space Administration (NASA) (US).
Key Market Players
The humanoid robot companies is dominated by globally established players such as SoftBank Robotics (Japan), Honda Motor Co., Ltd. (Japan), Toyota Motor Corporation (Japan), ROBOTIS (South Korea), KAWADA ROBOTICS CORPORATION (Japan), UBTECH Robotics Corp. Ltd. (China), HANSON ROBOTICS LTD. (Hong Kong), PAL Robotics (Spain), HYULIM Robot Co., Ltd (South Korea), Hajime Research Institute, Ltd. (Japan), Engineered Arts Limited (UK), National Aeronautics and Space Administration (NASA) (US), ROBO GARAGE Co., Ltd. (Japan), Istituto Italiano di Tecnologia (IIT) (Italy).