Humanoid Robot Market worth $13.25 billion by 2029 growing at a CAGR of 45.5%

(I-SoftwareNews.Com, October 22, 2024 ) According to MarketsandMarkets, humanoid robot market to grow from USD 2.03 billion in 2024 and is expected to reach USD 13.25 billion by 2029, growing at a CAGR of 45.5% from 2024 to 2029. The growth is driven by the Surging demand for humanoid robots in retail industry for personal assistance. The retail industry already uses robots in different ways across stores and warehouses, as the major applications of robots in retail are in warehouses and logistics. Humanoid robots are also highly deployed in the retail industry for serving primary robotic applications, such as in-store customer service and bringing the store to customers.

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Based on Type, the humanoid robot market is into two segments: biped, and wheel drive. During the forecast period, wheel drive segment is expected to account for a second larger share of the market. A wheel-drive humanoid robot is a combination of the humanoid structure and the wheeled inverted pendulum (WIP) base. This type of robot can move swiftly on level surfaces and maintain its balance on slopes. The wheel drive segment in humanoid robots is growing due to its cost-effectiveness, energy efficiency, and suitability for stable, high-speed tasks in structured environments.

Based on Offering, the humanoid robot market has been segmented hardware, software, and services. The software segment is projected to register a highest CAGR during the forecast period. As technological advancements are expected to increase the complexity of robots in terms of features such as AI and autonomous operations, the demand for software that assist complex functionalities of robots in processing efficiently and accurately is likely to grow rapidly.

Based on Application, the humanoid robot market has been segmented into education & entertainment, research & space exploration, personal assistance & caregiving, search & rescue, public relations, manufacturing, and other applications (cleaning, and surveillance). Education & entertainment application segment to witness highest growth during forecast period. The use of computers and e-learning platforms in the education sector has increased the accessibility to education worldwide. Humanoid robots play a key role in this field as they can analyze situations logically to support human learning. Humanoid robots in the education sector act as a platform for experimenting with robotics technology without requiring professional expertise.

Key Market Players

SoftBank Robotics (Japan), ROBOTIS (South Korea), Agility Robotics (US), UBTECH Robotics (China), and Pal Robotics (Spain) are among the key players operating in the humanoid robot market. Reliable distribution facilities and strong services across key regions, such as North America, Europe, and Asia Pacific has led to their strong presence in the humanoid robot market. Their broad product portfolio, strong business strategies enhances their market presence.

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Humanoid Robot Market worth $13.25 billion by 2029 growing at a CAGR of 45.5%