The humanoid robot market was valued at USD 1.5 billion in 2022 and is estimated to reach USD 17.3 billion by 2027, registering a CAGR of 63.5% between 2022 and 2027.

The growth of the market is attributed to the growing development of humanoid robots with advanced features, increasing use of humanoids as educational robots, surging demand for humanoid robots from retail industry for personal assistance, and rising demand for humanoid robot from medical sector. However, the high initial costs and research and development expenses required for developing advanced robotics is restraining the market growth. On the flip side, the rapidly growing geriatric population in most developed countries, rising demand for humanoid robots from logistics sector, and increasing demand for robots in different fields of rescue operations are expected to create huge opportunities for the adoption of humanoid robot in the coming years. Moreover, lack of high-level interfacing resulting in unpredictable performance of robots in untested environment acts as a challenge for the humanoid robot market.

The humanoid robot market based on component has been segmented into hardware and software. The market for the hardware segment held the largest share in 2021 and is estimated to remain the same during the forecast period. The hardware components add major value to the humanoid robots, making them look like humans. The control system is the major sub-component of a humanoid as it processes the data received by the sensor system and sends commands to the actuators to act accordingly based on the output of the decision process.

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Based on application, the market for personal assistance and caregiving application is dominant in 2021. Humanoid robots are highly adopted for personal assistance and caregiving to provide patients with personal care at hospitals and homes. Hospitals across the globe are highly implementing biped humanoid robots in COVID-19 wards, which is fueling the growth of this market. In hospitals and homes, humanoids take care of patients and older people and assist them in their daily routine, e.g., providing them medicines on time. They are programmed to handle the routine tasks that caregivers are usually responsible for, such as checking vital signs, administering medication, assisting with feedings, and alerting healthcare professionals in case of an emergency.

The humanoid robot market based on region has been segmented into North America, Europe, APAC, and Rest of the World (RoW). North America accounted for the largest share of the global humanoid robot market in 2021. 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 from this region. Besides, verticals such as retail, healthcare, and education and entertainment have witnessed exponential growth in the last few years in the Europen region. They are the major contributors to the increasing humanoid robotics sale in Europe.

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