Service Robotics Market Analysis 2018 to 2024 Key Players: Bluefin Robotics, BAE Systems, AeroVironment, OMRON Adept Technologies, 3D Robotics, iRobot Corporation, Medtronic, Delaval International AB, ECA Group, Geckosystems Intl. Corp., and Intuitive Sur

Market Overview: -

Service Robotics Market size is projected to reach a revenue of over USD 20 billion in 2024. These systems are anticipated to witness a high growth during the forecast time span owing to their high convenience, reliability, and the efficiency as compared to the conventional labor solutions. The rising proliferation of IoT and the integration of AI are aiding in the transformation of the service robotics market.

These systems reduce the number of faults and errors and provide accurate and high-quality services. The cost of labor is increasing at a very drastic rate. For instance, hourly labor costs in the Euro area (EU28) witnessed a 2.2% yearly growth until 2016. The increase in labor costs is increasing the overall costs of the goods and services that are produced. Additionally, these can reduce an organization’s profits and cause them to incur higher financial costs such as payroll taxes, increments, and hiring subsidies.

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Top Key Players: -

The service robotics market players comprise Bluefin Robotics, BAE Systems, AeroVironment, Inc., OMRON Adept Technologies, Inc., 3D Robotics, iRobot Corporation, Medtronic, Delaval International AB, ECA Group, Geckosystems Intl. Corp., and Intuitive Surgical, Inc

Regional Segmentations: -

The increase in manufacturing and industrial activities, primarily in the South-East Asian and Latin American regions, contributes to the strong growth of the service robotics market. For instance, warehousing robots are deployed in factory spaces to reduce monotonous activities such as shelving and packing and increasing the output as compared to the manual labor.

Additionally, the Asia Pacific region is also incorporating these systems as a part of its education and teaching sector. Pre-schools in Singapore, for instance, have implemented humanoid robots on a testing basis to deliver high-quality education to students.

Partial Chapter of the Table of Content

Chapter 1. Methodology & Scope

1.1. Methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Scope, definition and research parameters
1.2. Data Sources
1.2.1. Primary
1.2.2. Secondary

Chapter 2. Executive Summary

2.1. Service robotics industry 360º synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Regional trends
2.1.3. Product trends
2.1.4. Application trends

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The professional application segment of the service robotics market is anticipated to witness a high growth owing to the increasing adoption of these systems for carrying out mundane and monotonous tasks such as milking, packing, and other activities. Medical robot systems are finding increasing applications in providing assistance during surgeries, therapy, and patient caring, contributing to the heavy growth of the service robotics market.

For instance, Robot Aps has developed and launched a rehabilitation robot to assist health professionals with patients, who are bed-ridden, reducing the dependence on nurses for actions such as heavy lifting.

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