Service Robotics Market Opportunities, Demand and Revenue Forecast to 2026

The global service robotics market is set to reach USD 46.13 billion by 2026, exhibiting a CAGR of 19.4% during the forecast period. The increasing rate of sophistication in robotic technology is foreseen to be one of the main factors driving the growth of this market. This information is shared by Fortune Business Insights through its report, titled "Service Robotics Market Size, Share & Industry Analysis, By Type (Personal Robots and Professional Robots), By Application (Domestic and Industrial/ Commercial) and Regional Forecast, 2019-2026".

The report provides a 360-degree overview of the market, listing various factors restricting, propelling, and obstructing the market in the forecast duration. The report also provides additional information such as interesting insights, key industry developments, detailed segmentation of the market, list of prominent players operating in the market, and other service robotics market trends. The report is available for sale on the company website.

For More Information and Detailed Scope of this Report, Visit - https://www.fortunebusinessinsights.com/industry-reports/service-robotics-market-101805

Regional Analysis for Service Robotics Market:

North America (the USA and Canada)
Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
Latin America (Brazil, Mexico and Rest of Latin America)
Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)

A service robot is essentially a machine that is partially or fully automated to perform daily tasks usually performed by humans. These robots have revolutionized manufacturing and production processes, making them more cost-effective, and at the same time, they have raised human and equipment productivity. As a result, the uptake of these machines is on the rise. The International Federation of Robotics estimates that since 2000, the number of robots has grown three times from previous levels. Moreover, this uptake is fueled by the advent of even more advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML). These advancements will play a central role in boosting the Service Robotics Market demand in the forecast period.

Prominent Players:

Kongsberg Maritime AS
DJI
Northrop Grumman Corporation
Lely International
KUKA AG
Parrot SA
Honda Motor Co. Ltd.
Intuitive Surgical, Inc.
Aethon Inc.

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The report contains thorough research into the overall industry outlook and provides a microscopic analysis of the various factors, trends, prospects, and other dynamics that are likely to influence the share, size, and growth of the market during the forecast period. This information will enable businesses to take important strategic decisions in a holistic manner and mark their place in this market.

"Rising Preference for Service Robots over Industrial Robots to Propel the Market"

One of the main Service Robotics Market trends is the growing inclination to adopt service robots instead of industrial robots. This is a result of the limitations posed by industrial robotics. For instance, they are unable to perform autonomous functions such as controlling and sensing in unstructured workplace settings. This makes them unreliable and unsuitable for decision-making tasks and thus, their employment in such settings will be counterproductive. As a result, the preference for service robotics has risen as they are seen as the solution to the problems faced by their industrial counterparts. Close collaborations between governments, companies, and academic institutions are infusing new energy into the market, helping it fire on all cylinders.

Major Table of Contents for Service Robotics Market:

Introduction
Executive Summary
Market Dynamics
Key Service Robotics Market Insights
Global Market Analysis, Insights and Forecast, 2015-2026
North America Market Analysis, Insights and Forecast, 2015-2026
Europe Market Analysis, Insights and Forecast, 2015-2026
Asia Pacific Market Analysis, Insights and Forecast, 2015-2026
The Middle East and Africa Market Analysis, Insights and Forecast, 2015-2026
Latin America Market Analysis, Insights and Forecast, 2015-2026
Competitive Landscape
Global Service Robotics Market Revenue Share Analysis, By Key Players, 2020
Company Profiles
Conclusion

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