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Service Robotics Market 2024: Key Players are 3D Robotics, AeroVironment., Aethon., Bluefin Robotics, BAE Systems, Delaval International AB, DJI, ECA Group, Ecovacs Robotics, Geckosystems

03-30-2020 08:56 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Research

Service Robotics Market

Service Robotics Market

The personal sector has turned to be another prominent application vertical for service robotics market, especially with the increasing deployment of household and entertainment robots. Rising penetration of vacuum cleaners, lawn cutters, and other similar robots for carrying out the tasks that are often routine for humans, has been identified as a turning factor uplifting household service robotics application. In fact, as per estimates, personal applications accounted for 36% of the overall service robotics market size in 2016. With advanced technologies like speech, emotion, and facial recognition features coming onboard, this particular business vertical is likely to tread along a lucrative growth path over the ensuing years.

Owing to the significant proliferation of cloud, IoT, machine learning, and artificial intelligence, service robotics market has been treading along a lucrative growth path in the recent years. Apparently, it has to be noted that robots have been around since the 1960's. However, the definition of the 'standard' robot has evolved immensely and the technology has now emerged as one of the most transformative fields of innovation. Service robots have increasingly acquired a momentous position as a vital interface between service and industry sector. Moreover, service robotics industry has been garnering overwhelming business opportunities from a plethora of business verticals including logistics, defense, household, entertainment, and healthcare.

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Elaborating on the technological intervention in service robotics industry, the healthcare applications of this business space have been gaining vigorous momentum in the past few years. For instance, one of the most acclaimed service robotics market player Intuitive Surgical has recently announced to have received Food and Drug Administration's clearance for its da Vinci X Surgical System. Apparently, the latest system provides surgeons with access to one of the most enhanced robot-assisted surgery technology at the lowest cost. Moreover, the system enables optimized focused-quadrant surgical procedures such as benign hysterectomy, prostatectomy, sacrocolpopexy, and partial nephrectomy.

The presence of a robust and advanced research infrastructure coupled with the rising demand for automation across a range of business verticals has fostered the United States service robotics market expansion in the recent times. Moreover, numerous government agencies in the nation have been investing massively in the latest robotics technology in order to ensure security and safety of its citizens.

Speaking of the competitive landscape, service robotics industry is highly fragmented in nature with the participation of leading players like Parrot SA, 3D Robotics, Softbank Robotics, AeroVironment, Inc., DJI, Intuitive Surgical, Inc., Bluefin Robotics, and Samsung Electronics. Quite conspicuous from the aforesaid trends, these industry participants are increasingly focusing on developing technologically advanced products with enhanced functionalities in tandem with the tried-and-tested growth strategies such as R&D, collaborations, M&As, and product expansion.

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