Press release
Insights, Forecast, Growth, and Trends in the Professional Service Robots Market 2024-2033
Professional Service Robots Market
The professional service robots market size is expected to see exponential growth in the next few years. It will grow to $244.91 billion in 2028 at a compound annual growth rate (CAGR) of 39.7%. The growth in the forecast period can be attributed to ai advancements, healthcare innovation, logistics and warehousing, collaborative robots (cobots), autonomous vehicles. Major trends in the forecast period include customization and adaptability, regulatory adaptation, personal assistance robots, remote operations and monitoring, agricultural robotics.
Market Overview -
Professional service robots refer to a robot that is used in a professional setting outside of the usual manufacturing floor scenario. They are comparable to industrial robots that are typically used in hazardous, demanding, menial, or repetitive tasks where automation technology surpasses manual labour.
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The Surge In Automation Demand Boosts The Professional Service Robot Market
Increasing demand for automation across industries is expected to propel the growth of the professional service robot market going forward. Automation refers to technological applications in which human input is minimal. This encompasses information technology (IT), business process automation (BPA), automation, and personal applications such as home automation. Automation is becoming more common across various industries because it brings benefits such as enhanced production rates and productivity, more efficient use of materials, improved safety, shorter workweeks for labor, better product quality, and shorter manufacturing lead times. For instance, in June 2021, according to Bank of America analysis, a US-based investment bank and financial services holding company, domestic software firms that employ over 16 million are set to slash headcount by 3 million by 2022, which would help them save $100 billion. Roughly 0.7 million roles are likely to be replaced by Robotic Process Automation(RPA) alone, with the remainder attributable to other technical upgrades and upskilling by local IT players, while RPA will have the greatest impact in the US. Therefore, increasing demand for automation across industries drives the professional service robot market.
Competitive Landscape -
Major companies operating in the professional service robots market report are Northrop Grumman Corporation, Boston Dynamics Inc., Daifuku Co. Ltd., Aethon Inc., Electrolux AB, Kuka AG, iRobot Corporation, Robert Bosch GMBH, Elbit Systems Ltd., Gecko Systems International Corporation, Yujin Robot Co. Ltd., Cyberdyne Inc., Ontario Drive & Gear Ltd., Softbank Robotics Group, Ryonic Robotics, Brokk AB, Husqvarna Group, Beijing Borui Intelligent Control Technology, Honeybee Robotics LLC, Pure Technologies Ltd., Hanool Robotics Crop., Diakont, Conjet AB, TopTec Spezialmaschinen GmbH, ULC Robotics International Limited, Giant Hydraulic Tech Co. Ltd., Intuitive Surgical Inc., JD.com Inc., Samsung Electronics Co. Ltd., SZ DJI Technology Co. Ltd., Kongsberg Maritime AS, DeLaval International AB, Exyn Technologies, XAG Co Ltd., Diligent Corporation
Product Innovative Fuels Professional Service Robot Market
Major companies operating in the professional service robot market are developing innovative products such as state-of-the-art robots to meet larger customer bases, more sales, and increase revenue. A state-of-the-art robot refers to a highly advanced and technologically sophisticated robotic system that incorporates cutting-edge features, capabilities, and innovations, often representing the pinnacle of current technological advancements in robotics. For instance, in November 2022, Amazon, a US-based e-commerce company, launched Sparrow, an intelligent robotic system. The distinctive feature of Sparrow, Amazon's pioneering robotic system in warehouses, lies in its capability to autonomously identify, choose, and manage individual products within its inventory. Representing a significant leap in industrial robotics technology, Sparrow utilizes computer vision and artificial intelligence (AI) to recognize and handle an extensive array of millions of items.
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Key Segments -
The professional service robots market covered in this report is segmented -
1) By Type: UAV, Unmanned Ground Based Vehicles, Demining Robots, Defense Robot, Construction Robots, Other Types
2) By Offering: Hardware, Software
3) By Application: Oil And Gas, Construction And Building, Mining And Metallurgical, Defense And Military, Automotive, Medical, Logistics, Other Applications
4) By End-use: Residetial, Commercial, Industrial
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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