Press release
Service Robotics Market Boom: Analyzing Key Trends, Technological Advances, and Future Prospects
Service Robotics Market
Service Robotics Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $164.87 billion In 2028 At A CAGR Of 28.2% :
The service robotics market size has grown exponentially in recent years. It will grow from $47.93 billion in 2023 to $61.01 billion in 2024 at a compound annual growth rate (CAGR) of 27.3%. The growth in the historic period can be attributed to automation and labor shortages, aging population, healthcare need, safety and hazardous environments, service industry adoption.
The service robotics market size is expected to see exponential growth in the next few years. It will grow to $164.87 billion in 2028 at a compound annual growth rate (CAGR) of 28.2%. The growth in the forecast period can be attributed to investment in research & development, regulatory adaptation, consumer robotics, smart city initiatives, robotics-as-a-service (raas). Major trends in the forecast period include adaptive and flexible robots, sustainability initiatives, digitization of data security and privacy, healthcare robotics, artificial intelligence integration.
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Service Robotics Market Major Segments
The service robotics market covered in this report is segmented -
1) By Type: Professional, Personal And Domestic
2) By Component: Hardware, Software
3) By Environment: Aerial, Ground, Marine
4) By End-User: Healthcare, Defense, Electronics, Automotive, Transportation, Construction, Other End Users
Key Driver - Transforming Healthcare Through The Surging Role Of Service Robots In Meeting Industry Demands
The increasing demand for robots in the healthcare sector is expected to drive the growth of the service robotics market. The healthcare sector refers to businesses that provide medical services and manufacture medical equipment or drugs. Service robots are used in the healthcare sector to handle regular logistical duties and reduce the everyday stress on healthcare professionals. It also helps in providing them more time to focus on urgent patient requirements, thereby improving the overall level of patient care. For instance, in October 2022, according to the International Federation of Robotics, a Germany-based organization representing the global robotics industry, in 2021, professional service robot sales increased by 37%. Thus, increased demand for robots in the healthcare sector is driving the growth of the service robotics market .
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Prominent Trend - Revolutionizing Customer Service In The Service Robotics Market
Technological advancement is a key trend in the service robotics market. Major companies operating in the market are introducing new technologies that work on artificial intelligence (AI) to lead the market. For instance, in January 2021, Hyundai Motor Group, a South Korea-based automotive manufacturer, launched DAL-e, an AI-driven humanoid robot for automated customer services. This robot is equipped with state-of-the-art facial recognition technology powered by artificial intelligence, as well as an autonomous communication system developed on a language-comprehension platform. It will be used in various fields which require regular interactions with customers. This robot is designed to offer pleasant experiences to customers in a contact-free environment while also saving costs and improving productivity.
Service Robotics Market Players
Major companies operating in the service robotics market report are Parrot SA, Aethon Inc., Honda Motor Co. Ltd., Panasonic Holdings Corporation, Yujin Robot Co. Ltd., Samsung Group, AB Electrolux, Northrop Grumman Corporation, iRobot Corporation, Robert Bosch GmbH, SZ DJI Technology Co. Ltd., Kongsberg Maritime, Daifuku Co. Ltd., Omron Corporation, SoftBank Group Corp., Boston Dynamics Inc., ABB Robotics, KUKA Roboter GmbH, FANUC Robotics America Inc., Yaskawa Motoman Robotics Inc., Universal Robots A/S, Rethink Robotics, Blue River Technology, Clearpath Robotics Inc., Fetch Robotics Inc., Locus Robotics, Sarcos Robotics, Knightscope Inc., Seegrid Corporation, Simbe Robotics Inc.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the service robotics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the service robotics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Service Robotics Market Report Structure
3. Service Robotics Market Trends And Strategies
4. Service Robotics Market - Macro Economic Scenario
5. Service Robotics Market Size And Growth
…..
27. Service Robotics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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