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Hospitality Robots Market Growth 2024: Trends, Applications, and Leading Providers
Hospitality Robots Market Growth
According to The Business Research Company's, The hospitality robots market size has grown exponentially in recent years. It will grow from $0.43 billion in 2023 to $0.55 billion in 2024 at a compound annual growth rate (CAGR) of 28.8%. The growth in the historic period can be attributed to benefits of automated work over human labor, enhanced robot capabilities, enhanced customer satisfaction, need for higher productivity and efficiency.
The hospitality robots market size is expected to see exponential growth in the next few years. It will grow to $1.52 billion in 2028 at a compound annual growth rate (CAGR) of 28.9%. The growth in the forecast period can be attributed to adoption of robotic automation in hospitality industry, increasing influx of tourists worldwide, growing tourism industry, decreasing number of staff members in hotel. Major trends in the forecast period include technological advancement, robotics innovation, integration of IoT with robots, innovative technologies, introduction of AI-driven solutions.
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Market Drivers and Trends:
The growth of the tourism industry is expected to propel the growth of the hospitality robots market going forward. The tourism industry encompasses all travel and leisure activities undertaken by individuals or groups for recreational, cultural, or business purposes. Individuals seeking leisure, cultural exploration, business opportunities, and escape drive the demand for the tourism industry, driving global economic growth, cultural exchange, and personal enrichment. The tourism industry integrates hospitality robots across various sectors, from customer service and room assistance to cleaning and entertainment, enhancing guest experiences, efficiency, and service quality. For instance, in June 2022, according to reports shared by the US Department of Commerce, a US-based executive department of the federal government, international arrivals for travel and tourism in US states increased to 22.1 million in 2021 from 19.2 million in 2020. Therefore, the growth of the tourism industry is driving the growth of the hospitality robot market.
Major companies operating in the hospitality robots market are focused on developing innovative solutions, such as AI-integrated service robots, to gain a competitive edge in the industry. The service robot is equipped with advanced AI and autonomous robot technology and is designed to simplify hospitality processes, freeing up staff for more productive roles. For instance, in February 2023, Bear Robotics Inc., a US-based engineering and robotics design company, launched Servi, a new service robot designed to revolutionize the food service industry by assisting staff in serving drinks and food, clearing tables, and allowing employees to focus on delivering outstanding service to customers and patients. Servi is equipped with AI and autonomous robot technology, 100% self-driving capabilities, LiDar sensors, and multiple cameras for intelligent navigation. It can learn different table locations and return to its post after deliveries.
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Major Key Players of the Market:
LG Electronics Inc., Panasonic Corporation, Softbank Robotics Group Corp., ABB Ltd., Omron Corporation, Fanuc Corporation, Kuka AG, Boston Dynamics Inc., Aethon Inc., Simbe Robotics Inc., Sarcos Technology and Robotics Corporation, Stanley Robotics, Pypestream Inc., Savioke Inc., Bear Robotics Inc., Blue Frog Robotics, Connected Robotics Inc., Knightscope Inc., PAL Robotics SL, Hyundai Robotics Co. Ltd., RobotLAB Inc., Relay Robotics Inc., Tailos Inc., Hanson Robotics Ltd.
Hospitality Robots Market 2024 Key Insights:
• The hospitality robots market size is expected to see exponential growth in the next few years. It will grow to $1.52 billion in 2028 at a compound annual growth rate (CAGR) of 28.9%.
• Tourism Industry Propelling Hospitality Robot Market Expansion
• Innovative AI Integration Transforming Hospitality With Servi Robotics
• North America was the largest region in the hospitality robots market in 2023
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