Service Robotics Market Key Trends 2024-2033: Insights, Analysis

"The Business Research Company recently released a comprehensive report on the Global Service Robotics Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

The increasing automotive industry is expected to propel the growth of the service robotics market going forward. The automotive industry refers to the collective group of companies, organizations, and activities involved in the design, development, manufacturing, marketing, and selling of motor vehicles. The integration of service robotics in the automotive industry offers a range of benefits, from improving production efficiency and product quality to enhancing worker safety and adapting to industry trends. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based automobile manufacturers association, in 2022, the global production of motor vehicles reached 85.4 million units, reflecting a notable increase of 5.7% compared to 2021. Furthermore, in February 2022, according to Brand Finance plc, a UK-based brand valuation company, in 2022, the automobile sector achieved approximately 78 million unit sales, marking a substantial 10% increase. The increasing automotive industry is driving the growth of 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.

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Major Key Players of the Market:

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.

Service Robotics Market 2024 Key Insights:

• 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%.
• Transforming Healthcare Through The Surging Role Of Service Robots In Meeting Industry Demands
• Revolutionizing Customer Service In The Service Robotics Market
• North America was the largest region in the service robotics market in 2023

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