Press release
Service Robotics Market Projected to Reach $167.88 Billion by 2034, Growing at a CAGR of 12.3%
Service Robotics Market
Market Introduction:
As the global service industry continues to navigate rapidly changing consumer trends and a range of exterior elements such as labor scarcity, trade worries, and supply chain intervention, many are turning to modern technologies like service robots. Robotic technology is utilized by businesses and firms of all sizes in varied ways. In retail, service robots assist in improving and customizing customer participation as well as enhancing in-store operations.
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In hotels, service robots are being utilized to improve and customize customer experiences. Interactive, AI-fuelled kiosks welcome guests when they approach, while service robots carry luggage instantly to their rooms to render the check-in procedures smooth and productive. Ghost kitchens, also acknowledged as delivery-only kitchens with the absence of dine-in services, are leveraging specialized service robots to deliver food orders to consumers.
Market Growth Drivers:
Labor Shortages: Several sectors, such as healthcare, hospitality, and retail, are encountering problems in engaging staff due to aging labor globally. Labor prices have been rising because of rising remuneration and stringent labor directives. This has prompted businesses to adopt robotic solutions to reduce dependence on human labor, escalate functional productivity, and lower prolonged prices by automating procedural and mundane chores, driving the service robotics market demand.
Growing Usage in Agriculture: Robots are being widely utilized for tasks such as planting, crop monitoring, and harvesting, which assist in maximizing productivity and decreasing reliance on seasonal labor in the agricultural sector. In agricultural logistics, autonomous mobile robots (AMRs) are transforming warehouses and supply chains by enhancing productivity, decreasing mistakes, and lessening functional downtime.
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Leading Market Players:
The players in this market compete with one another through technological progressions, price differentiation, and geographical augmentation. Service robotics market leaders are given as follows:
• iRobot Corporation
• SoftBank Robotics
• Intuitive Surgical, Inc.
• ABB Ltd.
• KUKA AG
• FANUC Corporation
• Northrop Grumman Corporation
• DJI
• Boston Dynamics
• Cyberdyne Inc.
• Neato Robotics
• GeckoSystems International Corporation
• Stryker Corporation
• Ubtech Robotics
• Blue River Technology
Service Robotics Industry Developments
• June 2024: ABB launched the next-generation robotics control platform, OmniCore. Designed for enhanced speed, precision, and sustainability, OmniCore delivers robot path accuracy of less than 0.6mm. This advancement unlocks new automation possibilities in precision applications such as arc welding, mobile phone display assembly, gluing, and laser cutting.
• June 2024: Brick Hospitality, a leading San Diego-based hospitality management company, integrated guest service robots into its daily hotel operations. The initiative aims to enhance productivity, improve customer service, and add an extra layer of security.
• October 2023: Pudu Robotics, a global leader in commercial service robotics, entered a strategic partnership with SoftBank Robotics. This collaboration combines SoftBank's market expertise in Japan with Pudu's technological strengths in delivery and cleaning robots to advance the commercial service robotics industry.
• May 2022: Amazon established a Consumer Robotics Software Development Center in Bengaluru, India. This initiative supports its advancements in robotics, reinforcing its capabilities in e-commerce, AI, cloud computing, and automation.
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Regional Analysis:
North America dominated the market in 2024 due to technological advancements, elevated funding in robotics, and rapid adoption healthcare, logistics, and defense sectors. The US commands the regional market because of robust research and development, a flourishing tech habitat, and notable government reinforcement for invention.
Asia Pacific is the fastest growing region, driven by swift industrialization, increased funding in automation, and the growing e-commerce industry. The Southeast Asian internet providence is expected to encounter notable growth, surging from USD 194 billion in 2023 to an expected USD 330 billion by 2025, making it an attractive market for expansion.
Segmental Analysis:
By Type Outlook (Revenue, USD Billion, 2020-2034)
• Professional Service Robots
• Personal Service Robots
By End Use Outlook (Revenue, USD Billion, 2020-2034)
• Defense
• Field
• Medical
• Transportation and Logistics
• Mobile platforms
• Underwater systems
• Construction
• Others
By Component Outlook (Revenue, USD Billion, 2020-2034)
• Hardware
• Software
• Services
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