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Emerging Trends to Reshape the Global Service Robotics Market: Pudu's Mapping Technology And The Rise Of AI-Driven Interactions as a Key Influencer
Service Robotics Market
Service Robotics Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of service robotics has seen a substantial increase in the recent past. The market, which is projected to be valued at $60.61 billion in 2024, is expected to escalate to $76.01 billion in 2025, indicating a compound annual growth rate (CAGR) of 25.4%. This surge in the previous period is owing to factors such as automation and workforce scarcity, elderly population, health care necessities, challenging and dangerous conditions, and adoption in the service industry.
Service Robotics Market Size Forecast: What's the Projected Valuation by 2029?
The market size for service robotics is projected to experience a substantial surge in the upcoming years, reaching a whopping $207.32 billion by 2029 with a 28.5% Compound Annual Growth Rate (CAGR). Multiple factors contribute to this growth, which include investment in research and development, regulatory adjustments, consumer robotics, initiatives pertaining to smart cities, and robotics-as-a-service (RaaS). Some of the significant trends that we can expect to see in the forecast period include adaptable and flexible robots, initiatives related to sustainability, digitalization of data security measures and privacy, healthcare robotics, and the incorporation of artificial intelligence.
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What Are the Drivers Transforming the Service Robotics Market?
The surge in requirements for robots within the healthcare field is anticipated to propel the expansion of the service robotics market. The healthcare industry encompasses firms manufacturing medical equipment and medications, in addition to those offering medical services. The regular logistical tasks in the healthcare sector are managed by service robots, which helps alleviate the daily strain on healthcare workers. This also enables them to dedicate more time to addressing immediate patient needs, thereby enhancing the standard of patient care provided. For example, the International Federation of Robotics, a German non-profit organization that champions, fortifies, and safeguards the global robotics industry, reported in June 2023 that the amount of industrial robot installations in Europe had risen by 6% from 2021, reaching 72,000 units in 2022. Hence, the escalating demand for robots in the healthcare field fuels the service robotics market's growth.
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What Long-Term Trends Will Define the Future of the Service Robotics Market?
Prominent firms in the service robotics market are keen on innovating new technological approaches like Pudu's proprietary mapping technology to increase operational efficiency, better customer interaction, and widen the applications of their service robots in numerous sectors. The exceptional mapping technology of Pudu allows their service robots to accurately navigate and dodge obstacles in dynamic settings. For example, a technology entity in China rolled out BellaBot Pro in April 2024. BellaBot Pro employs artificial intelligence to provide custom greetings and communication with clients, encompassing enhanced abilities to identify dishes, which refines dining by precisely recognizing food on the menu.
Which Segments in the Service Robotics Market Offer the Most Profit Potential?
The service roboticsmarket 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
Subsegments:
1) By Professional: Healthcare Robots, Logistics Robots, Agriculture Robots, Security And Surveillance Robots, Cleaning Robots, Construction Robots
2) By Personal: Companion Robots, Entertainment Robots, Educational Robots, Assistance Robots
3) By Domestic: Vacuum Cleaning Robots, Lawn Mowing Robots, Pool Cleaning Robots, Window Cleaning Robots, Home Security Robots
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Which Firms Dominate the Service Robotics Market by Market Share and Revenue in 2025?
Major companies operating in the service robotics market are Parrot SA, Aethon Inc., Honda Motor Co. Ltd., Panasonic Holdings Corporation, Yujin Robot Co. Ltd., Samsung Group, iRobot Corporation, Robert Bosch GmbH, 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, Clearpath Robotics Inc., Fetch Robotics Inc., Locus Robotics, Sarcos Robotics, Knightscope Inc., Seegrid Corporation, Simbe Robotics Inc.
Which Regions Offer the Highest Growth Potential in the Service Robotics Market?
North America was the largest region in the service robotics market in 2024. 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.
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