Service Robotics Market - - Explores New Growth Opportunities By 2021

The global service robotics market has been projected in a market intelligence report published by Transparency Market Research (TMR) to observe the dominance of four leading players, viz. Samsung Techwin Co. Ltd., AB Electrolux, iRobot Corporation, and Panasonic Corporation. These players had secured a substantial share en masse for service robotics in the recent past. According to the analysts, the competitive landscape of the market could revolve around key strategies such as new product development and expansion of business.

As per the numerical findings of the TMR report, the global service robotics market has been expected to expand at an 18.8% CAGR during the forecast timeframe 2015–2021. By the end of the forecast period, the market could attain a valuation of around US$22.50 bn. Professional service robotics has been foreseen to achieve a share of US$14.64 bn by 2021. For the same forecast timeframe, North America could gather pace to progress at a 17.9% CAGR.

In the coming years, the global service robotics market has been forecasted to witness a high focus on the development of intelligent offerings. The main objective of companies to develop intelligent products providing exceptionally innovative solutions could be to satisfy the rising requirement of advanced automation in a range of industries.

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Defense Sector to Binge Adopt Service Robotics for Cutting Back Human Casualties

The world service robotics market has been envisaged to gain an unwavering impetus from defense organizations of different countries. With a view to decrease the count of human casualties in the defense sector, governments could take to a greater adoption of robotics in the near future. As both external and internal threats on security take a leap, government bodies across the world have been predicted to seek robotic solutions in cooperation with their defense sector. As a result, there could be a series of successful operations taking place on the part of unmanned aerial vehicles, demining vehicles, and unmanned ground vehicles.

In view of their ability to complete the assigned tasks without the need for human intervention, service robots such as METAL-STORM and TALON have been expected to be frequently employed in the U.S. defense sector. Service robotics could be implemented in a wide gamut of activities, considering the rise of pioneering discoveries in the field of automation.

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Exorbitant Funding Required for Research and Development to Subdue Adoption

On the gloomy side, the international service robotics market could be strained by extortionate funding required for the research and development of new products. Companies have been envisioned to hesitate when investing in the development and design of service robots on account of the uncertainty of the time required to commercialize products. Investments in service robotics could also be discouraged owing to the difficulty that consumers face when trying to comprehend the complex interfaces of service robots. Such factors have been projected to sidetrack further development or investment in the market.

Nevertheless, there could be business opportunities taking birth in the international service robotics market with an increasing adoption not only in defense but also other industries such as agriculture and healthcare. One of the reasons for this growth could be the drastic improvement in work efficiency experienced in these sectors with the implementation of service robotics. In healthcare, complex surgeries could be easily carried out with great precision and accuracy with the help of service robotics.

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This release was published on openPR.