Service Robotics Market Overview:
The Service Robotics Market is expected to grow at a compound annual growth rate (CAGR) of 17.3%. Based on an average growth pattern, the market is estimated to reach USD 93.71 billion. According to estimates, the market will be worth USD 19.00 billion by 2024.
Service robots are fully or semi-automated robots that are used to carry out perilous and helpful jobs for people. These robots help people in many different fields, including healthcare & medical, building, automation, home, and entertainment. These robots are controlled automatically by an internal control system, while manual override is available. By lessening the workload of employees and workers, these service robots manage time, increase productivity, and remove the possibility of human error.
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Growth Factors:
The robotics industry is seeing a rapid technological advancement that is convergent into automation, artificial intelligence, machine learning, and engineering, which is driving the growth of the service robotics market. The most advantageous result of the introduction of robots is the drastic change of human task performance capacity. The International Federation of Robotics estimates that the number of robots has expanded thrice in the last few decades. Over the next 20 years, it is anticipated that the advancements in robotics will also contribute to the expansion of robots.
The application of robotics will boost production and enhance the economic standing of developing countries. It is anticipated that service robots would also open up a plethora of opportunities in various industrial sectors of developing economies.
Market Trends:
Accelerated Development of AI and Machine Learning: Increasingly, robotics is requiring the integration of AI and ML due to the need for improved human-robot interaction, accurate perception, and decisions. The market for service robotics is thus seeing new prospects as a result of the increased demand for customized robots.
Increasing Conscience Regarding Collaborative Robots (Coots) Coots have the potential to be widely adopted as a result of better human-robot synergy that ensures data privacy, safety, adaptability, and flexibility.
revolution in the medical and healthcare sectors: The use of cutting-edge robotics to conduct remote diagnostics, rehabilitation treatments, robot-assisted surgeries, and other medical care-related tasks offers the service robotics market bright growth prospects.
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Market Segments:
On the basis of product type, the Service Robotics Market is bifurcated into:
- Professional service
- Personal and domestic service
- others
On the basis of component, the market is segmented into:
- Hardware
- Software
- others
On the basis of application, the market segmented into:
- Logistics
- Construction and demolition
- Medical
- Defence, rescue and security
- Entertainment, educational and personal
- Domestic
- Marine
- Research and space exploration
- Others
Regional Analysis:
Asia-Pacific, which dominated the worldwide service robotics market, is expected to hold this position during the forecast period. Over the course of the projected period, Japan, a prominent robotics solutions supplier, is expected to develop both technically and in terms of market share. Europe and North America are the product's other two major markets. This is explained by the early adoption of cutting-edge technology in the region, which is expected to offer significant opportunities for market growth in the years to come.
Key Market Players:
- Omron Corporation
- Daifuku Co., Ltd.
- Demotic Holding S.a. r.l.
- Intuitive Surgical, Inc.
- Koll morgen Corporation
- KUKA AG
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