The service robotics market size was valued at US$ 35.4 Bn in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 27.4% from 2020 to 2028
Global Service Robotics Market, By Type (Professional, Personal/Domestic), By Environment (Aerial, Ground, Marine), By Components (Hardware, Software), By Application (Domestic, Medical, Field, Defense, Rescue, and Security, Entertainment, Educational, and Personal, Public Relations, Inspection and Maintenance, Logistics, Construction and Demolition, Marine) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The service robotics market size was valued at US$ 35.4 Bn in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 27.4% from 2020 to 2028.
Businesses and the information systems engineering research are constantly focusing onto the shift to a more user-concentrated view. This transformation is allowed by technological advancements as well as by the unification of IT into real life atmospheres, for instance, the Internet of Things, paving its way to a plan of digital-physical information systems.
One of the crucial parts of digital-physical information systems is service robotics. There are various kinds of jobs that are dull, monotonous, dirty, or dangerous, which are basically ideal jobs for service robots.
Service robots are basically adaptable and autonomous interfaces based upon the system that connect, interact and provide service to an organization’s consumers. Service robotics are also of two kinds -professional service robots and industrialized robots. Professional robots are entirely different from the industrialized robots on the basis of form and function.
Industrial robots generally serve its utility within the manufacturing industry, whilst professional service robots are employed in time-consuming, dull and repetitive tasks, therefore liberating human employees to carry out more highbrow and intellectual functions. Owing to which, the service robotics is expected to witness massive demand among the global markets, thereby positively fueling the growth of the global service robotics market in the forthcoming years.
In addition to that, the advent and rapid advancements in the 5G technology and Artificial Intelligence (AI) is further playing a major role in boosting the development and demand of service robotics across the world. Owing to which, the global service robotics market is projected to grow substantially over the forecast period.
On top of that, the numerous benefits of service robots, including delivery of accurate and high-quality services, enhanced usability, reduced human errors as well as operational costs, and reliability is playing a crucial role in propelling the demand of service robots in various industries worldwide. Such factors are also estimated to elevate the growth of the global service robotics market in the coming years.
However, the initial heavy expenditure in the procurement, amalgamation, program development and many other tasks is likely to restrict the growth of the global service robotics market in the future years.
MMC Study identifies some of the key participating players in the service robotics market globally are iRobot, SoftBank Robotics Group, Intuitive Surgical, DeLaval, Daifuku, CYBERDYNE, DJI, Kongsberg Maritime, Northrop Grumman, Neato Robotics, among others.
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