Service Robotics Market size is set to grow by USD 90.41 billion from 2024-2028, Growing demand for robotic automation processes to boost the market growth, Technavio

NEW YORK, June 12, 2024 /PRNewswire/ -- The global service robotics market  size is estimated to grow by USD 90.41 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  30.25%  during the forecast period. Growing demand for robotic automation processes is driving market growth, with a trend towards government support for robotics. However, high cost associated with robotic systems  poses a challenge. Key market players include Electrolux group, AMP Robotics Corp., Blue Ocean Robotics, Cyberdyne Inc., Daifuku Co. Ltd., Diligent Robotics Inc., Exyn Technologies, Guangzhou XAG Co. Ltd., Harvest CROO Robotics LLC, Intuitive Surgical Inc., Irobot Corp., Kongsberg Gruppen ASA, Northrop Grumman Corp., Samsung Electronics Co. Ltd., Singapore Technologies Engineering Ltd., SoftBank Group Corp., Starship Technologies Inc., SZ DJI Technology Co. Ltd., Tetra Laval SA, and YUJIN ROBOT Co. Ltd..

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Key Market Trends Fueling Growth

The global service robotics market is experiencing significant growth, with various governments investing in advanced technologies such as 5G and artificial intelligence for robotics. Notable examples include China's goal to develop competitive robot manufacturers and industrial clusters, focusing on high-end robots and increasing robot density. Germany's High-Tech Strategy also supports the adoption of digital technologies, with a particular focus on service robotics and the development of digital industrial platforms. 

The Service Robotics Market is experiencing significant growth, with various industries adopting robotic solutions for automation and efficiency. Hospitals, for instance, are implementing robotic systems for tasks such as disinfection and patient care. Regulations (HAIS) and demands for contactless services due to the pandemic have accelerated this trend.

Robots are also being used in research and development, manufacturing, and logistics. Usage in uncrowned areas like agriculture and construction is increasing. Delivery robots are gaining popularity, especially in urban areas. The future of service robotics lies in advanced technologies like artificial intelligence and machine learning, enabling robots to perform complex tasks and adapt to changing environments. The market is projected to grow further with the increasing need for automation and the development of cost-effective robotic solutions. 

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Market Challenges

• The use of advanced software and sensors in service robotics increases manufacturing costs, making these robots less affordable for consumers in emerging economies like India. Vendors continue to invest in research and development, introducing new and advanced models, further increasing costs. This price barrier may hinder market growth, particularly among middle-class consumers in developing countries.
• The Service Robotics Market is experiencing significant growth, with various industries adopting robotic solutions for automation and efficiency. However, challenges persist in implementing these technologies. One major challenge is the high cost of implementation and maintenance. Another issue is ensuring the robots can adapt to changing environments and perform complex tasks.
• Additionally, data security and privacy concerns must be addressed. Furthermore, integrating robots with existing systems and ensuring compatibility is a challenge. Lastly, the lack of standardization and regulation in the market can hinder widespread adoption. Addressing these challenges will be crucial for the continued growth and success of the Service Robotics Market.

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Segment Overview 

1. Application 
• 1.1 Professional robots
• 1.2 Personal robots
2. Environment 
• 2.1 Ground
• 2.2 Aerial
• 2.3 Marine
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Professional robots-  The professional robot market is experiencing a technological evolution, driven by advancements in machine learning, artificial intelligence, adaptive computing, and vision systems. These innovations enhance robot capabilities, making them suitable for commercial tasks, excluding manufacturing. The Robots-as-a-Service (RaaS) ownership model is increasing adoption, while 5G telecom services and AI processors fuel demand growth.

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Research Analysis

The Service Robotics Market is experiencing significant growth due to the integration of IoT technology in various industries. AI researchers are developing advanced algorithms to enhance the capabilities of robots, ensuring regulatory compliance in critical operations. User interfaces are becoming more intuitive, enabling seamless interaction between humans and robots. Drones equipped with Wi-Fi and Whizpace technology are revolutionizing industries like hospital-acquired infections (HAIs) surveillance, aerial photogrammetry, and food demand forecasting.

Government funding from organizations like the Department of Transportation and the European Space Agency is fueling innovation in professional UAVs and service robotics market. Natural language processing and 3D data analysis are essential components of professional robots, including inspection robots and agricultural robots, ensuring inaccurate results are minimized. The service robotics market encompasses aerial drones, professional robots, and AI-driven technologies, catering to diverse industries and applications.

Market Research Overview

The Service Robotics Market encompasses the design, development, production, and implementation of robotic systems and technologies for delivering services in various industries. These robots are programmed to perform tasks that enhance productivity, efficiency, and accuracy. Key areas of application include healthcare, manufacturing, logistics, education, and hospitality. Robots in this market offer benefits such as reduced labor costs, increased safety, and improved quality of services.

Technological advancements, including artificial intelligence, machine learning, and computer vision, are driving innovation in the Service Robotics Market. Additionally, regulatory support and increasing consumer acceptance are fueling market growth. Usage of robots in industries like agriculture and construction is also on the rise. Overall, the Service Robotics Market is poised for significant expansion in the coming years.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Professional Robots
• Personal Robots
• Environment
• Ground
• Aerial
• Marine
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio