Service Robotics Market to Grow by USD 90.41 Billion (2024-2028), Driven by Robotic Automation Demand, Report Highlights AI-Powered Market Evolution - Technavio

NEW YORK, Dec. 5, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - 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..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF

Market Driver

The service robotics market is experiencing significant growth, driven by trends like IoT, AI, and automation. In healthcare, robots help reduce Hospital-acquired infections (HAIs) through IoT-based devices and AI researchers develop AI for navigation and motion planning. Regulations are being set for delivery robots, such as Nuro, in uncontrolled environments. In industries like construction and agriculture, professional robots, including drones for aerial photogrammetry and surveying, are in high demand due to labor shortages and government funding. For domestic use, autonomous delivery robots navigate stairs and user interfaces ensure accurate results. In critical operations, humanoid robots and exoskeletons are essential. The aging population and immigration laws fuel the demand for service robots in various sectors. Space exploration and filmmaking also utilize professional UAVs and AI for 3D data collection. 

Advanced robotic technologies, such as 5G and artificial intelligence, are backed by various governments worldwide, including Europe, North America, Asia, MEA, and South America. Notable examples include China's Robot Industry Development Plan, aiming to create multiple internationally competitive robot manufacturers and industrial clusters, with a focus on high-end robots and increasing robot density to 100 robots per 10,000 workers. Germany's High-Tech Strategy supports the adoption of new digital technologies in the industry. These countries have unique strategic goals for their robotics sectors. 

Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution!

Market Challenges

• The service robotics market is experiencing significant growth due to increasing demands in various industries. IoT technology plays a crucial role in enhancing robot functionality and connectivity. However, challenges such as hospital-acquired infections (HAIs) and regulations require advanced AI researchers to develop solutions. User interfaces and navigation systems are essential for robots to operate effectively in uncontrolled environments. Drones, like those from Whizpace and Nuro, offer autonomous delivery solutions for food demand in a global population that continues to grow. Regulations, such as those from the Department of Transportation, impact the deployment of delivery robots. Inaccurate results and critical operations necessitate advanced motion planning and natural language processing. Robots are used in construction, agriculture, inspection, and humanoid applications, with professional UAVs providing aerial photogrammetry for surveying and mapping, photography, and filmmaking. Government funding from organizations like the European Space Agency supports the development of professional robots for space exploration. The aging population and labor shortage create opportunities for domestic and industrial robots, while automation and IoT-based devices continue to transform transportation & logistics.
• The service robotics market relies heavily on advanced software and sensors for image processing and decision-making capabilities. This technology increases the manufacturing cost for vendors. Consumers in emerging economies, such as India, are hesitant to purchase expensive service robots. This reluctance poses a significant challenge to the market acceptance of these robots. Despite this, vendors continue to invest in research and development to integrate advanced technologies. As a result, new and advanced models of service robots are expected to enter the market, further increasing the cost of these robots. This price hike may hinder the adoption of service robots among middle-class consumers in countries like India, Africa, and other developing economies.

Discover how AI is revolutionizing market trends- Get your access now!

Segment Overview

This service robotics market report extensively covers market segmentation by

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- Professional robots, defined as semi or fully autonomous machines designed for commercial tasks outside manufacturing, are undergoing a transformative period. Technological advancements in machine learning, artificial intelligence, adaptive computing, and vision systems significantly enhance robot capabilities. The Robots-as-a-Service (RaaS) ownership model broadens professional robot adoption. Furthermore, the integration of 5G telecom services and advanced AI processors fuels market growth, driving demand for these advanced machines over the forecast period.

Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics

Research Analysis

The service robotics market is experiencing significant growth, driven by the integration of IoT technology and AI in various industries. In healthcare, robots are being used to reduce Hospital-acquired infections (HAIs), while in construction, drones equipped with aerial photogrammetry and 3D data analysis are revolutionizing infrastructure inspections. AI researchers are developing advanced user interfaces for professional robots, enabling them to perform complex tasks with greater accuracy. Regulations are being put in place to ensure the safe operation of drones in critical operations, with the Department of Transportation leading the way. Wi-Fi and Super Wi-Fi technologies are enabling remote control and data transfer for professional UAVs and agricultural robots. However, challenges such as inaccurate results and the need for government funding continue to hinder market growth. The European Space Agency is also investing in the development of advanced robotic systems for space exploration and terrestrial applications. Overall, the service robotics market is poised for continued expansion as it addresses the food demand of a growing global population and the need for efficient, accurate, and safe automation in various industries.

Market Research Overview

The service robotics market is experiencing significant growth due to the integration of IoT technology and AI in various applications. In healthcare, robotics are being used to reduce Hospital-acquired infections (HAIs) and assist in critical operations. AI researchers are developing advanced user interfaces for service robots, enabling seamless interaction between humans and machines. Drones, equipped with Wi-Fi and Super Wi-Fi, are being used for aerial photogrammetry, surveying and mapping, filmmaking, and inspection in uncontrolled environments. Delivery robots, such as Nuro, are revolutionizing transportation & logistics with autonomous navigation and motion planning. The market is also witnessing the emergence of agricultural, inspection, humanoid, exoskeleton, construction, and domestic robots. Government funding from organizations like the European Space Agency is driving innovation in professional robots and space exploration. The global population growth, food demand, labor shortage, aging population, immigration laws, and free trade agreements are further fueling the demand for service robots in various industries, including automation and industrial applications. IoT-based devices and inaccurate results are some of the challenges facing the market.

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.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio