Service Robotics Market Size to cross $20bn by 2024

Service Robotics Market size is slated to cross USD 20 billion by 2024; according to a new research report by Global Market Insights, Inc. The industry shipments are anticipated to grow at 23% CAGR from 2017 to 2024.
 

The service robotics market is experiencing strong growth driven by the increasing demand from the professional and personal application sectors. These robots are capable of bringing efficiency in operations and streamlining various business processes. The aging population in countries including Japan is fueling the need for robotic systems. Similarly, the rising labor costs and unavailability of labor in North America are demanding sophisticated automation solutions for several industry verticals. The advent of automation and technological developments in sectors, such as IoT, AI, and machine learning, is further enhancing the capabilities of these robots. Increasing need to replace human labor with machines to facilitate a fast supply chain process will drive the industry growth. The industry will grow owing to the developing logistics and healthcare sectors, demanding high-performance automated solutions.

 

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Lack of technically aware population and skilled operators in underdeveloped countries is limiting the service robotics market demand. The application industries in developing Asian, African, and Latin American countries are unaware of the efficient assistance benefits. As a result, these countries still employ human labor for several tasks in industries. The high unemployment rate coupled with the availability of low-cost labor is restricting the adoption of advanced automation technologies and industry development.
 

UK Service Robotics Market by Personal Application, 2016 & 2024 (USD Million)
Service Robotics Market

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In the service robotics market, personal models are experiencing high adoption in household, entertainment, and institutional applications. These products can perform tasks, such as floor & pool cleaning, household chores, and entertainment purposes, for helping guests at public places. Companies are focusing on manufacturing robots customized for specific requirements of end-users. The size, programming, and hardware are built in accordance with the utilization of the robots. Entertainment robots are being used at shops, malls, and public places for guiding people and providing enhanced human-robot interaction. They are being deployed at large stores for helping people in finding the things required. For instance, in February 2018, Disney announced the implementation of various autonomous & personality-driven robots in its theme parks. The company has adopted this strategy to make the parks feel alive and engage customers in a better way.
 

Browse key industry insights spread across 250 pages with 287 market data tables & 32 figures & charts from the report, “Service Robotics Market Size By Product (Professional, Personal), By Application (Professional [Defense, Field, Healthcare, Logistics], Personal (Household, Entertainment]), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, China, Japan, South Korea, India, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/service-robotics-market-size
 

With the emergence of high quality & efficient drones, the demand for professional field robots has increased in the service robotics market. These products are increasingly deployed in routine inspection tasks across various industries and support the service & inspection engineers. Big data additions in advanced drones provide data collection benefits to the businesses. Additionally, adaptive field models are deployed in non-factory operations such as unstructured & dynamic environments. These products are not used for repetitive tasks and include programming for responses under variable conditions. It is used in agricultural applications to reduce the workload on farmers and offer precision farming benefits.
 

The Europe service robotics market is expected to grow at a CAGR of over 13% from 2017 to 2024 owing to strong robotic production and development programs & initiatives adopted by the European Union. The government offers various funds and other aids to new & existing players in the European industry. These funds are used for R&D, awareness-raising activities, etc. The Union supports product innovation & technical development strategies by funding several tournaments conducted by the European Robotics League (ERL). Moreover, the industry is also experiencing funding from several tech companies and investors to gain benefits from new & technically advanced products. For instance, in May 2019, Ocado Ltd. announced its investment in a robotics startup, Karakuri, to develop robots for assembling ready-to-eat meals in the food sector.
 

Softbank Robotics, Samsung Electronics, DJI, iRobot Corporation, Ecovacs, Yujin Robot, AeroVironment, Delaval, Intuitive Surgical, and Medtronic are the key players operating in the service robotics market. These players are trying to design and develop high-performance, durable, and cost-effective robots with the close incorporation of electronics, software, and hardware. Proper integration of hardware components and software solutions in machines delivers results in terms of efficient and effective operation & performance. Players are increasingly focusing on designing and developing advanced applications feasible for deployment in robots. For instance, players such as Zorabots and Hoomano, are associated with the development of software related to healthcare and retail environment respectively. Zorabots providea innovative software solutions specially designed for Nao and Pepper robots developed by Softbank Robotics, Japan.
 

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The service robotics market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and volume in Units from 2013 to 2024, for the following segments:

By Product

  • Professional
  • Personal

By Application

  • Professional
    • Defense
    • Field
    • Healthcare
    • Logistics
    • Others
  • Personal
    • Household
    • Entertainment

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa (MEA)
    • South Africa
    • Saudi Arabia
    • UAE 

 

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