Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The growing incorporation of machine learning and artificial intelligence (AI) into personal service robots is one such development. These robots are programmed with capabilities that allow them to converse, identify emotions, and provide company, meeting the emotional and social requirements of their users.
In response, businesses in the industry are providing modular designs that let users add or update features in accordance with their needs. This pattern indicates a move toward customized robotics solutions, in which consumers can design own robots to perform a range of functions, from housework to medical support. The creation of environmentally friendly robots is a growing phenomenon in the personal service robotics market, in response to the international push for sustainability. In order to develop robots with a less environmental impact, manufacturers place a strong emphasis on employing energy-efficient components and sustainable materials.
Redefining the market is the decentralization of personal service robots, which is another noteworthy trend. Personal service robots have become more widely available and reasonably priced, meaning that their use is no longer restricted to niche niches. These robots are now accessible to a wider range of customers, including small businesses and individual consumers, thanks to the democratization movement. Because of its accessibility, the market is made more inclusive and a wider spectrum of users can take use of personal service robots' capabilities.
Furthermore, there is a growing emphasis in the industry on human-robot collaboration, wherein robots are engineered to operate in harmony with humans. Cobots, or collaborative robots, are being researched to help with a variety of activities without endangering human safety. This tendency is especially noticeable in sectors like healthcare, where robots work beside medical professionals to improve patient care and optimize processes. To guarantee the appropriate use of data, manufacturers and programmers are proactively addressing these issues by putting in place comprehensive safety and privacy protocols.
From the introduction of machine learning and AI to the creation of socially supportive robots, the industry is going through a revolutionary time. Customization, ecological responsibility, and democratization are highlighted, highlighting a market that is both technologically sophisticated and sensitive to the varied requirements and tastes of its customers.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | The deployment of robotics is essential in every field. |
| Market Dynamics | The demand for robotics has reached a peak during the past two decades. |
Personal Services Robotics Market Highlights:
Global Personal Service Robotics Market Overview:
Personal Service Robotics Market Size was valued at USD 11.7 billion in 2022. The Personal Service Robotics market industry is projected to grow from USD 12.65 Billion in 2023 to USD 20.31 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.20% during the forecast period (2024 - 2032).
Increasing adoption of IoT in robotics, shifting towards domestic robots, and introducing intuitive technologies in robotics solutions are the key market drivers enhancing the Personal Service Robotics market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Personal Service Robotics Market Trends
- Robotics in the Workplace and Growing IoT Usage in Robots for Economical Predictive Maintenance will boost Personal Service Robotics market growth
Field robots, security and defense robots, public assistance robots, electrical industry robots, and construction robots are all examples of professional robots. The need for Personal Service Robotics is driven by the rising use of digital technology and automation solutions across various industries. For example, service robots are used in the construction sector to combat high labor costs, labor shortages, and workplace hazards.
As there is less opportunity for human mistakes, it also aids in creating more trustworthy structures. Technologies like 3D printing and demolition robots further accelerate robot adoption in the construction industry. Public relations robots are made of exoskeletons. Most robots employed in public relations work as assistants. Due to the Personal Service Robotics industry's rapid technical development into automation, artificial intelligence, engineering, and machine learning, the market for service robots is constantly expanding.
Due to a trend in people using integrated robotic solutions for numerous crucial processes, medical service robots are anticipated to increase significantly throughout the projected period. Service robots will be widely employed in high-tech testing facilities in the medical industry. The results will also be more accurate thanks to the deployment of service robots in the testing facilities. Moreover, Personal Service Robotics are utilized by unmanned aerial aircraft. The agriculture and defense industries use these vehicles. These employees have the power to enhance the troops' performance and aid in keeping them safe. These unmanned aerial vehicles can assess a product's ripeness in agriculture. Thus, this factor is driving the Personal Service Robotics market CAGR.
Figure 1: Use of Robots in Various Fields (2021 and 2022)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Increasing cost-effective predictive maintenance using IoT in robots. "Internet of Things" (IoT) refers to the digital networking of diverse devices and systems to develop cohesive operations. Predicting possible problems before they arise is known as predictive maintenance. Terabytes of data may be stored using an IoT-based system.
Machine learning (ML) algorithms can be performed concurrently on several computers to predict possible risks and identify when industrial equipment is most likely to break. This helps with predictive maintenance. Robotic sensor data from heat and voltage sensors is collected online and evaluated using machine learning (ML) methods. The Application of ML algorithms reveals hidden relationships in datasets and identifies irregular data patterns. Thus, this aspect will accelerate the Personal Service Robotics market revenue globally.
Personal Service Robotics Market Segment Insights:
Personal Service Robotics Component Insights
Based on Components, the Personal Service Robotics Market segmentation includes Hardware, Software. The Software Personal Service Robotics segment held the majority share in 2022, contributing around ~65-67% concerning the Personal Service Robotics Market revenue.
Figure 2: Personal Service Robotics Market, by Component, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Personal Service Robotics Application Insights
Based on Application, the Personal Service Robotics Market segmentation includes Automotive, Aerospace, Consumer Electronics, Servers and Data Centers, Aerospace and Defense, and Healthcare. Consumer Electronics dominated the Personal Service Robotics market in 2022 and is projected to be the fastest-growing segment from 2022 to 2030. The consumer electronics industry is anticipated to have the highest CAGR over the measurement period. Because of advancements in the gadget industry, the components may be applied to simpler and more sophisticated goods.
Personal Service Robotics Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. Asia Pacific Personal Service Robotics market accounted for USD 5.35 billion in 2022. Due to the substantial presence of well-known international firms in the area, North America also holds a respectable market share. The top four automation solutions providers, ABB Ltd., FANUC, KUKA AG, and Yaskawa, have domestic markets outside North America.
Still, because of the Region's intense demand for their products and high rate of technological innovation, these manufacturers are being encouraged to expand their operations across the continent. Additionally, these companies' implicit efforts to advance technological advancements through significant investments in R&D operations, strategic partnerships, acquisitions, entering into collaborations, and joint ventures are recognized as key factors enhancing North America's development potential.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Personal Service Robotics Market SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Due to a sizable consumer base, the Asia Pacific Personal Service Robotics market is one of the areas with the highest growth rates globally. The demand for service robots is rising within this consumer base, particularly in nations like China, Japan, South Korea, and India, among others. IFR estimates that, for instance, professional robot sales will increase by roughly 30% in Asia in 2021.
Regional governments also significantly influence the growth of the local Personal Service Robotics market. As an illustration, India intends to invest in military robots and is getting ready to use sophisticated robotic warriors shortly. This is clear from the announcement made by the All India Robotics Association (AIRA) in January 2022 about the start of the domestic production of defense robots. Moreover, the China Personal Service Robotics market held the largest market share, and the India Personal Service Robotics market was the fastest-growing market in the Asia-Pacific region.
Europe Personal Service Robotics market holds the largest share due to the rising demand for personal and business robots in several of its member states. The location of several Personal Service Robotics market participants in this area. Throughout Europe, there are several industrial industries. The medical, defense, logistics, and retail sectors are increasingly in demand from these businesses.
Due to the increased acceptance of these robotic solutions in these nations, countries like Germany, the United Kingdom, France, and Italy are predicted to expand strongly throughout the projection period. Further, the Germany Personal Service Robotics market held the largest market share, and the U.K. Personal Service Robotics market was the fastest-growing market in the European Region.
Personal Service Robotics Key Market Players & Competitive Insights
Leading market players are investing a lot of money in R&D to expand their product portfolios, which will spur further market growth for Personal Service Robotics. With significant industry changes, including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market developments are also undertaking various strategic activities to expand their global presence. To grow and remain in a market that is becoming increasingly competitive, Personal Service Robotics industry competitors must provide affordable products.
One of the primary business strategies Personal Service Robotics industry manufacturers utilize to service clients and expand the market sector is local manufacturing to reduce operating expenses. Some of the most significant benefits recently offered to medicine come from the Personal Service Robotics industry. The Personal Service Robotics market major player such as Samsung Electronics Co. Ltd. (Korea), Hasbro Inc. (U.S.), Ecovacs Robotics Inc (China), ZMP Inc (Japan), Hansol Robotics Corp. (Korea), Neato Robotics Inc (U.S.), F&P Robotics AG(Switzerland), Segway Inc.(U.S.), Honda Motor Co Ltd. (Japan), iRobot Corporation (U.S.)and others are working on expanding the Personal Service Robotics market demand by investing in research and development activities.
Founded in 1967, Hyundai Motor Corporation, sometimes known as Hyundai Motors or just Hyundai, is a global South Korean automobile manufacturer headquartered in Seoul. Presently, the firm owns 33.88 percent of Kia Corporation and controls two other brands, including Genesis Motor, a division producing luxury automobiles, and Ioniq, which produces electric vehicles. The Hyundai Motor Group is made up of these three brands. HYUNDAI MOTOR GROUP purchased an 80% share in Boston Dynamics in June 2021 to bolster its position in the robotics industry.
An American technology business called iRobot Company creates and manufactures consumer robots. Three researchers from MIT's Artificial Intelligence Lab, who created robots for military defense and space exploration, started the company in 1990. To allow additional embedded smart home connections, iRobot teamed with If This Then That (IFTTT), a top online service integration and discovery platform. IFTTT will let iRobot connect products and services like smart thermostats, lighting, and home security into the iRobot HOME App.
Key Companies in the Personal Service Robotics market include
• Samsung Electronics Co. Ltd. (Korea)
• Hasbro Inc. (U.S.)
• Ecovacs Robotics Inc (China)
• ZMP Inc (Japan)
• Hansol Robotics Corp. (Korea)
• Neato Robotics Inc (U.S.)
• F&P Robotics AG(Switzerland)
• Segway Inc. (U.S.)
• Honda Motor Co Ltd. (Japan)
• iRobot Corporation (U.S.)
Personal Service Robotics Industry Developments
-
February 2020: Orpheus Medical supplies hospitals with information technology connections and competence in processing and preserving surgical footage; therefore, Intuitive Surgical purchased the company to expand its integrated informatics platform.
-
May 2022: In two locations in California, Uber Technologies Inc. began testing autonomous food delivery services. The business also disclosed a test program utilizing sidewalk robots and an autonomous vehicle-based food delivery service. Users in West Hollywood and Santa Monica, both in California, can use both services. The self-driving joint venture of Hyundai Motor Co. and Aptiv PLC, Motional, is working with the autonomous vehicle pilot project.
-
February 2022: To increase the capabilities of its digital process automation, Ricoh bought Axon Ivy AG as part of a strategic investment.
-
November 2021: Working together on the Smart Intelligence Robotic Project Cockpit was KUKA AG and MHP (SIRPCO).
Personal Service Robotics Market Segmentation:
Personal Service Robotics Component Outlook
-
Hardware
-
Software
Personal Service Robotics Application Outlook
-
Cleaning Robot
-
Entertainment & Toy Robot
-
Education Robot
-
Handicap Assistance Robot
-
Companion Robot
-
Personal Transportation Robot
-
Security Robot
Personal Service Robotics Regional Outlook
-
North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia-Pacific
-
China
-
Japan
-
India
-
Australia
-
South Korea
-
Australia
-
Rest of Asia-Pacific
-
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
-
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
