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For the service robotics industry, a market's refrigerator is form and purpose all in one. A music market The rapidly advancing technology, especially artificial intelligence (AI) and machine learning plays an important role in nurturing this market. These developments increase the degree of complexity for service robots so that they can do complex work. However, they are flexible and can adapt to changing circumstances. As the integration of AI continues, more and more industries will fall under its market. Capability-wise, robots are gradually becoming darker and smarter.
These other factors are also important: efficiency and productivity must improve, so the various industries will have to become more automated. This is the key to automating tasks in healthcare, logistics and manufacturing. Why? Because labor-saving techniques are required. And automatic replacement of repeated strenuous tasks is called for in particular. This is particularly the case in those industries where greater efficiency can mean the difference between competitive and uneconomical production.
Digital transformation of all industrial sectors is another moving force in market factors. As businesses today accept Industry 4.0 and smart technologies, service robots will find their way into connected autonomous systems in many different ways. When robotics is combined with the digital environment, data interchange and real-time communication become decision making. This factor indicates that the development of service robotics and digitalization trends are quite complementary throughout industry.
Therefore, issues such as whether service robotics is economically viable are also a factor of market dynamics. The initial outlay for robotics is large, but the long-term returns of accelerated efficiency and reduced operating expense with superior results more than make up for it. A:Time and money are the decisive factors for businesses concerned with optimizing their production or fighting to survive in rapidly mutating marketplaces.
The service robotics market is also heavily influenced by government policies and regulations. Policies which are favorable to growth include promoting research and development, stimulating innovation or encouraging the use of automation technologies. But regulatory barriers and uncertainties stand in the way of large-scale applications for service robots. Finding a balance between creative activity and lawfulness, these are the conditions that make for long-term growth.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 22.43 Billion |
| Growth Rate | 15.00% (2022-2030) |
Service Robotics Market Highlights:
Global Service Robotics Market Overview:
The service robotics market size was valued at USD 19.5 billion in 2021. The service robotics industry is projected to grow from USD 22.43 Billion in 2022 to USD 59.65 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.00% during the forecast period (2024 - 2032). Increasing acceptance of robots for new applications offering high returns on investment and increasing utilization of IoT in the robots for cost-efficient analytical maintenance are the key market drivers expanding the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Service Robotics Market Trends
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Availability of affordable service robotics to boost the market growth
Due to the advances in artificial intelligence chips, edge, and the establishment of 5G in telecom services are expected to provide a boost to the service robotics. The professional service robotics will Heather greater improvement due to these developments. Professional service robotics would show huge performance with a lesser utilization of power. The prominent market players are also trying to deliver a technological breakthrough to deliver enhanced, integrated and comprehensive designs for various robotic solutions. Qualcomm provided the world's first 5G and artificial intelligence-based platform. It was for the use of professional service applications and industrial service applications.
Further, the cost of making service robotics has decreased significantly due to rapid technological advancements and the rise in the production of robots. Over the past 30 years, the average price of a robot has decreased by half in real terms and even further compared to labor costs. Furthermore, owing to the rising demand for service robotics from emerging economies, it is anticipated that the production of robots will shift to low-cost regions, further reducing manufacturing costs. In addition, An IoT-based solution allows storing terabytes of data and parallelly running machine learning (ML) algorithms on several computers to forecast possible hazards and identify when industrial equipment is likely to fail, thereby assisting in predictive maintenance. Data from various sensors in a robot, such as heat and voltage sensors, are gathered on the cloud, and the data is analyzed with ML algorithms. ML algorithms are applied to reveal hidden correlations in datasets and detect abnormal data patterns.
Additionally, the adoption rate of service robots is anticipated to augment due to high labor costs, shortage of skilled workforce, growing demand for automation in both professional and personal sectors, and rising awareness regarding the benefits of service robots. Registering the widening of application areas, key companies are investing extensively in research and development. This, in turn, enhanced the service robotics market CAGR across the globe in recent years.
However, Service robotics are gaining traction due growing demand for automated solutions across several professional sectors. The service robotics are further integrated with advanced technologies such as artificial intelligence (AI). These integrations are enhancing the efficiency and capability of service robotics. Improving trends in robotics increased productivity and improved the economic conditions of developing nations due to the utilization of robotics. Service robotics are also anticipated to create tremendous opportunities in many industrial sectors in underdeveloped economies and expand the growth of the service robotics market revenue.
Service Robotics Market Segment Insights:
Service Robotics Type Insights
The service robotics market segmentation, based on type, includes domestic and professional. The professional segment held the majority share in 2021 of the service robotics market revenue. This is primarily due to the increasing demand for service robotics in many industries like logistics, defense, construction and medical there is good growth in the market. However, domestic is the fastest-growing category over the forecast period. Personal robotics are utilized in the residential sector. To assist in the education of individuals in home settings is an increasing trend across the globe. These personal robotics are also extremely utilized for lawn mowing, pool cleaning, vacuum, floor cleaning and entertainment to enhance the market growth.
Figure 1: Service Robotics Market, by Type, 2021 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Service Robotics End-User Insights
The service robotics market data has been bifurcated by end-user into healthcare, defense, electronics, automotive, transportation, and construction. The automotive segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the increased automation in this field service robotics are used to move and store goods which helps in saving time and provides efficient functioning. However, construction is the fastest-growing category over the forecast period due to the increasing number of residential projects and commercial projects around the globe, there is a huge demand for service robotics in the construction and demolition segment.
Service Robotics Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America service robotics market accounted for USD 8.56 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the growing acceptance of surgical robots by hospitals, suitable investment scenarios for the research on assistive technologies, and the accessibility of scientifically advanced service robotics will further boost the growth of the market in the region.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: SERVICE ROBOTICS MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe service robotics market accounts for the second-largest market share due to increasing demand for personal robotics and professional robotics in several countries of this region. A huge number of market players are situated in this region. Further, the Germany service robotics market held the largest market share, and the UK service robotics market was the fastest-growing market in the European region.
The Asia-Pacific service robotics Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to the increasing adoption of service robotics in this region in the research and development activities in the industrial robot sector. The government in the Asia Pacific region or increasing investments in robotics, artificial intelligence, automation and other technologies. Moreover, China service robotics market held the largest market share, and the India service robotics market was the fastest-growing market in the Asia-Pacific region.
Service Robotics Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the service robotics market grow even more. Market players are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product introduction, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the service robotics industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the service robotics industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. The service robotics industry has provided technologies with some of the most significant benefits in recent years. The service robotics market major player such as Parrot Drones SAS, GeckoSystems Intl. Corp., KUKA AG, and others are working on expanding the market demand by investing in research and development activities.
Intuitive Surgical Inc (Intuitive Surgical) provides robotic-assisted minimally invasive surgery (MIS) devices. Its portfolio encompasses da Vinci Surgical Systems, InSite and Firefly Fluorescence imaging systems (Firefly), Ion endoluminal systems, instruments and accessories and training technologies. In February 2020, Intuitive Surgical acquired Orpheus Medical to expand its integrated informatics platform. Orpheus Medical provides hospitals with information technology connections and expertise in processing and archiving surgical videos easily.
Also, Ricoh Company, Ltd. manufactures and markets office automation equipment, electronic devices, and photographic instruments. The Company's diverse product line includes facsimiles, image scanners, printers, digital cameras, personal computers, and a full range of analog, digital, and color copiers. In February 2022, Ricoh acquired Axon Ivy AG as a part of its strategic investment with an objective to expand its digital process automation capabilities.
Key Companies in the Service Robotics market include
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GeckoSystems Intl. Corp. (USUS.)
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Honda Motor Co. Ltd. (Japan)
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Adept Technology Inc. (USUS.)
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KUKA AG (Germany)
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iRobot Corporation (USUS.)
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Kongsberg Maritime AS (Norway)
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DJI (China)
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Knightscope, Inc.
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SoftBank Robotics
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Intuitive Surgical Inc. (USUS.)
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Parrot SA (France)
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Grumman Corporation (USUS.)
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Fujitsu Frontech Limited (Japan)
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LGLG Electronics Inc. (South Korea), among others
Service Robotics Industry Developments
September 2022: Avidbots, a robotics enterprise based in Canada, raised USD 70 million in the Series C funding round. The firm primarily develops autonomous cleaning robots and has built Neo 2, a robotic floor cleaner designed for commercial environments such as warehouses, airports, and shopping malls.
September 2022: Jacky's Business Solutions, a leading B2B technology solutions provider, announced a showcase of its latest iteration of Temi Robot (V3) at the Gitex event. The company launched this new personal assistance robot in the Middle East with Robot-as-a-service (RaaS) business model.
February 2022: Ricoh acquired Axon Ivy AG as a part of its strategic investment with an objective to expand its digital process automation capabilities.
November 2021: KUKA AG and MHP collaborated to work on Smart Intelligence Robotic Project Cockpit (SIRPCO).
September 2020: SoftBank Robotics Group and Bear Robotics, a robotics and artificial intelligence company, collaborated to develop a new robot named SERVI for use in the food service and hospitality industry.
Service Robotics Market Segmentation:
Service Robotics Type Outlook
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Domestic
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Professional
Service Robotics End User Outlook
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Healthcare
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Defense
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Electronics
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Automotive
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Transportation
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Construction
Service Robotics Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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