Service Robotics Market Size | Product, Key Players | Worth US$ 35.4 Billion, by 2020 at 27.4% CAGR – Exclusive by R&I:
Service Robotics Market Size | Product, Key Players | Worth US$ 35.4 Billion, by 2020 at 27.4% CAGR – Exclusive by R&I:
The service robotics market size was valued at US$ 35.4 Bn in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 27.4% from 2020 to 2028

Reports & Insights freshly released a new report entitled as Service Robotics Market: Opportunity Analysis and Future Assessment 2022-2030”, in which the base year is considered for the study is 2021, estimated year is 2022, and the forecasted year is considered 2023-2030. The global Service Robotics market in 2022 is estimated for more than US$ xx Bn and expected to reach a value of US$ xx Bn by 2030 with a significant CAGR of 27.4%. The report promises to offer its clients with an absolute across-the-board, premium quality primary data about the market prospects and in-depth knowledge of the trends prevailing in the market. The report further aims to provide a quantitative and qualitative synopsis of the theoretical framework and rational approach of the market expatiate using certified research methodologies and proficient expertise.

The service robotics market size was valued at US$ 35.4 Bn in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 27.4% from 2020 to 2028

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Service Robotics Introduction

Initially, the idea of robotics was only enforced in an industrial context as a mode of automation. The process automation allows the accomplishment of processes in an efficient and reliable way along with maintaining the constant quality level.

Moreover, there are numerous other benefits lie in the escalated output, the deduction in personnel costs, and in releasing the workforce from repetitive, dull, or complex tasks. Noticeably, among all other industries, the automotive industry, where there is a huge need for automation, the concept of robotics is enormously helpful for superior earnings and productivity in the processes.

However, in the modern-world scenario, along with the idea of industrial robots, service robots have appeared in the picture as well. By virtue of many advancements in sensor technology, robots are no longer restricted to a manufacturing and industrial context but can function in open and spontaneous environments of day to day life.

Although, the major factor that makes all the difference between an industrial robot and a service robot is not the robot itself but rather the framework it is functioning in. Basically, service robots carry out tasks in the human ecology that deliver human needs.

In addition, the rapidly evolving service sector, in present times, further stimulates the need for service robotics or service robots as they are likely to be the key to forthcoming competitive advantage. Attributing to which, the service robotics market is projected to grow higher in the coming years.

Service Robotics Market Dynamics

The idea of service robotics is mainly designed for the purpose of serving in human environment or environments except industrial automation application. Also, service robotics also differs in two types as domestic/personal service robots and commercial/professional service robots.

The robots which are majorly used to perform routine chores, or employed for non-commercial use, and others are commonly known as the domestic/personal service robots. Whilst the robots which are used to accomplish commercial jobs and are functioned by skilled and trained operators are known as the professional service robots.

The exponentially flourishing service sector, in the current times, is one of the primary factors that is boosting the growth of the global service robotics market worldwide. In addition, the various technological advancements and innovations, with regard to interaction, cognizance, and management, have further evolved service robotics into a more appealing and attractive concept across various industries worldwide. Owing to which, the global service robotics market is further expected to escalate higher in the forthcoming years.

The novel idea of service robotics has drawn attention of several different industries across the world owing to numerous benefits it offers, including are delivery of accurate and high-quality services, enhanced usability, reduced human errors as well as operational costs, and reliability, ultimately resulting in the widespread acceptance of service robots worldwide. Such factors are also estimated to positively fuel the growth of the global service robotics market in the years to come.

With the same token, commercial/professional service robots are employed in various industries comprising defense and security, healthcare, forestry, agriculture, construction, and logistics among others, whereas domestic service robots are used for personal and entertainment purposes.

The shortage of skilled and trained workforce, increased human errors as well as labor costs, surging technological advances and increasing awareness regarding beneficial factors of the service robots is further positively propelling the demand of service robots in the global markets, thereby projected to give major breakthroughs to the growth of the globals service robotics market over the forecast period.

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Service Robotics Market Segmentation

The global service robotics market is segmented on the basis of type, environment, component, application and regions. On the basis of type, the service robotics market is segmented into professional and personal/domestic service robots. On the basis of environment, the market is categorized into Aerial, Ground and Marine. Furthermore, the service robotics market is segmented on the basis of components into Hardware and Software. Furthermore, the market is segmented on the basis of applications into Domestic, Medical, Field, Defense, Rescue, and Security, Entertainment, Educational, and Personal, Public Relations, Inspection and Maintenance, Logistics, Construction and Demolition, Marine.

By Type

  • Professional
  • Personal/Domestic

By Environment

  • Aerial
  • Ground
  • Marine

By Components

  • Hardware
  • Software

By Applications

  • Domestic
  • Medical
  • Field
  • Defense, Rescue, and Security
  • Entertainment, Educational, and Personal
  • Public Relations
  • Inspection and Maintenance
  • Logistics
  • Construction and Demolition
  • Marine

By Region

  • North America
  • Latin America
  • Africa
  • Europe
  • Asia Pacific
  • Middle East

Service Robotics Market Key Players

The global Service Robotics market is dominated by iRobot, SoftBank Robotics Group, Intuitive Surgical, DeLaval, Daifuku, CYBERDYNE, DJI, Kongsberg Maritime, Northrop Grumman, Neato Robotics, among others.

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