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The global service robots market is estimated to grow at a CAGR of more than 21% during the forecast period 2023-2031. The market growth is attributed to various factors such as growing automation demand, both at the domestic and commercial segments for high workplace safety, productivity and efficiency purposes; this has enabled the service robots to be highly innovative and efficient. According to International Federation of Robotics (IFR), the adoption of service robot has increased three folds over the past two decades and is expected to further show the double-digit growth in the coming future. Furthermore, the growth in robotics is expected to propel the economic expansion of the developing countries. Whereas, in the underdeveloped countries, where there is lack of skilled labour, service robots can create tremendous opportunities.
According to the International Federation of Robotics (IFR), around 200 start-ups based out of the U.S. are working on the advancement of professional service robots. The professional service robots are the key focus area owing to the continued strong growth of the service robots industry. Application of professional service robots ranges from retail, healthcare, hospitality, warehouse to more rugged settings in defence, space and agricultural applications.
Biometric recognition, Artificial Intelligence (AI), and 5G networks are making service robots increasingly virtual leading to higher enterprise adoption. Hence, augmentation in technology is expected to bolster the service robot market growth. However, high initial investment and concern for human safety hinders the growth of the service robot market.
Robot-as-a-Service Gaining Traction in the Longer Run
Service robots for professional use are undergoing a technological revolution. A key factor in the robust future of service robots for professional use is the introduction of the Robots-as-a-Service (RaaS) model of ownership. By renting either the cloud computing capabilities or the robot itself, the monetary barriers to its adoption are effectually minimized. As technology advances and investment increases plentiful opportunity awaits in this dynamic and emerging industry. Many tech giants are working to advance the platform to enable RaaS on a large scale. For instance, Amazon.com, Inc. developed AWS RoboMaker, which is a cloud-based platform that provides monitoring, machine learning and analytics to professional service robots manufactures.
Segmentation Overview of the Global Service Robots Market
The global service robots market is segmented on the basis of type, component and application. These major market segments are further categorized into various sub-segments to study the market in detail.
Regional Overview of the Global Service Robots Market
Geographically, the global service robots market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. As per the studies, the North America hold the highest market share in the global marketplace due to increasing adoption of surgical robots by hospitals in the region, easy and affordable availability of technologically advanced service robots and other key factors.
Key Players Insights
Daifuku Co. Ltd., Dematic Corp., Swisslog Holding AG (KUKA), Knightscope Inc., Brokk AB, Kollmorgen Corporation, Intuitive Surgical Inc., Stryker Corp., Husqvarna AB, Construction Robotics LLC, Seegrid Corporation, JBT Corporation, SSI Schaefer AG, iRobot Corporation, BAE Systems, Neato Robotics, Transbotics Corporation, Omron Corporation, Ecovacs Robotics, Northrop Grumman,Grenzebach GmbH & Co. KG, Medtronic PLC, SMP Robotics Systems Corp., Vision Robotics Corporation, Naio Technologies SAS, UBTECH Robotics Inc. and Smith & Nephew PLC among others are some major players included in the research study of the global service robots market. The service robot market is highly competitive in nature, with a balance of start-ups and well-established companies
Research Report on the Global Service Robots Market Include: