Global Professional Service Robots Market

Professional Service Robots Market Size, Share, Growth Analysis, By Form Factor(Land-based, Water-based), By Application(Logistics, Healthcare) - Industry Forecast 2024-2031

Report ID: SQMIG45M2017 | Region: Global | Published Date: May, 2024
Pages: 196 | Tables: 67 | Figures: 72

Professional Service Robots Market Insights

Global Professional Service Robots Market Size was valued at USD 31.2 billion in 2022 and is poised to grow from USD 42.21 billion in 2023 to USD 474.06 billion by 2031, growing at a CAGR of 35.3% in the forecast period (2024-2031).

Service robots used in a professional setting other than manufacturing facilities are known as professional service robots. Dearth of skilled professions, rising labor costs, and advancements in robotics technology are anticipated to be the key factors promoting professional service robots demand outlook. Moreover, growing acceptance of automation and robotics in different industry verticals are also projected to favor sales of professional service robots in the future. High investments in the development of novel robots and growing awareness regarding benefits of robotics adoption are also slated to favor market development going forward. Integration of artificial intelligence and development of autonomous robots will be key trends for professional service robot companies in the long run. However, safety concerns regarding use of robots and high investments associated with it are slated to impede professional service robot demand outlook through 2031.

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Professional Service Robots Market Size was valued at USD 31.2 billion in 2022 and is poised to grow from USD 42.21 billion in 2023 to USD 474.06 billion by 2031, growing at a CAGR of 35.3% in the forecast period (2024-2031).

Professional service robot providers should focus on maximizing their sales by collaborating with companies from different industry verticals and optimizing robots for their usage. Professional service robot manufacturers can also integrate advanced technologies such as artificial intelligence and machine learning to improve the safety and capability of their offerings. Mergers and acquisitions are projected to be preferred strategies for companies looking to improve their market presence. 'Hanson Robotics', 'Northrop Grumman', 'ECA Group', 'DeLaval International AB', 'Intuitive Surgical Inc.', 'Robert Bosch GmbH', 'Aethon Inc.', 'iRobot', 'DJI', 'Kongsberg Maritime', 'Blue River Technology', 'Boston Dynamics', 'Cyberdyne Inc.', 'KUKA AG', 'Honda Motor Co. Ltd.', 'Neato Robotics', 'Softbank Robotics'

Shortage of skilled labor force around the world has resulted in high labor costs and this has reduced the profits of organizations. This is why companies are investing in the deployment of professional service robots to save on labor costs and improve profitability of their business.

Demand for Autonomous Robots: Professional service robot manufacturers should focus on the development of autonomous robots to maximize their sales in the future. These type of service robots will be highly popular and in-demand in material handling and other types of industries going forward.

Europe is projected to account for a substantial share of the professional service robot demand outlook across the forecast period. The presence of key professional service robot manufacturers and growing adoption of professional service robots in logistics operations are allowing Europe to account for a major share of this market. Interdisciplinary approach on robotics research in this region is also a key factor promoting sales of professional service robots. Germany and the United Kingdom are slated to be the most lucrative markets for professional service robot companies in this region.

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Global Professional Service Robots Market

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