Global Service Robotics Market

Service Robotics Market Size, Share, Growth Analysis, By Type(Professional, personal & domestic), By Application(Domestic, medical, field, defense), By Component(Hardware (airframe, sensors, cameras, actuators), By Environment(Aerial, ground, marine), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45J2161 | Region: Global | Published Date: June, 2024
Pages: 197 |Tables: 125 |Figures: 77

Service Robotics Market Insights

Global Service Robotics Market size was valued at USD 26.42 billion in 2022 and is poised to grow from USD 30.69 billion in 2023 to USD 134.64 billion by 2031, growing at a CAGR of 16.60% during the forecast period (2024-2031).

Some of the features of service robots include providing accurate and quality service and enabling the user to eliminate human errors and costs of operation, have contributed to the demand of these robots. Further, the advancement of technologies that has led to the enhanced visibility of service robots in day-to-day life is also adding up to the list of captivating factors of the market that is growing at a consistent pace. Home (personal) robots, for entertainment or home use, as well as professional industrial (for military, security, medical, helping, etc.) uses robots and apparatuses are enjoying an increasing trend as the development of technologies and thus the creation of relatively cheap sophisticated robots increases their market accessibility. By the information from IFR, the sales of the professional service robots (PSRs) signed the hikes of about 37% in the year 2021. These are some of the technological advancements concerning cognition, interaction, and manipulation that have help to make service robotics more attractive. Some other subdivisions of tie, component suppliers and integrators have shifted the robotics ecosystem. For instance, in January 2024, ABB acquired Swiss start-up Sevensense, which constitutes a major innovation in service robotics area. Sevensense’s AI-based 3D vision navigation system will now augment AMR by offering speed boosting accuracy and autonomy to ABB. This conforms to the current global trend that calls for service robots that can easily adapt to the robotics facility such as warehouses, hospitals and even shops. When incorporating Sevensense’s visual SLAM technology, it will help AMRs by ABB to navigate complex environments better, counter saying crucial skills deficit. ABB has supplemented its strategic commitment in up-and-coming pioneer AI arrangements after its minority stake in Sevensense the prior year. Given that the global mobile robots market is estimated to grow with a Compound Annual Growth Rate (CAGR) of 20% through 2026, such sophisticated AI-driven robots as ABB’s are expected to become a game-changer in logistics and manufacturing industries.

US Service Robotics Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 26.42 billion

Largest Segment

Hardware

Fastest Growth

Software

Growth Rate

16.60% CAGR

Global Service Robotics Market ($ Bn)
Country Share for North America Region (%)

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Service Robotics Market Segmental Analysis

The global Service Robotics Market is segmented by component, environment, type, application, and region. Based on component, the market is segmented into Hardware (airframe, sensors, cameras, actuators, power supply, control systems, navigation systems, propulsion systems, and others), and software. Based on environment, the market is segmented into aerial, ground, and marine. Based on type, the market is segmented into professional, personal & domestic. Based on application, the market is segmented into Domestic, medical, field, defense, rescue, and security, entertainment, education, and personal, public relation, inspection and maintenance, logistics, construction and demolition, marine, and research and space exploration. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.  

Analysis by Component 

The service robotics market is segmented by hardware, which is the largest service robotics market segment. This dominance can be credited to the intrinsic elements such as sensors, actuators and power structure systems which constitute the basic aspect of robotic capabilities. This is because the rise of more complex and effective robots in fields such as health, farming, and supply chains fuels the desire for more advanced and aggressive hardware designs and revenues. Innovations related to sensors that help in collecting data, lightweight structures, and optimal power systems have boosted the hardware segment to become fundamental for creating usable, efficient service robots. There is an increased focus on developing new technologies that make the hardware more dependable and customizable to meet business requirements. 

On the other hand, the software segment is the most promising part of the service robotics market because it is growing at the fastest pace. That is achievable due to the groundbreaking AI, machine learning, and IoT systems that enhance the robot’s cognition, decision-making, and capabilities. The bring up of sophisticated software is paramount in the creation of smart and autonomous robots that are able to handle resource intensive tasks while requiring as much human intervention as possible. The increase in cloud robotics that uses robots to work with cloud for computing and storage also drive the software segment. With more demands being placed on Smart, adaptive, and easy to upgrade robots, the growth trajectory of the software component is on the upward process which is poised to alter the perception of service robotics in the near future. 

Analysis by Type 

The largest segment in the global service robotics market is the professional segment. This segment intakes robots built for industrial, commercial and certain purpose use such as in manufacturing industries, hospitals, farming, and transportations. In the classification of the service robots, professional type is placed high demand due to the capacity to undertake various operations consistently. Since they came into the market, these robots have been adopted by different industries in different sectors in an attempt to avoid use of manpower while achieving higher productivity. Some of the market leaders are shifting their focus to improve the professional service Robots with features including autonomous navigation, integrated AI-driven decision-making and collaborative features which help in the growth of the particular segment of this market. 

On the other hand, the highest growth rate in the global market for service robotics is seen in the personal and domestic type. This growth is attributed by the increasing customer request for robotics that can be used for cleaning tasks, being social and improving the standards of a human being’s life. The use of Artificial Intelligence, sensors and reduction of costs has made it possible to have intelligent, personal and domestic robots which have abilities to perform so many different tasks, and personal uses like cleaning such as vacuum cleaning, mowing the lawn, and even security, entertainment among others. due to the trend among consumers to search for intelligent ways to make their daily routine less complicated, the opportunities in the personal and domestic category are poised to grow at a fast pace as new possibilities and features to the products are being introduced constantly to fulfill the changing needs of the consumers.

Global Service Robotics Market Size By Component (%), 2022 (%)

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Service Robotics Market Regional Insights

The global service robotics market is dominated by North America as this region offers a robust environment for robotics firms, an advanced technological environment, and supportive policies among other factors. United States stands as one of the leading nations in the development of service robotics owing to its advanced research facilities and increasing market need covering different sectors such as healthcare industry, logistics and consumer goods. Several technologies including the Internet of Things, IOT, Artificial Intelligence, AI, have consequently boosted the North America’s service robotics.  

The Asia-Pacific region has become one of the most promising region for growth in terms of demand for service robotics, mainly due to the fast-paced industrialization and urbanization’s as well as technological developments in the countries such as China, Japan, Korea, and India. The increasing populations of the region and the contrasting tendencies in the labor cost along with the climb in productivity demands have also been deemed as primary reasons for the rampant use of service robots in healthcare sectors, logistics and agricultural automation among others. Further, the region’s governments have been increasingly promoting service robots through policies–funding, and smart city initiatives. Also, the rising middle-class people along with high disposable income has also triggered the use of consumer service segment robots like as personal assistant and cleaning robots, which are truly fueling the growth of the Asia-Pacific service robotics market.

Global Service Robotics Market Size By Geography, 2024-2031
  • Largest
  • Fastest

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Service Robotics Market Dynamics

Service Robotics Market Drivers

Availability of affordable service robots  

  • As a result of advancement in technology and increased production of robots, the cost of producing robots has been reduced drastically. Recent statistics show that over the last 30 years the price tag of a robot has in actual fact halved and is greatly reduced if measured against labour costs. Additionally, because of the growing application of robots mainly from new generation countries the production is expected to move to cheaper markets hence adding to the decrease in cost of manufacturing. Further, labor costs are increasing, and they are compared to the cost of robots in the established manufacturing countries play a role in the order of the ever-improving pricing model, which is beneficial for the market. The enhancement of the capabilities of the robots was possible because of technological advancement. This together with the better productivity and quality of the service robot helped in boosting the market. 

Expanding funding allocated for researching on robots 

  • The world spends a large amount every year on service robotics research and development; the funding for this field has grown considerably in the past few years, with several governments starting initiatives in this line. The National Artificial Intelligence Research and Development Strategic Plan revealed that AI researchers in the G20 countries are expected to contribute ~USD 11.5 trillion by the year 2028. Many nations are allocating more resources to robotics, which is primarily funded through government. For instance, the Government of China channeled its funding of USD 43.5 million, regarding the ‘Key Special Program on Intelligent Robots’ for the 2022 fiscal year. Furthermore, In Japan, a budget of USD 440 million assigned to robotics-related projects in the Moonshot Research and Development Program over 5 years from 2020 to 2025. 

Restraints 

Customer’s loss of data privacy and regulatory concerns 

  • As software services bring opportunities in robotics system, challenges remain when it comes to data ownership. Delivery robots use the public areas meant for pedestrians; this ensures regulation as they work under the purview of law. Negligence is a tort commonly gives most western legal authorities the duty to the manufacturer if the delivery robot harms a user or members of the public interacting with the robot. Namely, in February 2020, the Nuro ‘s R2 which is an autonomous delivery vehicle was licensed to be tested in the US on public roads by the Department of Transportation. Consequently, there are more stringent rules inhibiting the application of delivery robots. 

High initial cost of investments as a factor affects the market growth 

  • The setup, software purchase, and integrating the system, besides other related equipment is quite costly and therefore it is a restraint to the market growth of service robotics. Additionally, as stated by the Robotic Industries Association, the yearly service cost to maintain the service robots is approximately USD 2,50,000 and USD 10,000. This forms a barrier to the adoption of these robots by enterprises, particularly S&MEs in manufacturing since the businesses experience difficulties in sourcing for large amounts of capital to finance the high costs due to minimal production volumes and relatively lower returns on investment. It arises that due to the cost which is associated with the upgrading of the software, the replacement of sensors as well as other devices, the cost of ownership of service robots rises and hence slows down the market growth rate. On that account, on the basis of all these factors, a stagnation in the rate of market growth of service robots has been witnessed.

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Service Robotics Market Competitive Landscape

Global service robotics market is set to grow rapidly due to development in Artificial Intelligence and Internet of Things as well as sensor technology. Big brands with a significant market share of robot product segments are focusing on sectors like domestic robots, medical robots, and special service robots. Emerging competitors are gaining traction, particularly in educational and disinfection robots. Regional markets, such as Asia-Pacific, led by Japan and South Korea, show robust growth due to favorable government policies and technological innovation. Intense competition is being observed in terms of partnering, sustained research and innovation as well as development and innovation that reflects on flexible and affordable solutions. Using artificial intelligence, corporations are setting out to optimize robot independence and productivity, which pointed out the fact that services robots market has gone through the progress stage and enters the intelligence stage.

Service Robotics Market Top Player's Company Profiles

  • iRobot  (US) 
  • SoftBank Robotics Group (Japan) 
  • Intuitive Surgical (US) 
  • JD.com, Inc. (China) 
  • Daifuku (Japan) 
  • Samsung Electronics Co., Ltd. (South Korea) 
  • DJI (China) 
  • Kongsberg Maritime (Norway) 
  • Northrop Grumman (US) 
  • DeLaval (Sweden) 
  • Exyn Technologies (US) 
  • XAG (China) 
  • AMP Robotics (US) 
  • UVD Robots (Denmark) 
  • Diligent (US) 
  • HARVEST CROO (US) 
  • Starship Technologies (US) 
  • PARROT SA (France) 
  • General Electric (US) 
  • Amazon Robotics (US)

Service Robotics Market Recent Developments

  • In January 2024, the Private equity firm Angeles Equity Partners bought robotics integrator firm Acieta from Mitsui & Co. based in the USA. No breakdown of financial arrangements of the investment was revealed. Mid-State Engineering had earlier informed Angeles that it sought to buy the firm as it expanded into the robotics integration sector for the fourth time by acquiring Mid-State Engineering, RōBEX, and +Vantage. Angeles noted that the Acieta agreement enhanced its capacity in equipment tending, welding, and palletizing for different sectors such as production and agriculture, foundry and die, welding and fabrication, together with construction and building products. 

  • In May 2024, EveryBot, which initially specialized in robotic mop cleaners, acquired AI robotics firm Highcore to enter the personal mobility segment. Thus, this strategic decision was specifically oriented to broaden EveryBot’s offerings and consider new markets for growth. The integration of Highcore’s technology is expected to bring numerous benefits. EveryBot expected increased demand for AI-driven electric wheelchairs among disabled and other mobility-impaired groups, both domestically and internationally. By combining Highcore’s technological expertise with EveryBot’s strengths in sales, marketing, and research and development, the company foresaw significant synergies.

Service Robotics Key Market Trends

  • Robots for Professional use: There are business robotic systems containing field robots, defense and security robotics, medical assisting robots or MARs, public service robots, electrical and wiring industry robotic systems and construction robots. The sophistication of the structures within all these sectors through digital technologies and automation solutions need the application of professional robots. For instance, service robots are used in construction activities to tackle issues of excessive charges on labor, shortage of talents and recurrent mishaps. It also enables building more reliably since there is very little chances of human errors. This is made possible by advanced technologies such as 3D printing and demolition robots that lay a perfect ground in adoption of robots within construction industry. Transportation, hospitality, medical facilities, professional cleaning, and agriculture are five primary sectors that are known to have the highest level of professional robots’ implementation. The transport sector used to be among the dominant sector that adopted professional robots in the stated year. For instance, as estimated by IFR nearly 1,21,000 units of professional service robots were sold in 2021 - thus over one-third of all units manufactured –were for the specific role of transport of cargos and goods. Medical and healthcare robots are applied in diagnosing apparatuses, surgical assisting, therapeutic aids, rehabilitation aids and many others. COVID-19 significantly contributed to the increase in the demand of robots in the sector. For example, IFR 2021 shows that global sales of medical robots were 23 percent higher in 2021, and it is a total of 14,823 units.

Service Robotics Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. 

According to our global Service Robotics Market analysis, the market is rapidly evolving due to the improvements of AI technology, machine learning, and sensors. SoftBank Robotics, iRobot, and Intuitive surgical are some few companies that continue to hold strategic and key positions in the areas of domestic, medical and the professional service robots. This has been driven by rising labour costs, ageing demographics, and requisite automation across sectors including health, production, and delivery. Asian-Pacific countries focused on supporting the perspectives of the new technology market, especially Japan and South Korea, therefore being more pivotal. By partnering and acquisitions such as the EveryBot Highcore deal, the market gives out the impression of flexibility. Step by step, corporations are paying more attention to improving the robots’ efficiency, capability and ease of use, which has led to increased competition and market growth. It also has some drawbacks, for example, high initial investment, and additional regulatory requirements; nevertheless, the market will undoubtedly continue to be active further. Ongoing development and integration of solutions in the AI field will ensure the further development of new opportunities to apply service robots, which will become essential in people’s daily lives as well as professional activity.

Report Metric Details
Market size value in 2022 USD 26.42 billion
Market size value in 2031 USD 134.64 billion
Growth Rate 16.60%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Professional, personal & domestic
  • Application
    • Domestic, medical, field, defense, rescue, and security, entertainment, education, personal and, public relation, inspection and maintenance, logistics, construction and demolition, marine, and research and space exploration
  • Component
    • Hardware (airframe, sensors, cameras, actuators, power supply, control systems, navigation systems, propulsion systems, and others), software
  • Environment
    • Aerial, ground, marine
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • iRobot  (US) 
  • SoftBank Robotics Group (Japan) 
  • Intuitive Surgical (US) 
  • JD.com, Inc. (China) 
  • Daifuku (Japan) 
  • Samsung Electronics Co., Ltd. (South Korea) 
  • DJI (China) 
  • Kongsberg Maritime (Norway) 
  • Northrop Grumman (US) 
  • DeLaval (Sweden) 
  • Exyn Technologies (US) 
  • XAG (China) 
  • AMP Robotics (US) 
  • UVD Robots (Denmark) 
  • Diligent (US) 
  • HARVEST CROO (US) 
  • Starship Technologies (US) 
  • PARROT SA (France) 
  • General Electric (US) 
  • Amazon Robotics (US)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Service Robotics Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Service Robotics Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Service Robotics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Service Robotics Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Service Robotics Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Service Robotics Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

Global Service Robotics Market size was valued at USD 26.42 billion in 2022 and is poised to grow from USD 30.69 billion in 2023 to USD 134.64 billion by 2031, growing at a CAGR of 16.60% during the forecast period (2024-2031).

Global service robotics market is set to grow rapidly due to development in Artificial Intelligence and Internet of Things as well as sensor technology. Big brands with a significant market share of robot product segments are focusing on sectors like domestic robots, medical robots, and special service robots. Emerging competitors are gaining traction, particularly in educational and disinfection robots. Regional markets, such as Asia-Pacific, led by Japan and South Korea, show robust growth due to favorable government policies and technological innovation. Intense competition is being observed in terms of partnering, sustained research and innovation as well as development and innovation that reflects on flexible and affordable solutions. Using artificial intelligence, corporations are setting out to optimize robot independence and productivity, which pointed out the fact that services robots market has gone through the progress stage and enters the intelligence stage. 'iRobot  (US) ', 'SoftBank Robotics Group (Japan) ', 'Intuitive Surgical (US) ', 'JD.com, Inc. (China) ', 'Daifuku (Japan) ', 'Samsung Electronics Co., Ltd. (South Korea) ', 'DJI (China) ', 'Kongsberg Maritime (Norway) ', 'Northrop Grumman (US) ', 'DeLaval (Sweden) ', 'Exyn Technologies (US) ', 'XAG (China) ', 'AMP Robotics (US) ', 'UVD Robots (Denmark) ', 'Diligent (US) ', 'HARVEST CROO (US) ', 'Starship Technologies (US) ', 'PARROT SA (France) ', 'General Electric (US) ', 'Amazon Robotics (US)'

As a result of advancement in technology and increased production of robots, the cost of producing robots has been reduced drastically. Recent statistics show that over the last 30 years the price tag of a robot has in actual fact halved and is greatly reduced if measured against labour costs. Additionally, because of the growing application of robots mainly from new generation countries the production is expected to move to cheaper markets hence adding to the decrease in cost of manufacturing. Further, labor costs are increasing, and they are compared to the cost of robots in the established manufacturing countries play a role in the order of the ever-improving pricing model, which is beneficial for the market. The enhancement of the capabilities of the robots was possible because of technological advancement. This together with the better productivity and quality of the service robot helped in boosting the market. 

Robots for Professional use: There are business robotic systems containing field robots, defense and security robotics, medical assisting robots or MARs, public service robots, electrical and wiring industry robotic systems and construction robots. The sophistication of the structures within all these sectors through digital technologies and automation solutions need the application of professional robots. For instance, service robots are used in construction activities to tackle issues of excessive charges on labor, shortage of talents and recurrent mishaps. It also enables building more reliably since there is very little chances of human errors. This is made possible by advanced technologies such as 3D printing and demolition robots that lay a perfect ground in adoption of robots within construction industry. Transportation, hospitality, medical facilities, professional cleaning, and agriculture are five primary sectors that are known to have the highest level of professional robots’ implementation. The transport sector used to be among the dominant sector that adopted professional robots in the stated year. For instance, as estimated by IFR nearly 1,21,000 units of professional service robots were sold in 2021 - thus over one-third of all units manufactured –were for the specific role of transport of cargos and goods. Medical and healthcare robots are applied in diagnosing apparatuses, surgical assisting, therapeutic aids, rehabilitation aids and many others. COVID-19 significantly contributed to the increase in the demand of robots in the sector. For example, IFR 2021 shows that global sales of medical robots were 23 percent higher in 2021, and it is a total of 14,823 units.

The global service robotics market is dominated by North America as this region offers a robust environment for robotics firms, an advanced technological environment, and supportive policies among other factors. United States stands as one of the leading nations in the development of service robotics owing to its advanced research facilities and increasing market need covering different sectors such as healthcare industry, logistics and consumer goods. Several technologies including the Internet of Things, IOT, Artificial Intelligence, AI, have consequently boosted the North America’s service robotics.  

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