Service Robotics Market Analysis
Global service robotics market will rocket to an astonishing US$ 359.77 billion by 2032 from $21.26 billion in 2023 and amazing compounded annual rate growth of 36.39% during 2024-2032. This outstanding transformation is driven by the many advantages of using service robots such as accuracy, superior quality services, ability to do away with human errors and reduce costs of operations.
Service Robotics Market Outlook
Service robotics can be defined as those robots that are intended to interact with people and provide support by accomplishing tasks that are beneficial in different ways for people. Service robots are different from industrial robots, and used in various environments including domestic places, healthcare facilities, workplace, and social areas.Across the globe the service robots have various uses and are applied in various fields of activity. The significant applications of robots are in healthcare they help in surgery, physiotherapy, and in bearing patient care and increase surgery accuracy and recovery span. For home use, there are machines for cleaning the house including the floor, the lawn, and even attending elderly people. The social robots that are in circulation are used for security in that they help to monitor and observe the public and; in customer related businesses such as retail and hospitality industries they perform tasks that would otherwise be the responsibility of customer care services. In this respect, learning robots assist in interactive learning and the acquisition of new abilities. Improvements in areas such as artificial intelligence technology, machine learning and sensor technology increases the global take up on service robotics. This is because more autonomy is achieved allowing the robots to perform various tasks on their own.
Driving Forces of the Global Service Robotics Market
The global rise in the elderly population is a crucial driver for the service robotics market
Many countries are facing problems of aging population and as such there is a huge demand for health care services as well as assistance in daily activities. Service robots provide solutions to these challenges through assistance in medical treatment and health check-ups, domestic chores and company. With this, human caregivers are relieved and the elderly are thus able to live their lives independently thus enhancing their quality of life. Specifically, developed countries such as Japan with aged populations dominate their implementation thus confirming the centrality of service robots in managing an ageing society.Growing consumer demand for convenience and personalized services
The increasing consumer appetite for convenience and individualized services has accelerated the demand for service robots in homes and businesses. Domestic service robots such as the vacuum cleaner and personal assistant help in cutting down the working hours and also enrich home living. Several industries, as the retail and hospitality, enhance patrons’ satisfaction through faster checkouts, automated services, and product suggestions. Sophisticated and modern technology products remain relevant in the market as consumers demand convenient services for carrying out their work and business operations calling for the incorporation of advanced types of robots in the industries. It improves productivity and customer experience; thus, service robots have become a central component of today’s society and commerce.Rapid progress in AI, machine learning, and sensor technology has dramatically enhanced service robots' capabilities.
Advanced development in Artificial intelligence, machine learning, and sensor also have a remarkable impact on the improvements in service robots’ performances. Higher levels of decision-making allow the increased responsibility for decisions, and sophisticated sensors allow enhancing the interaction in complicated environments. These technological advancements enable the robots to do more jobs with increase efficiency and accuracy. The advanced, such as increased processor speed and long-lasting batteries, increases business hours and performance. Such developments are boosting the uptake of the service robots in different industries including medical, transportation, and catering industries, among others since they can perform repetitive tasks, aid in surgeries, offer customer relations among other services. Due to the constant advancement of these technologies, service robots become more and more essential in home and business uses.
Europe Service Robotics Market
Market for service robots in Europe is developing. These are the reasons like the development in technology, scarcity of manpower, and developing elderly populations. Germany, and United Kingdom, and France are some of the leading countries adopted to this market intensely.Germany, because of its highly developed industries and technology is among the leading countries. Germany is currently the pioneer of manufacturing superior service robots for medical, industrial, and home uses. Due to the country’s emphasis on innovation and research, robotics is quickly adopted across several industries.
Another important market is the United Kingdom which equally has large demands in the health care and logistics industries. More and more, hospitals across UK incorporate the use of robots in surgeries, patient treatment, and movement of items within hospitals. Retail and e-commerce are yet other domains that adopt robotic systems in carrying out stock control and customer relations. France is progressing in agricultural and domestic robots. Recent inventions in the French Agricultural robotic technology aids in farming problems while the domestic helping and cleaning ones are gaining immense importance.
Global Service Robotics Company Analysis:
Some top companies in the service robotics industry include KUKA, iRobot Corporation, Intuitive Surgical Inc., Panasonic Corporation, Fanuc, ABB Ltd., and Stryker Corporation.Global Service Robotics Company News:
May 2024: In order to enter the personal mobility market, EveryBot, previously focused on robotic mop cleaners, acquired AI robotics company Highcore. This strategic move aimed to expand EveryBot's product portfolio and explore new markets. Integrating Highcore's technology is expected to bring several advantages, including a projected increase in the market for AI-driven electric wheelchairs. EveryBot also identified significant synergies by combining their sales, marketing, and R&D expertise with Highcore's technological capabilities.January 2024: Acieta was acquired by private equity fund Angeles Equity Partners from Mitsui & Co. of Japan. The financial details were not disclosed. Acieta's acquisition of Mid-State Engineering, R\BEX, and +Vantage marked its fourth entry into the robotics integration market and enhanced its capabilities in tending to, welding, and palletizing equipment across various industries.
March 2023: Stryker introduced Mako Total Knee 2.0 during the AAOS 2023 Annual Meeting in Las Vegas. The system provides an enhanced user experience and reliable results. It features a digital tensioner for intraoperative knee stability assessment during TKA without additional instrumentation. Other features include a new design and a customizable workflow.
Segments - Market & Volume has been covered from 5 viewpoints:
1. Transportation & Logistics2. Professional Cleaning
3. Medical Robotics
4. Hospitality
5. Agriculture & Field
Countries - Market has been covered from 16 viewpoints:
America
- United States
- Canada
- Mexico
- Others
Europe
- France
- Germany
- Italy
- Spain
- Others
Asia Pacific
- China
- India
- Japan
- Republic of Korea
- Thailand
- Others
Rest of the World
Company Insights:
- Overview
- Recent Development & strategies
- Product Portfolio
- Financial Insights
Key Players Analysis:
1. KUKA2. iRobot Corporation
3. Intuitive Surgical Inc.
4. Panasonic Corporation
5. Fanuc
6. ABB Ltd.
7. Stryker Corporation
Table of Contents
1. Introduction2. Research Methodology3. Executive Summary5. SWOT Analysis
4. Market Dynamic
6. Market & Volume Analysis - Global Service Robotics
7. Share Analysis - Global Service Robotics
8. Segments- Service Robotics Market & Volume Analysis
9. By Region Service Robotics Market
10. Company Analysis
Companies Mentioned
- KUKA
- iRobot Corporation
- Intuitive Surgical Inc.
- Panasonic Corporation
- Fanuc
- ABB Ltd.
- Stryker Corporation
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 160 |
| Published | July 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 21.26 Billion |
| Forecasted Market Value ( USD | $ 359.77 Billion |
| Compound Annual Growth Rate | 36.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 7 |
