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Escalating demand for service robots across diverse industries coupled with a growing need to address labor shortages is fueling significant growth in the service robotics market.
Austin, July 26, 2024 (GLOBE NEWSWIRE) — The Service Robotics Market Size was valued at USD 42.13 Billion in 2023. It is expected to reach USD 146.82 Billion by 2032 and grow at a CAGR of 14.88% over the forecast period 2024-2032.
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The service robotics industry is experiencing rapid growth because of advancements in artificial intelligence, sensor technology, and machine learning. Service robots are being more frequently used in healthcare, domestic, agricultural, and various other industries. The global experience of artificial intelligence is becoming more and more transformative. The anticipated 63% subscription rates in the next three years are expected to support the potential increase in tuning-in growth, with the current application being present on 77% of devices in 2023 and the market expanding by at least 120% year-over-year. Nonetheless, the existing awareness of this tool is still lacking, with only one-third of consumers acknowledging its utility.
The market growth is due to the rise in automation demand and the need to enhance operational efficiency. Additionally, the increasing number of elderly individuals, combined with the decreasing available labor force, fuels the need for service robots. 50% of all work has the potential to be automated, with 37% of HR functions also having the potential for automation. 57% of companies are adopting HR automation while 56% are using AI to eliminate repetitive tasks to improve their employees’ experience.
Service Robotics Market Report Scope:
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Report Attributes |
Details |
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Market Size in 2023 |
USD 42.13 billion |
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Market Size by 2032 |
USD 146.82 billion |
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CAGR |
14.88% by 2024-2032 |
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Base Year |
2023 |
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Forecast Period |
2024-2032 |
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Historical Data |
2020-2022 |
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Key Growth Drivers |
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Key PLAYERS:
The key players in the service robotics market are AB Electrolux, Intuitive Surgical, Panasonic Corporation, robert bosch, iRobot Corporation, Honda Motor, Aethon, Samsung Electronic, Yujin Robot, DeLaval & Other Players.
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Segment Analysis:
By Type:
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Personal and Domestic
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Professional
The professional sector acquired more than 52.62% of the market in 2023. The main reason for this increase is the growing need for service robots in various industries such as defense, medical, construction, logistics, and more. Moreover, the service robot industry’s market share is greatly influenced by the widespread integration of automation and mobility in industrial sectors. The personal sector is expected to experience accelerated growth in the forecast timeframe of 2024-2032. Usually used to help, teach, and support people at home, these robots are useful for activities such as cleaning floors, vacuuming, maintaining swimming pools, cutting grass, and providing entertainment.
By Component:
In 2023, the hardware sector held over 57% of the market share, establishing dominance in the market. The market’s expansion is because hardware service robots are versatile and can be used in a wide range of applications, from service to industrial sectors. This category of robotics spans healthcare, hospitality, logistics, and home assistance, with various hardware features tailored to each application, commonly utilizing sensors, actuators, and mobile energy-producing devices. At the same time, the smartest robotic units can have advanced processors and communication tools.
By Environment
By Application
Regional Developments:
North American market held the largest market share of over 38.5% in 2023, due to the increasing market use of service robots in countries like the United States and Canada. The growing hospital acceptance of surgical robots, investment in assistive technology research more feasible, and the presence of advanced service robotics will boost the market growth of the region.
Asia-Pacific region is expected to have a faster growth rate during the forecast period 2024-2032. The widening of use of the service robotics in the region is attributed to their increasing adoption in the industrial robot sector for research and development activities. The investment in robotics, artificial intelligence, automotive, and many other sectors of the Asia Pacific government is increasing.
Recent Developments
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In January 2024, Instock Inc. secured $3.2M in funding to develop their innovative storage and retrieval systems. They utilize “gravity-defying robots” and launched their first production system in January 2024 with a North American 3PL company.
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In May 2023, KT Corp partnered with Bear Robotics and LG Electronics to unveil two new AI service robots. These robots boast improved driving stability, and weight detection, and integrate with tablets and kiosks for enhanced customer service.
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Key Takeaways
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The service robotics market is experiencing robust growth driven by factors such as increasing automation, labor shortages, and technological advancements.
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Early adoption of service robotics can provide a competitive edge and enhance operational efficiency.
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Understanding the market dynamics, including segmentation by type, component, and environment, is crucial for effective business strategies.
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Staying informed about the latest technological advancements and market trends is essential for success in the service robotics industry.
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By leveraging the insights provided in this report, businesses can make informed decisions and capitalize on the growth potential of the service robotics market.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Service Robotics Market Segmentation, By Component
8. Service Robotics Market Segmentation, By Type
9. Service Robotics Market Segmentation, By Environment
10. Service Robotics Market Segmentation, By Application
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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