The Global Service Robotics Market is Projected to Reach US$18.2 Billion by 2024

Growing Need for Automation & Expanding Applications in Personal and Professional Sectors to Fuel Growth in the Service Robotics Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Service Robotics market. The global Service Robotics market is projected to reach US$18.2 billion by 2024, driven by expanding applications, and development of technologically advanced robots with improved intelligence and better ability to perform touch-sensitive tasks and interact with humans.

Robotic technologies, over the years, have witnessed a sea change with the need to automate workforce and achieve zero-error tasks/operations resulting in numerous incremental technology advancements. Convergence of robotics with cognitive science, artificial intelligence, and information technology is now helping bring closer to reality multi-dimensional intelligent service robots. Service robots are designed to provide assistance to humans by carrying out a number of useful tasks, and also to perform highly dangerous and tedious tasks. Driven by inherent advantages such as improved usability, better reliability, lower operational costs, reduction in human errors, and delivery of accurate and high-quality services, the adoption of service robots has grown rapidly in both personal and professional applications.

Over the years, the adoption of service robots has seen a significant increase due to shortage of skilled workforce, rising awareness about the benefits of service robots and increasing demand for automation in both personal and professional sectors. The market also benefited from the growing efforts of industry players to curb escalating labor costs. Also driving market growth are factors such as the expanding applications of service robots and surging opportunities from emerging economies across the world. Due to the ability of service robots to automate a variety of tasks with varying levels of complexities, their demand has risen from several sectors. Service robotics also market benefits from the growing government support, in the form of funding and policy measures, for developing service robots.

The market is especially being fueled by the rising needs of healthcare and defense sectors, and the growing use of robots for research and educational purposes. Escalating demand from military & defense sectors, owing to the role of robots in reducing human involvement and thus lowering fatalities in military actions, is expected to favor service robotics market. There is in particular growing demand for unmanned ground vehicles from the defense sector, as these vehicles can be used to carry out dangerous or mundane tasks. Medical service robotics market is expected to grow at a rapid pace, with medical robotic systems being increasingly designed to work along with CT scan, MRI, ultrasound imaging and fluoroscopy. Also gaining popularity are robots designed to aid humans and work in close proximity with them such as providing assistance to doctors in surgical procedures, and offering domestic assistance to ailing individuals, as washing aids, home cleaners as well as for socialization and entertainment. One of the focus areas of development for service robotics market in the coming years will be mobile automation, an underdeveloped area in the service robotics marketplace.

As stated by the new market research report on Service Robotics, the United States represents the largest market worldwide. Asia-Pacific is forecast to grow at the fastest CAGR of 20% over the analysis period led by robustly growing investments in robotics technology as a result of the pressure to enhance productivity, reduce costs, and battle growing global competition in the services sector. The region’s strong growth will be spearheaded by the escalating demand for service robots in household, defense, security and rescue, and medical applications.

Major players in the market include Aethon Inc., Gecko International Corporation, Hanool Robotics Corp., Honda Motors Co. Ltd., Husqvarna AB, Iberobotics S.L., Intuitive Surgical Inc., iRobot Corporation, KUKA Aktiengesellschaft, LG Electronics Inc., RedZone Robotics, RoboBuilder Co. Ltd., ROBOSOFT, SeaRobotics Corporation, Samsung Electronics Co. Ltd., Toyota Motor Corporation, Yujin Robot Co. Ltd., WowWee Group Limited, and Zucchetti Group, among others.

The research report titled “Service Robotics: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, South Korea and Rest of Asia-Pacific), Latin America (Brazil, Mexico and Rest of Latin America) and Rest of World. The market is analyzed by the following product categories – Personal Use Robots and Professional Use Robots. The global market for Personal Use Robots is additionally analyzed by the applications – Domestic, Entertainment and Others. The global market for Professional Use Robots is analyzed by the applications – Defense, Field, Logistics, Medical and Others.

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