Dublin, Aug. 14, 2024 (GLOBE NEWSWIRE) -- The "Global Service Robotics Market Report by Segments (Medical Robotics, Transportation & Logistics, Professional Cleaning, Hospitality, and Agriculture & Field), Countries and Company Analysis, 2024-2032" report has been added to ResearchAndMarkets.com's offering.
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 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 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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 160 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $21.26 Billion |
| Forecasted Market Value (USD) by 2032 | $359.77 Billion |
| Compound Annual Growth Rate | 36.9% |
| Regions Covered | Global |
Key Players Analysis: Overview, Recent Development & Strategies, Product Portfolio, Financial Insights
- KUKA
- iRobot Corporation
- Intuitive Surgical Inc.
- Panasonic Corporation
- Fanuc
- ABB Ltd.
- Stryker Corporation
Segments - Market & Volume has been covered from 5 viewpoints
- Transportation & Logistics
- Professional Cleaning
- Medical Robotics
- Hospitality
- 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
For more information about this report visit https://www.researchandmarkets.com/r/px5uhb
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