Fort Collins, Colorado, Oct. 05, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research published a report titled, "Service Robotics Market Size, Growth, Share, Statistics Report, By Type (Personal, Professional), By Application (Domestic, Medical, Defense, Industrial), By Components (Hardware, Software), By Region Forecasts, 2023-2032."
According to DataHorizzon Research, the service robotics market size was valued at USD 24.2 Billion in 2022 and is expected to reach USD 104.7 Billion by 2032 with a CAGR of 15.9%.
The report comprehensively analyzes the global market scenarios with key takeaways. The report also highlights the present and future trends in the industry, followed by actionable market insights. In the past few decades, the cost of creating robots has dropped significantly due to technological advancements and increased production. The savings are even more impressive when compared to labor expenditures. And the trend will continue as the production of robots moves to low-cost locations. This is great news for emerging nations experiencing a growing demand for robots. Rising labor costs in major manufacturing countries also push pricing dynamics toward robots.
Service robots are advanced machines designed to assist humans in various industries, such as healthcare, construction, automation, household tasks, and entertainment. They operate automatically or manually, reduce human error risk, manage time effectively, and increase productivity. Service robots are a valuable asset, providing efficient and safe assistance to humans.
Service robots are becoming more popular because they provide precise, high-quality services, reduce costs and errors, and improve usability and reliability. Many companies are turning to robots to increase productivity and overcome human error. As people become more aware of the benefits of robots, the demand for automation is growing in both personal and professional sectors.
Advanced robotics technology has revolutionized the medical sector with its ability to perform complex surgical procedures with utmost precision. These medical robots can render surgeons invaluable assistance during operations, reducing manual efforts and faster patient recovery periods. The aging population in the Asia Pacific has increased the demand for service robotics in the medical technology sector.
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Report Snapshot
| Report Title | Service Robotics Market |
| Market Size in 2022 | USD 24.2 Billion |
| Market Size by 2032 | USD 104.7 Billion |
| CAGR from 2023 to 2032 | 15.9% |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors |
| By Type | Personal, Professional |
| By Application | Domestic, Medical, Defense, Industrial, Commercial etc. |
| By Components | Hardware, Software |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others |
| Major Market Players | Toyota, Samsung, GeckoSystems Intl. Corp., KUKA AG, DJI, OMRON Corporation, Alibaba Group Holding Limited, Lely, Honda Motor Co., Ltd., KONGSBERG, DeLaval, iRobot India, Intuitive Surgical, ECA GROUP, and Honda Motor Co. |
Segmentation Overview:
The market for service robotics has been segmented based on type, application, and component.
The market is divided into personal and professional robots. Professional robots are the dominant type, with an increased demand in various industries such as logistics, defense, construction, and healthcare. As a result of its mobility and automation across industries, the professional category has experienced growth. The rising labor costs for professional laborers have also helped the category expand.
The service robots market predicts the industrial or commercial segment will hold the largest market share and remain dominant during the forecast period. The industrial sector will experience rapid growth due to the surge in B2B and e-commerce. There will also be an increase in the demand for office robots and drones for perimeter security in the upcoming years.
North America leads the service robotics market due to its abundance of service robots, surgical tools, AGVs, and agriculture robots. The region's adoption of agriculture robots has increased due to a shortage of laborers and a need for water sprinklers, fertilizers, and pesticides in large farmland areas to protect crops from insects and promote growth.
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Industry Trends and Insights:
- Pluralsight Systems has launched the Roomba Combo j7+ robot vacuum and mop in India. It uses advanced sensors to detect floor types and can recognize over 80 everyday objects.
- Intuitive has announced leadership changes as the company expands globally and advances minimally invasive care, appointing Dave Rosa as the company's president.
Service Robotics Market Report Highlights:
- The service robotics market is expected to reach USD 104.7 Billion by 2032 with a CAGR of 15.9%. Robots are becoming more affordable and are increasingly used in healthcare, construction, and other sectors. They can improve productivity and reduce human error. Companies are turning to robotics technology to overcome operational challenges and rising labor costs. Medical robots have improved surgical procedures and led to faster patient recovery times.
- Professional robots dominate the market due to their mobility and automation in logistics, defense, construction, and healthcare industries. The category has grown due to rising labor costs for human workers.
- The service robots market expects the industrial segment to lead and grow rapidly. There will be a rise in demand for office robots and drones for perimeter security.
- North America dominates the service robotics market with many service robots, surgical tools, and agriculture robots. The region's agriculture industry has increased the use of robots due to a labor shortage and the need for crop protection and growth promotion.
- Some prominent players in the global service robotics market report include Parrot Drones SAS, GeckoSystems Intl. Corp., KUKA AG, DJI, OMRON Corporation, Alibaba Group Holding Limited, Lely, KONGSBERG, DeLaval, iRobot India, Intuitive Surgical, ECA GROUP, and Honda Motor Co.
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Service Robotics Market Segmentation:
- By Type: Personal, Professional
- By Application: Domestic, Medical, Defense, Industrial, Commercial, etc.
- By Components: Hardware, Software
- By Region: North America, Latin America, Europe, Asia Pacific, Middle East and Africa
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