Dublin, Feb. 23, 2024 (GLOBE NEWSWIRE) -- The "Service Robotics - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Service Robotics Market to Reach $103.7 Billion by 2030
The global market for Service Robotics estimated at US$31 Billion in the year 2022, is projected to reach a revised size of US$103.7 Billion by 2030, growing at a CAGR of 16.3% over the analysis period 2022-2030. Hardware, one of the segments analyzed in the report, is projected to record 15.4% CAGR and reach US$71.2 Billion by the end of the analysis period. Growth in the Software segment is estimated at 18.5% CAGR for the next 8-year period. 
The report begins with a global economic update, followed by an exploration of how service robots have emerged as critical resources in combating the COVID-19 pandemic. It highlights the increased emphasis on social distancing and cleanliness, which has led to a greater focus on service robots across various sectors.
Specific use cases of service robots during the pandemic are discussed, underscoring their significance in government investments and adoption by industries such as hotels to adapt to socially distanced living. The competitive scenario in the service robotics market is analyzed, along with recent innovations and advancements. The report notes the continued growth in funding for robotics companies and highlights select startups in the service robotics sector.
A comprehensive overview of robots and their types, including personal robots and professional service robots, is provided. The report emphasizes the versatility of service robots across industries and their role as valuable team players. In terms of market outlook, developing countries are expected to drive future growth, leveraging the benefits and technological advances in the professional service robots market. However, challenges confronting the service robotics market are also addressed.
Recent industry activity and the presence of world brands in the service robotics market are highlighted, providing insights into the current landscape and key players shaping the industry.
The U.S. Market is Estimated at $10.8 Billion, While China is Forecast to Grow at 20.3% CAGR
The Service Robotics market in the U.S. is estimated at US$10.8 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$9.8 Billion by the year 2030 trailing a CAGR of 20.3% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 12.6% and 13.6% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 14.8% CAGR.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 624 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $31 Billion |
| Forecasted Market Value (USD) by 2030 | $103.7 Billion |
| Compound Annual Growth Rate | 16.3% |
| Regions Covered | Global |
MARKET TRENDS & DRIVERS
- Artificial Intelligence Brings in a Transformation in Service Robotics
- AI & Robotics - The Future
- Promising Research Areas
- Service Robots & AI: Bundle of Joy Bearing Symbolic Relationship with Service Sector
- AI Integration into Service Robotics to be More Rampant Going Forward but Challenges Remain
- Applications of AI-Powered Service Robots Across Industries
- AI-Powered Robots to Zoom in Both Industrial and Non-Industrial Environments
- Proliferation of Technologies to Create Job Loss and Lead to Data and Ethical Concerns - Mitigation Methods Needed
- Need for More Comprehensive and Balanced Regulations Around AI and Robotics
- Collaborative Robots to Drive Growth in the Non-Industrial Robots Market
- Robotics-As-A-Service (RaaS) Garners Attention
- Innovative RaaS Platforms
- Manufacturers Focus on Service Robots with Impressive Computing Power
- Blossoming of Service Robotics with Unabated Technological Advances
- Approaches to Overcome Technological Challenges
- Despite Being Young, Service Robots Market Posts Startling Progress & Entails Lucrative Avenues
- Customer Interactions: Service Robots versus Self-Service & Human Staff
- Customer Service Eyes on Big Change with Strides in Service Robot Designs & Perceptions
- Medical Applications: An Expanding Market for Professional Service Robotics
- Service Robots in Surgeries
- Service Robots Aid in Patient Rehabilitation
- Defense Applications: A Key Market for Professional Service Robots
- Exoskeleton Robots Set to Register Strong Growth
- Government Spending on Military & Defense: A Determinant of Growth in Defense Robots Market
- Field Applications Drive Growth in Professional Service Robotics Market
- Milking Systems with Advanced Features to Improve Adoption Rate
- Positive Outlook for Dairy Industry Augurs Well for Robotic Milking Systems
- Developments in AI, Machine Vision & Machine Learning Remain Critical to Commercialization & Growth
- Rising Penetration of Robotics in Agricultural Sector Bodes Well
- Worsening Labor Shortages & Rising Labor Costs Drives Interest in Autonomous/Robotic Tractors
- Automated & Robotic Equipment to Foray into Food Service Sector
- Robot Chefs - Revolutionizing Restaurant Operations
- Contact-less Machines and Robots Address the Shifting Consumer Mindset
- Logistics Application Segment to Catalyze Growth of Professional Service Robots Market
- Growing Investments in Warehouse Automation to Drive Increased Spending on Warehouse Robotic Solutions
- Package Delivery Gains Significance amid Rise in e-commerce
- Humanoid Robots for Personalized & Interactive Experience in Banks
- Robotics in Hospitality Industry: Promising Future Ahead
- AI-Driven Service Robots for Hospitality Sector to Bring in New Possibilities for Improving Customer Experience and Loyalty
- Implications of Service Robotics for Hospitality Players
- Personal Robots Garner Momentum
- Expanding Application Possibilities Broadens the Market
- Advanced Service Robots for Homeowners
- Aging Population Lends Traction to Eldercare-Assistive Robots
- Home-Help Robots for Retirees: The Next Frontier of Robotic Advancements
- Handicap Assistance Robots: A Key Opportunity
- Sales of Mobile Robots on the Rise
- Robotic Vacuum Cleaners Market for Home Use: Promising Growth Opportunities
- Telepresence to Revolutionize Service Robots Industry
- Customizable & Networked Robots: Emerging Revenue Spinners
- Challenges on the Block for Service Robotic Market that Warrant Attention
FOCUS ON SELECT PLAYERS (Total 188 Featured)
- Hitachi Ltd.
- Denso Corporation
- Omron Corporation
- Lockheed Martin Corporation
- Toyota Motor Corporation
- Elbit Systems Ltd.
- Industrial Technology Research Institute (ITRI)
For more information about this report visit https://www.researchandmarkets.com/r/jp3i87
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