AUSTIN, July 26, 2024 (GLOBE NEWSWIRE) — The service robots market size was valued at USD 42.13 billion in 2023. It is expected to reach USD 146.82 billion by 2032, growing at a CAGR of 14.88% over the forecast period 2024-2032.
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The service robotics industry is experiencing rapid growth due to advances in artificial intelligence, sensor technology, and machine learning. Service robots are being used more frequently in healthcare, households, agriculture, and various other industries. The global experience of artificial intelligence is becoming increasingly transformative. A 63% subscription rate expected over the next three years is expected to support a potential increase in tuning growth, with current applications being present on 77% of devices in 2023, and the market expanding by at least 120% year-on-year. That said, existing awareness of this tool is still lacking, with only one-third of consumers aware of its usefulness.
The market growth is driven by the growing demand for automation and the need to improve operational efficiency. Moreover, the growing ageing population coupled with a shrinking workforce is driving the need for service robots. 50% of all work tasks can be automated, and 37% of HR functions can also be automated. 57% of companies have implemented HR automation, and 56% are using AI to eliminate repetitive tasks for a better employee experience.
Service Robot Market Report Scope:
Report Attributes DetailsMarket Size in 2023 USD 42.13 BillionMarket Size to 2032 USD 146.82 BillionCAGR from 2024-2032 14.88%Base Year 2023Forecast Period 2024-2032Historical Data 2020-2022Key Growth DriversIoT is increasingly being used in robots for cost-effective predictive maintenance.The adoption of swarm intelligence technology enables robots to perform various complex tasks with ease.
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Key players:
The key players in the service robots market are AB Electrolux, Intuitive Surgical, Panasonic Corporation, Robert Bosch, iRobot Corporation, Honda Motor Co., Aethon, Samsung Electronics, Yujin Robot, DeLaval and other players.
Segment Analysis:
By type:
Professional for individuals and families
The professional segment captured over 52.62% of the market in 2023. The main reason for this increase is the growing demand for service robots across various industries, including defense, healthcare, construction, and logistics. Moreover, the market share of the service robotics industry will be significantly influenced by the widespread integration of automation and mobility in the industrial sector. The personal segment is expected to experience accelerated growth in the forecast period 2024-2032. Typically used to help, teach, and support people at home, these robots are useful in activities such as cleaning floors, vacuuming, maintaining pools, mowing lawns, and providing entertainment.
By components:
In 2023, the hardware segment dominated the market with over 57% of the market share. The market is expanding because hardware service robots are versatile and can be used for a wide range of applications from the service to industrial sectors. This category of robots spans healthcare, hospitality, logistics and home assistance, and has different hardware capabilities to suit each application, commonly utilizing sensors, actuators and mobile energy generation devices. At the same time, the smartest robotic units are equipped with advanced processors and communication tools.
By environment
By Application
Domestic Medical Field Defense Entertainment Logistics Research and Space Exploration
Community Development:
The North American market was to account for the largest market share of over 38.5% in 2023, owing to the increasing market usage of service robots in countries such as the US and Canada. Rising adoption of surgical robots in hospitals, improving feasibility of investments in assistive technology research, and presence of advanced service robots will drive the market growth in this region.
Asia Pacific is expected to show a faster growth rate during the forecast period 2024-2032. The growing use of service robots in the region is attributed to the increasing adoption in the industrial robotics sector for research and development activities. There is increasing investment by Asia Pacific governments in robotics, artificial intelligence, automotive, and many other sectors.
Recent developments
In January 2024, Instock Inc. secured $3.2 million in funding for the development of an innovative storage and retrieval system. The company will utilize “gravity-defying robots” and launch its first production system in January 2024 in collaboration with a North American 3PL company. In May 2023, KT Corp announced two new AI service robots in partnership with Bear Robotics and LG Electronics. These robots have improved running stability and weight detection, and can be integrated with tablets and kiosks to enhance customer service.
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Key Takeaways
The service robots market is witnessing robust growth due to factors such as increasing automation, labor shortage, and technological advancements. Early adopters of service robots can gain competitive advantage and increase operational efficiency. Understanding market trends, including segmentation by type, component, and environment, is critical for an effective business strategy. Staying informed about the latest technological advancements and market trends is crucial to succeed in the service robots industry. Leveraging the insights provided in this report, businesses can make informed decisions and capitalize on the full growth potential of the service robots market.
Table of Contents – Main Points
1.First of all
2. Industry Flowchart
3. Research Methods
4. Market Trends
5. Porter’s Five Forces Model
6. Plague Analysis
7. Service Robot Market Segment by Segment
8. Service Robot Market Segmentation by Type
9. Segmentation of the service robot market by environment
10. Service Robot Market Segmentation by Application
11. Regional Analysis
12. Company Profile
13. Competitive Environment
14. Use Cases and Best Practices
15. Conclusion
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