The service robotics market is projected to reach USD 84.8 billion by 2028 from USD 41.5 billion in 2023; it is expected to grow at a CAGR of 15.4% from 2023 to 2028.
Growing adoption of robots for new applications, surging use of IoT in robots for cost-effective predictive maintenance, and increasing use of disinfection robots due to rising cases of hospital-acquired infections (HAIs) are driving the growth of the service robotics market. Robots are increasingly being adopted for new applications due to advantages such as increased productivity, streamlined processes, and greater workplace safety.
Driver: Increasing funding for research on robots
The funding for research on service robotics has increased significantly in the past few years, with various governments taking initiatives. According to the National Artificial Intelligence Research and Development Strategic Plan, by 2028, AI researchers in G20 countries are expected to contribute ~USD 11.5 trillion to intelligent technologies. Various countries are investing heavily in robotics mostly on a government level. For instance, the Government of China provided funding of USD 43.5 million for ‘the Key Special Program on Intelligent Robots in 2022’. In Japan, a budget of USD 440 million was assigned to robotics-related projects in the Moonshot Research and Development Program over 5 years from 2020 to 2025.
Restraint: Concerns over data privacy and regulations
With the rise of software services for robotics, there are ethical issues with data ownership. In the case of delivery robots, public traffic areas designated for pedestrians are used, which binds them to operate under a legal, regulatory framework. Most western legal authorities hold the manufacturer responsible for the tort of negligence if a delivery robot causes damage or injury to a user or people passing by the robot. In February 2020, Nuro’s (US) R2 became the first autonomous delivery vehicle in the US to get a permit from the Department of Transportation for testing on public roads. Therefore, stringent regulations are delaying the penetration of delivery robots.
Opportunity: Focus on improving endurance and capability of robots
Despite huge advancements in robotics, robots developed until now do not match the capabilities of human beings. There is an opportunity to improve natural language processing and user interfaces to improve the ability of humanoid robots for more interactive communication. Drones are limited to areas that have access to Wi-Fi. A few companies offer Wi-Fi or communication network-related products or services. For instance, Whizpace (Singapore) offers Super Wi-Fi, which utilizes white space communication and provides services in rural and remote areas. Partnerships with such companies would increase the operating range of drones.
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Challenge: Inaccurate results impeding use in critical operations
If robots manufactured by all companies are considered, the average distance covered by a robot is 10 km on a single charge, with its service limited to short distances from the hub or warehouse. Robots are designed to walk or travel on sidewalks, but they are not functional enough to climb stairs. The navigation of completely autonomous delivery robots is also a key challenge faced by manufacturers. It requires tasks such as building a map of the environment, localizing the robot in that map, and making a motion plan according to the map to be performed simultaneously so that the robots can travel or operate easily in uncontrolled environments or without any human intervention.
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The Service Robotics Market Research Report Forecast is a valuable source of insightful data for business strategists.
It provides the industry overview with recent trends, size, share, growth analysis, historical, futuristic data, revenue, demand and strategic development.The entire service robotics market has been sub-categorized into application.
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This research study will keep marketer informed and helps to identify the target demographics for a product or service.Request a FREE Sample Copy of Global Service Robotics Market Report with Full TOC At: https://www.valuemarketresearch.com/contact/service-robotics-market/download-sampleBy ApplicationProfessional Service RobotsField RobotsProfessional CleaningInspection and MaintenanceConstruction and DemolitionLogistics Systems (Manufacturing and Non-manufacturing)Medical RobotsRescue and Security RobotsDefense RobotsUnderwater Systems (Civil/General)Powered Human ExoskeletonsPublic Relation RobotsPersonal Service RobotsRobots for Domestic TasksEntertainment RobotsElderly and Handicap AssistanceBrowse Full Global Service Robotics Market Research Report With TOC At: https://www.valuemarketresearch.com/report/service-robotics-marketThe research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the service robotics market include iRobot Corporation, Samsung Electronics, AB Electrolux, Toyota Motor Corporation, Fujitsu Frontech Limited, Hanool Robotics Corp., LG Electronics Inc., Honda Motors Co. Ltd., Sony Corp., GeckoSystems, Fujitsu, Yujin Robot.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.This section covers regional segmentation which accentuates on current and future demand for service robotics market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
The‘Global Service Robotics Market Report’ is a comprehensive and in-depth study on the size, share, growth,trends, demand and estimation with a focus on the latest development.
The report provides key statistics on the market status with highlights on various important strategic such as mergers, acquisitions, partnership and other development.The entire service robotics market has been sub-categorized into application.
The report provides an analysis of these subsets with respect to the geographical segmentation.
This research study will keep marketer informed and helps to identify the target demographics for a product or service.Request a FREE Sample Copy of Global Service Robotics Market Report with Full TOC At: https://www.valuemarketresearch.com/contact/service-robotics-market/download-sampleBy ApplicationProfessional Service RobotsField RobotsProfessional CleaningInspection and MaintenanceConstruction and DemolitionLogistics Systems (Manufacturing and Non-manufacturing)Medical RobotsRescue and Security RobotsDefense RobotsUnderwater Systems (Civil/General)Powered Human ExoskeletonsPublic Relation RobotsPersonal Service RobotsRobots for Domestic TasksEntertainment RobotsElderly and Handicap AssistanceBrowse Full Global Service Robotics Market Research Report With TOC At: https://www.valuemarketresearch.com/report/service-robotics-marketThe research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the service robotics market include iRobot Corporation, Samsung Electronics, AB Electrolux, Toyota Motor Corporation, Fujitsu Frontech Limited, Hanool Robotics Corp., LG Electronics Inc., Honda Motors Co. Ltd., Sony Corp., GeckoSystems, Fujitsu, Yujin Robot.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.This section covers regional segmentation which accentuates on current and future demand for service robotics market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Recently published a report entitled Healthcare Robotics Market projected till 2026, added by Value Market Research, covers key players along with their market share and strategic development adopted by them.
Further, the report provides market size, share, trends, outlook and forecast based on historical data coupled with drivers, restraints, and opportunities.The broad healthcare robotics market has been sub-grouped into application and type.
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The strategists can gain a detailed insight and devise appropriate strategies to target specific market.
This detail will lead to a focused approach leading to identification of better opportunities.Request a FREE Sample Copy of Healthcare Robotics Market Report with Full TOC At: https://www.valuemarketresearch.com/contact/healthcare-robotics-market/download-sampleBy ApplicationsNeurologyCardiologyOrthopedicLaparoscopicOtherBy TypeSurgical RobotsRehabilitation RobotsTelemedicine RobotsPharmacy And Hospital Automation RobotsNon-Invasive Radiosurgery RobotsRobotic CathetersThe report also covers detailed competitive landscape including company profiles of key players operating in the global market.
The key players in the healthcare robotics market include Accuray Inc, Aurora Biomed Inc, Biotek Instruments Inc., Ekso Bionics Holdings Inc, Hansen Medical Inc, Hocoma, Intuitive Surgical Inc, Irobot Corporation, Kirby Lester Llc, MAKO Surgical Corp, Mazor Robotics Ltd, Roche Holding AG, Titan Medical Inc, Varian Medical Systems, and ZOLL Medical Corp. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for healthcare robotics in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
