Global Service Robotics Market Size, Share, Growth Analysis, By Type(professional and personal robots), By Application(domestic and industrial) - Industry Forecast 2024-2031

Global Service Robotics Market size was valued at USD 19.76 billion in 2022 and is poised to grow from USD 23.04 billion in 2023 to USD 78.72 billion by 2031, growing at a CAGR of 16.6% during the forecast period (2024-2031).

Technological advancements in cognition, interface, and manipulation have made service robotics more alluring. Technology and other component vendors have played a major role in the evolution of the robotics ecosystem. The Asia-Pacific region's aging population is creating a massive market for service robotics and propelling growth in the medical technology sector in countries like China and Japan. Domestic chores like vacuuming and floor cleaning, as well as entertaining and assisting the elderly, are handled by service robots. Growing numbers of elderly people in Asia-Pacific countries like China and Japan are driving the growth of the medical technology sector and creating a substantial opportunity for service robots. The COVID-19 pandemic will only hasten the use of service robots for a variety of tasks, including contactless delivery, cleaning, supplying food and medication, and assisting with border crossings. It is therefore expected that the market will witness several deployments, especially in the healthcare sector. Furthermore, robots are vital in the battle against the coronavirus SARS-CoV-2.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Service Robotics Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Service Robotics Market Segmental Analysis

Type and application categories are used to divide the global service robots market. It is divided into professional and personal robots based on type.It is divided into two categories: industrial and household, depending on the use. The market is divided into five regions: North America, Europe, Asia-Pacific, South America, and Middle East and Africa.

Drivers of the Global Service Robotics Market

The market for service robots is continuously growing as a result of the robotics industry's rapid technological advancement into automation, machine learning, artificial intelligence, and engineering. The most positive outcome of robots' advent is a significant shift in the capabilities of people to complete tasks.

Restraints in the Global Service Robotics Market

Service robots have enormous potential in a variety of industries due to the shortage of skilled labor in emerging countries. Service robot usage has increased as a result of the COVID-19 pandemic for a range of tasks, such as cleaning, contactless delivery, providing food and medication, and assisting with border processes. The acute manpower shortages in the healthcare system, supply chains, industry, and diagnosis and treatment can all be helped by these technologies.

Market Trends of the Global Service Robotics Market

It is expected that the developing trends in robotics will help with robot development during the next 20 years. Robotics implementation will lead to increased productivity and improved economic situations for developing nations. It is also expected that service robots would present significant opportunities for a variety of industrial sectors in developing economies.