Trends and Growth Forecast for the Service Robotics Market by 2024

The global service robotics market size was valued at USD 16.35 billion in 2022 and is projected to grow from USD 19.08 billion in 2023 to USD 62.35 billion by 2030, exhibiting a CAGR of 18.4% during the forecast period. The Asia Pacific dominated the service robotics market with a share of 34.86% in 2022.

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Industry developments of service robotics market:

• Smart Robotics Inc. which is a designer and provider of logistics and warehouse robotics solution developed and launched a smart merchandise picker robot. This collaborative robot (Cobot) can handle lightweight merchandize such as office stationery and office supplies.
• Ricoh acquired Axon Ivy AG as a part of its strategic investment with an objective to expand its digital process automation capabilities.
• KUKA AG and MHP collaborated to work on Smart Intelligence Robotic Project Cockpit (SIRPCO).
• Robot Corporation acquired Aeris Cleantec AG, an air purification company with an objective to diversify the product portfolio with air purification systems.
• HYUNDAI MOTOR GROUP acquired 80% stake in Boston Dynamics to strengthen its position in the field of robotics.

Top Companies of service robotics market:

• Ricoh (Japan)
• Honda Motor Co., Ltd. (Japan)
• iRobot Corporation (U.S.)
• KUKA AG (Germany)
• Intuitive Surgical (U.S.)
• Daifuku Co., Ltd. (Japan)
• SoftBank Robotics Group Corp. (Japan)
• Aethon (U.S.)
• Boston Dynamics (U.S.)
• Fetch Robotics, Inc. (U.S.)

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Service Robotics Market Segmentation

Service Robotics Market Share, Size & Industry Analysis, By Type (Professional and Personal) By Application (Domestic and Industrial/Commercial), and Regional Forecast Between, 2023-2030

Reasons to buy this report:

The present state of the market, trends, growth areas, and competitive dynamics in the service robotics market are all thoroughly examined in this report. It helps companies to see areas for expansion and improvement while pointing out possible difficulties and dangers. The report’s evaluation of product portfolios and business segments helps stakeholders make better-informed investments and market strategies.

Developing successful success strategies in the service robotics market can be facilitated and decision-making greatly enhanced by having a solid understanding of the industry dynamics described in the report. All things considered, this report is a great resource for anyone looking for in-depth knowledge about this quickly evolving industry.

Regional Atributes:

• North America (By Type, By Application, By Country)
  • U.S. (By Type)
  • Canada (By Type)
• Europe (By Type, By Application, By Country)
  • Germany (By Type)
  • U.K. (By Type)
  • France (By Type)
  • Rest of Europe (By Type)
• Asia Pacific (By Type, By Application, By Country)
  • China (By Type)
  • India (By Type)
  • Japan (By Type)
  • Southeast Asia (By Type)
  • Rest of Asia Pacific (By Type)
• Middle East & Africa (By Type, By Application, By Country)
  • GCC (By Type)
  •  South Africa (By Type)
  • Rest of the Middle East and Africa (By Type)
• Latin America (By Type, By Application, By Country)
  • Brazil (By Type)
  • Mexico (By Type)
  • Rest of South America (By Type)

Table of Contents:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Industry Developments – Merger, Acquisitions, and Partnerships
  • Porter’s Five Forces Analysis
  • SWOT Analysis
  • Technological Developments
  • Value Chain Analysis

TOC Continued…!

Service Robotics Market Drivers and restrains:

• Driver: Advancements in Artificial IntelligenceProgress in AI technology enhances the capabilities of service robots, enabling them to perform complex tasks, make autonomous decisions, and interact more effectively with humans.
• Driver: Growing Demand for AutomationThe increasing need for automation in various sectors, including healthcare, hospitality, and logistics, drives the adoption of service robots to improve efficiency and reduce operational costs.
• Driver: Aging PopulationThe rising elderly population creates a demand for service robots in healthcare and home assistance, providing support for daily activities and enhancing the quality of life for seniors.
• Restraint: High Initial CostsThe substantial initial investment required for purchasing and integrating advanced service robots can be a barrier for small and medium-sized enterprises and individual users.
• Restraint: Technological and Operational ChallengesService robots can face challenges related to technology integration, reliability, and user acceptance, which may affect their effectiveness and widespread adoption.

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