In this rapidly changing environment, companies are expanding their scale of operations by increasing investments in R&D and innovation. In service robotics innovation is very beneficial. Service robotics has become worldwide. Robotics has established a trend in market. Internet of things (IoT) is also considered as a major component with respect to service robotics therefore industries adopting Internet of Things has increased the demand for service robotics.
The study indicates that technological advancements, high demands for automation and increasing human safety concerns are the major driving factors of service robotic market. Service robotics have many benefits which overcome the challenges such as lack of skilled workforce, high labor costs and others. The study indicates a major restrain for the Service Robotics Market as the high costs of service robots. But the study also reveals that robot manufacturers are taking efforts to lower the costs of these service robots.
In the recent news, Dominos has partnered with Starship Technologies to develop service robots which could be used for pizza delivery. Many company like Dominos are taking efforts and adopting service robotics.
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The Service robotics Market is growing rapidly over 15% of CAGR and is expected to reach at USD 20 billion by the end of forecast period. Cost reduction, high efficiency in the process and ability to provide the overall information and initiate early stage development for the products are the major driving factors of this market.
Service Robotics by Type:
Service Robotics by End-User:
- Media & Entertainment
- Supply and Logistics
The regional analysis of Service robotics market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. The ongoing global trend towards robotics is being reflected in an increase in the number of service robots in US. The study indicates that North America is dominating the service robotic market followed by Europe owing to factors such as increased demand of service robots by defense, medical, construction sectors and inclination towards automation.
The study reveals that Asia-Pacific would be the fastest growing region in the service robotics market by the forecast period. The study also reveals that North America and Europe would show hand-in-hand growth dominate the service robotics market by the forecast period.
The prominent players in the Service robotics Market are – GeckoSystems Intl. Corp. (U.S.), Honda Motor Co. Ltd. (Japan), Adept Technology, Inc. (U.S.), KUKA AG (Germany), iRobot Corporation (U.S.), Kongsberg Maritime AS (Norway), DJI (China), Intuitive Surgical, Inc. (U.S.), Parrot SA (France), Grumman Corporation (U.S.), Fujitsu Frontech Limited (Japan), LG Electronics Inc. (South Korea), Samsung Electronics Co., Ltd. (South Korea) among others
Study Objectives of Service Robotics Market:
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the Service robotics market.
- To provide insights about factors affecting the market growth.
- To analyze the Service robotics market based porter’s five force analysis etc.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW).
- To provide country level analysis of the market with respect to the current market size and future prospective.
- To provide country level analysis of the market for segment on the basis of type and end user.
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Service robotics
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- Technology investors
- Robot component and equipment manufacturers and suppliers
- Robot manufacturers and suppliers
- System designers and machine manufacturers
- Product manufacturers
- Robot system and software programmers
- Analysts and strategic business planners
- Research labs and research institutes
- System Integrators
- Government Organizations
- Research/Consultancy firms
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