The Service Robotics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).

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In accordance with The Business Research Company’s comprehensive analysis in the Service Robotics Global Market Report 2024, the dimension of the service robotics sector has experienced a remarkable surge in recent years. Projections indicate an ascent from $47.93 billion in 2024 to a substantial $61.01 billion by the same year, reflecting a robust compound annual growth rate (CAGR) of 27.3%. This expansion during the historical period is attributable to pivotal factors such as automation addressing labor shortages, an aging population, heightened healthcare needs, and the adoption of service robotics in safety-critical and hazardous environments.

Forecasts for the service robotics market size are exceptionally promising, poised for exponential growth. Anticipated to reach an impressive $164.87 billion in 2028, the market is projected to sustain a commendable CAGR of 28.2%. This upward trajectory in the forecast period can be attributed to strategic investments in research and development, regulatory adaptations, the burgeoning consumer robotics sector, smart city initiatives, and the growing prevalence of robotics-as-a-service (RaaS). Noteworthy trends during this period encompass the evolution of adaptive and flexible robotic solutions, a surge in sustainability initiatives, the digitization of data security and privacy, the proliferation of healthcare robotics, and seamless integration of artificial intelligence.

The increasing demand for robots in the healthcare sector is expected to drive the growth of the service robotics market. The healthcare sector refers to businesses that provide medical services and manufacture medical equipment or drugs. Service robots are used in the healthcare sector to handle regular logistical duties and reduce the everyday stress on healthcare professionals. It also helps in providing them more time to focus on urgent patient requirements, thereby improving the overall level of patient care. For instance, in October 2022, according to the International Federation of Robotics, a Germany-based organization representing the global robotics industry, in 2021, professional service robot sales increased by 37%. Thus, increased demand for robots in the healthcare sector is driving the growth of the service robotics market .

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The service robotics market covered in this report is segmented –
1) By Type: Professional, Personal And Domestic
2) By Component: Hardware, Software
3) By Environment: Aerial, Ground, Marine
4) By End-User: Healthcare, Defense, Electronics, Automotive, Transportation, Construction, Other End Users

A discernible trend driving the service robotics market is the relentless pursuit of technological advancement. Leading companies in the industry are spearheading the introduction of cutting-edge technologies, with a strong emphasis on artificial intelligence (AI) applications. Hyundai Motor Group, a prominent South Korea-based automotive manufacturer, exemplifies this trend with its January 2021 launch of DAL-e, an AI-driven humanoid robot tailored for automated customer services. Distinguished by state-of-the-art facial recognition technology and an autonomous communication system built on a sophisticated language-comprehension platform, DAL-e is designed to engage seamlessly with customers across various domains. This innovative robot not only promises delightful contact-free interactions but also delivers cost savings and heightened productivity, embodying the forefront of technological ingenuity in the service robotics landscape.
The service robotics market report table of contents includes:
1. Executive Summary
2. Service Robotics Market Characteristics
3. Service Robotics Market Trends And Strategies
4. Service Robotics Market - Macro Economic Scenario
5. Global Service Robotics Market Size and Growth

......

31. Global Service Robotics Market Competitive Benchmarking
32. Global Service Robotics Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Service Robotics Market
34. Service Robotics Market Future Outlook and Potential Analysis
35. Appendix

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