Service Robotics Market Analysis

Robots (Professional, Personal Household, Entertainment)

The professional segment in the service robotics market is poised to gather the largest revenue share of over 505 during the forecast period. Professional robots include those used in the field, in the defense and security sector, in the medical assisting robot (MAR) industry, as public assistants, in the electrical industry, and in construction. Professional robot demand is driven by the growing adoption of digital technology and automation solutions in various industries. For instance, over 90% of all businesses either already have a digital-first company strategy in place or intend to implement one. Hence, with this the deployment of profession service robotics is also projected to rise. Professional service robots, including all robotic automation, frequently pave the way for increased data collection and analysis for continuous operation optimization. Furthermore, professional service robots are estimated to acquire capabilities and become more economically viable options across various industries as research and development advances at a consistent rate. Therefore, this factor is also poised to boost the segment growth further encouraging the boost in market revenue.

Component (Robots, Peripherals)

The robots segment in the service robotics market is projected to capture the largest share in the revenue of about 60% during the forecast period. Robots are employed in many different contexts, particularly in situations where they can perform risky missions or ease the burden of laborious work. Furthermore, their utilization is also growing in agriculture sector. With the support of GNSS, SatEO, and Satcom technologies, agricultural robots are poised to be at the forefront of the third agricultural revolution. They will not replace farmers, rather increase their added value by maximizing yield and maximizing the use of available resources. Hence, every field is predicted to observe the rising need for robotics which might further increase the demand for market. 

Our in-depth analysis of the global service robotics market includes the following segments: