NEW YORK, Dec. 5, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global service robotics market
size is estimated to grow by USD 90.41 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 30.25% during the forecast period. Growing demand for robotic automation processes
is driving market growth,
with a trend towards
government support for robotics. However,
high cost associated with robotic systems poses a challenge. Key market players include Electrolux group, AMP Robotics Corp., Blue Ocean Robotics, Cyberdyne Inc., Daifuku Co. Ltd., Diligent Robotics
Inc., Exyn Technologies, Guangzhou XAG Co. Ltd., Harvest CROO Robotics LLC, Intuitive Surgical Inc., Irobot Corp., Kongsberg Gruppen ASA, Northrop Grumman Corp., Samsung Electronics Co. Ltd., Singapore Technologies Engineering Ltd., SoftBank Group Corp., Starship Technologies Inc., SZ DJI Technology Co. Ltd., Tetra Laval SA, and YUJIN ROBOT Co. Ltd..

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Market Driver

The service robotics market is experiencing significant growth, driven by trends like IoT, AI, and automation. In healthcare, robots help reduce Hospital-acquired infections (HAIs) through IoT-based devices and AI researchers develop AI for navigation and motion planning. Regulations are being set for delivery robots, such as Nuro, in uncontrolled environments. In industries like construction and agriculture, professional robots, including drones for aerial photogrammetry and surveying, are in high demand due to labor shortages and government funding. For domestic use, autonomous delivery robots navigate stairs and user interfaces ensure accurate results. In critical operations, humanoid robots and exoskeletons are essential. The aging population and immigration laws fuel the demand for service robots in various sectors. Space exploration and filmmaking also utilize professional UAVs and AI for 3D data collection.

Advanced robotic technologies, such as 5G and artificial intelligence, are backed by various governments worldwide, including Europe, North America, Asia, MEA, and South America. Notable examples include China's Robot Industry Development Plan, aiming to create multiple internationally competitive robot manufacturers and industrial clusters, with a focus on high-end robots and increasing robot density to 100 robots per 10,000 workers. Germany's High-Tech Strategy supports the adoption of new digital technologies in the industry. These countries have unique strategic goals for their robotics sectors.

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Market Challenges

• The service robotics market is experiencing significant growth due to increasing demands in various industries.
  IoT technology plays a crucial role in enhancing robot functionality and connectivity. However, challenges such as hospital-acquired infections (HAIs) and regulations require advanced AI researchers to develop solutions. User interfaces and navigation systems are essential for robots to operate effectively in uncontrolled environments. Drones, like those from Whizpace and Nuro, offer autonomous delivery solutions for food demand in a global population that continues to grow. Regulations, such as those from the Department of Transportation, impact the deployment of delivery robots. Inaccurate results and critical operations necessitate advanced motion planning and natural language processing. Robots are used in construction, agriculture, inspection, and humanoid applications, with professional UAVs providing aerial photogrammetry for surveying and mapping, photography, and filmmaking. Government funding from organizations like the European Space Agency supports the development of professional robots for space exploration. The aging population and labor shortage create opportunities for domestic and industrial robots, while automation and IoT-based devices continue to transform transportation & logistics.
• The service robotics market relies heavily on advanced software and sensors for image processing and decision-making capabilities. This technology increases the manufacturing cost for vendors. Consumers in emerging economies, such as India, are hesitant to purchase expensive service robots. This reluctance poses a significant challenge to the market acceptance of these robots. Despite this, vendors continue to invest in research and development to integrate advanced technologies. As a result, new and advanced models of service robots are expected to enter the market, further increasing the cost of these robots. This price hike may hinder the adoption of service robots among middle-class consumers in countries like India, Africa, and other developing economies.

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Segment Overview

This service robotics market report extensively covers market segmentation by