Global Service Robotics Market - Segmented by Type (Personal Robots, Professional Robots), Areas (Aerial, Land, Underwater), Components (Sensors, Actuators, Control Systems, Software), Verticals (Healthcare, Logistics and Transportation, Agriculture and Mining, Government, Military and Defense), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global service robotics market was valued at USD 10.36 billion in 2017, and is expected to reach a value of USD 28.65 billion by 2023, at a CAGR of 17.9%, during the forecast period (2018 - 2023).Robots have evolved significantly over the last few decades, from being sparingly used on factory floors, to becoming an integral part of defense, construction, space exploration, and agriculture-based applications. These robotic systems can be broadly studied under two domains, namely industrial and service robotics. Service robots differ from the other type, because of their use in all major applications, except manufacturing. Some of the major examples of service robots are, personal robots (Roomba), logistic robots (Kiva), and medical robots (DaVinci). The growth potential for the global service robotics market remains very huge, it is eventually expected to displace industrial robotics in terms of sales and market value, over the next two decades. Researchers have likened the evolution of service robotics to proliferation of personal computers in the 1980’s, as they both witnessed rapid transformation within short timeframe. One of the prime reasons for the development of service robots is to reduce human involvement in testing conditions. For instance, the Japanese Government sent a number of robots inside nuclear reactors in the aftermath of tsunami, for monitoring and measurement. This way, human effort can be used more judiciously, while robots can be used to perform repeatable tasks with high levels of accuracy.
Growing Popularity of Networked Robots Is Driving the Market
The Robotic services are now employed to monitor and inspect a large variety of processes, and workflows across various industries, through networked robots, and also deployed in areas, ranging from manufacturing of small electronic chips & circuits to managing nuclear reactors. These services enable firms to effectively systematize processes, specifically in areas, where human intervention cannot be deployed, and can majorly reduce the dependency on human workforce. The performance and accuracy of networked robotics has greatly improved over the last few decades, owing to incremental innovations in processing & hardware integration. The increasing cost of labor, combined with the immense pressure on manufacturers to meet deadlines, has resulted in the increasing adoption of networked robotic services. However, consumer demand for automobiles and food & beverages packaging has grown multi-fold, in the recent past. Moreover, case studies have revealed that firms have been able to realize performance & efficiency benefits after the adoption of network robots, as they largely mitigate inconsistencies.
Healthcare Vertical has the Largest Market Share
Healthcare is viewed as a promising domain for service robotics. Its application, in the field of healthcare, include surgeries and patient monitoring. They are used in medical applications, including surgical procedures, to improve health outcomes. The growth of automation is enabling new insights into healthcare processes. Hospitals are increasingly using the service robotics in diagnostic systems, rehabilitation systems and other complex surgeries. The use of service robotics in rehabilitation is increasing globally. These include assistive devices for blind, prosthetics, orthotics, and other assistive systems, such as wheel chair. In surgeries, the service robots are used for precision, repeatability, and better control. With the new surgical, delivery, and patient care platforms evolving, there will be an increase in the adoption of service robotics, to assess quality of performance, identify deficiencies, errors, and improve performance.
North America has the Largest Market Share
The North America is the largest market for service robotics, followed by Asia-Pacific. United States is the major shareholder in the North America region. In Canada, which was relatively stable during the recessionary period, the gains are more visible. As a technologically advanced region, low-cost sensors, better chips, advances in speech understanding, cloud-based machine learning, and others are being developed. These are expected to enhance the future services by robots. Robot prototypes are being used for cleaning offices, delivering packages, and enhancing security. North American federal agencies and cities are deploying service robots for law enforcement, and border administration. By 2030, the region is expected to use robots for aerial surveillance with improved cameras, detect financial frauds etc.
Key Developments in the Market
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