Service Robotics Market Size, Trends and Insights By Type (Humanoid Robots, Non-Humanoid Robots, Stationary Robots), By Application (Professional service robotics, Personal service robotics), By Industry Vertical (Agriculture, Hospitality & Medical, Professional Cleaning, Inspection and Maintenance, Construction and demolition, Transportation and logistics, Rescue and Security, Others), By Functionality (Autonomous Robots, Teleoperated Robots), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032


Report Code: CMI37625

Published Date: January 2024

Pages: 320+

Category: Technology

Report Snapshot

CAGR: 15.1%
24.6B
2022
28.3B
2023
100.4B
2032

Source: CMI

Study Period: 2023-2032
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • iRobot Corporation
  • Intuitive Surgical Inc.
  • Dyson Ltd.
  • Aethon Inc.
  • KUKA AG
  • Others

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Reports Description

As per the current market research conducted by the CMI Team, the global Service Robotics Market is expected to record a CAGR of 15.1% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 28.3 Billion. By 2032, the valuation is anticipated to reach USD 100.4 Billion.

The operational stock of industrial robots – world

Year 1000 Units
2017 2125
2018 2441
2019 2740
2020 3035
2021 3477
Source: According to IFR

The service robotics market encompasses a diverse range of robots designed to perform tasks and provide services across various industries. These robots, equipped with advanced technologies like artificial intelligence and sensors, cater to applications in healthcare, logistics, agriculture, and more. From medical robots assisting in surgery to autonomous drones in agriculture, the market continues to expand.

The demand is fuelled by the need for automation, efficiency, and solutions addressing societal challenges. Key players innovate in areas like human-robot interaction, AI, and mobility, contributing to the dynamic growth of the service robotics market on a global scale.

Service Robotics Market – Significant Growth Factors

The Service Robotics Market presents significant growth opportunities due to several factors:

  • Automation Demand: Growing demand for automation across industries, such as manufacturing, logistics, and healthcare, is a major driver. Service robots contribute to operational efficiency, cost reduction, and improved productivity.
  • Technological Advancements: Rapid advancements in technologies like artificial intelligence, machine learning, and sensors enhance the capabilities of service robots, expanding their applications and increasing their adoption in various sectors.
  • Pandemic-Driven Demand: The COVID-19 pandemic has accelerated the need for contactless solutions, driving the adoption of service robots for tasks like disinfection, healthcare support, and telepresence, fostering a safer environment.
  • Industry-Specific Applications: Industry-specific applications, such as robotic surgery in healthcare, warehouse automation in logistics, and precision agriculture in farming, drive the market as companies seek tailored solutions for their unique operational requirements.
  • Aging Population and Healthcare Assistance: With an aging global population, there is a significant opportunity for service robots to assist in healthcare and elderly care, providing support for daily activities, monitoring health, and ensuring the well-being of individuals.
  • Smart Cities and Infrastructure Development: The development of smart cities and the focus on intelligent infrastructure present opportunities for service robots in applications like public services, security, and maintenance, contributing to more efficient and sustainable urban environments.

Service Robotics Market – Mergers and Acquisitions

The Service Robotics Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the Service Robotics Market include:

  • In 2022, Amazon.com, Inc. and iRobot Corporation have entered a definitive merger agreement, with Amazon set to acquire iRobot for a substantial USD 1.7 billion. This strategic move aligns with Amazon’s expansion plans, aiming to integrate iRobot’s expertise in robotics for potential advancements in its product and service offerings.
  • In 2022, DeLaval expanded its robot family with the introduction of the robot collector series, featuring the RC550 and RC700 models. Specifically designed for solid floors, these robots offer a working width of 155 and 180 cm, enhancing efficiency and versatility in agricultural and industrial applications.
  • In 2021, iRobot Corporation introduced the Roomba j7+ robot vacuum, featuring advanced capabilities powered by iRobot Genius 3.0 Home Intelligence. This innovative vacuum showcases the latest in smart home technology, enhancing efficiency and convenience through intelligent features designed for optimal cleaning performance.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the Service Robotics Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Service Robotics Market Self-Improvement Market Business Services Market
CAGR 15.1% (Approx) CAGR 8% (Approx) CAGR 21% (Approx)
USD 100.4 Billion by 2032 USD 81.6 Billion by 2032 USD 1380.6 Billion by 2032

Service Robotics Market – Significant Threats

The Service Robotics Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

  • High Initial Costs: The upfront costs associated with developing and deploying service robots can be substantial. High initial investments may deter potential adopters, especially in smaller businesses and industries with limited budgets, posing a threat to widespread market penetration.
  • Safety and Liability Concerns: As service robots become more integrated into various industries, concerns about safety and liability arise. Accidents or malfunctions could lead to legal challenges and damage the reputation of the technology, hindering broader acceptance and adoption.
  • Lack of Standardization: The absence of standardized regulations and interoperability standards poses a threat to the service robotics market. Inconsistent regulations across regions and industries may create barriers to entry and impede the seamless integration of service robots into different operational environments.
  • Resistance to Change: Resistance to adopting new technologies and the fear of job displacement among the workforce are significant threats. Industries may be hesitant to embrace service robotics due to concerns about employee morale, retraining costs, and potential job losses, slowing down the pace of market growth.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 28.3 Billion
Projected Market Size in 2032 USD 100.4 Billion
Market Size in 2022 USD 24.6 Billion
CAGR Growth Rate 15.1% CAGR
Base Year 2022
Forecast Period 2023-2032
Key Segment By Type, Application, Industry Vertical, Functionality and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Category-Wise Insights

By Type:

  • Humanoid Robots: Humanoid robots resemble and mimic human movements. In the service robotics market, they engage in tasks such as customer interaction and assistance. Trends include improved human-robot interaction through natural language processing and facial recognition, expanding their roles in customer service and social applications.
  • Non-Humanoid Robots: Non-humanoid robots lack a human-like appearance. Examples include drones and robotic arms. In the service robotics market, they perform tasks like warehouse automation and surveillance. Trends involve enhanced autonomy, precision, and adaptability, making them integral to logistics and industrial applications.
  • Stationary Robots: Stationary robots are fixed in one location and perform specific tasks. In the service robotics market, they are used for applications like manufacturing and telepresence. Trends include increased integration with other technologies, enabling greater flexibility and efficiency in various industries.

By Application

  • Professional Service Robotics: Professional service robotics involves robots designed for specific tasks in industries such as healthcare, logistics, and defense. Trends include the integration of robotics in surgery, telemedicine, and warehouse automation, driven by advancements in AI and a focus on enhancing operational efficiency and precision.
  • Personal Service Robotics: Personal service robotics focuses on robots designed for household and leisure applications. Trends include the development of domestic robots for chores, entertainment robots for leisure, and educational robots for learning. Growing demand is fueled by a desire for convenience, entertainment, and educational support.

Global Service Robotics Market 2023–2032 (By Billion)

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By Industrial Vertical

  • Agriculture: Service robotics in agriculture involves automated solutions for tasks like harvesting, planting, and monitoring crops. The trend includes the use of autonomous drones and robotic arms for precision farming, optimizing resource use, and increasing yields.
  • Hospitality & Medical: In the hospitality and medical sectors, service robots assist with tasks like cleaning, delivery, and patient care. The trend includes the adoption of robots for contactless services, telepresence, and enhancing overall operational efficiency.
  • Professional Cleaning: Service robots in professional cleaning automate tasks like floor cleaning and disinfection. The trend involves the integration of AI and sensors for efficient and autonomous cleaning processes, addressing hygiene concerns and reducing manual labour.
  • Inspection and Maintenance: In inspection and maintenance, service robots are used for tasks in hazardous or hard-to-reach environments. The trend includes the deployment of robotic solutions equipped with sensors and cameras for remote inspection and maintenance, improving safety and accuracy.
  • Construction and Demolition: Service robots in construction and demolition perform tasks like bricklaying, welding, and debris removal. The trend involves the use of robotic arms and drones for construction automation, enhancing efficiency and reducing labour-intensive processes.
  • Transportation and Logistics: In transportation and logistics, service robots aid in material handling, inventory management, and delivery. The trend includes the adoption of autonomous mobile robots and drones for streamlined logistics operations, improving speed and accuracy.
  • Rescue and Security: Service robots in rescue and security assist in search and rescue missions, surveillance, and bomb disposal. The trend involves the development of rugged and agile robots equipped with sensors for enhanced situational awareness and disaster response.
  • Others: The “Others” category encompasses various service robot applications across different industries. This diverse segment includes robots for education, entertainment, and miscellaneous tasks, reflecting the broad and evolving landscape of service robotics.

By Functionality

  • Autonomous Robots: Autonomous robots operate independently, utilizing artificial intelligence and sensors for navigation and task execution without direct human control. A prevalent trend in the service robotics market is the ongoing enhancement of autonomy, empowering robots to undertake intricate functions like navigation, decision-making, and adapting to diverse environments with increased proficiency.
  • Teleoperated Robots: Teleoperated robots are remotely controlled by a human operator. In the service robotics market, a notable trend involves enhancing teleoperation systems with improved communication technologies, real-time feedback, and haptic interfaces, allowing operators to remotely control robots with increased precision and responsiveness.

Global Service Robotics Market 2023–2032 (By Functionality)

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Service Robotics Market – Regional Analysis

The Service Robotics Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

  • North America: In North America, the service robotics market sees a trend toward increased integration of robotics in healthcare, with a focus on surgical and medical assistance applications. Additionally, there’s a growing emphasis on service robots in logistics and warehousing, optimizing supply chain operations and meeting the demands of the e-commerce industry.
  • Europe: Europe’s service robotics market exhibits a trend toward collaborative robots in manufacturing and industrial settings, enhancing human-robot cooperation. The region also experiences a surge in the adoption of service robots for healthcare applications, contributing to patient care and rehabilitation services. Smart city initiatives further drive the deployment of robots for public services.
  • Asia-Pacific: The Asia-Pacific region witnesses a trend of rapid adoption of service robots in various industries, particularly in manufacturing, where there’s an emphasis on automation to improve efficiency. In healthcare, there’s a focus on robotic solutions for elderly care. Additionally, countries like Japan are pioneering the development of socially assistive robots for companionship and support.
  • LAMEA (Latin America, Middle East, and Africa): In the LAMEA region, there’s a growing trend in using service robots for agriculture, addressing the need for precision farming and optimizing crop management. The region also experiences an uptake of service robots for security and surveillance applications. Additionally, the deployment of robots for public services in smart city initiatives is gaining traction.

Global Service Robotics Market 2023–2032 (By Type)

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Competitive Landscape – Service Robotics Market

The Service Robotics Market is highly competitive, with a large number of manufacturers and retailers operating globally. Some of the key players in the market include:

  • iRobot Corporation
  • Intuitive Surgical Inc.
  • Dyson Ltd.
  • Aethon Inc.
  • KUKA AG
  • ABB Ltd.
  • Yaskawa Electric Corporation
  • FANUC Corporation
  • SoftBank Robotics Holdings Corp.
  • Blue Ocean Robotics A/S
  • Northrop Grumman Corporation
  • Amazon Robotics
  • UBTECH Robotics Corp.
  • Hanson Robotics Limited
  • Boston Dynamics
  • Others

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships.

New players entering the service robotics market often adopt innovation and development strategies to gain a foothold. Companies like Boston Dynamics, with its advanced robotic technologies, and Agility Robotics, focusing on legged locomotion, showcase innovation.

Key players dominating include established names like iRobot, renowned for consumer robots, and Intuitive Surgical, a leader in medical robotics. These dominant players leverage brand recognition, extensive R&D, and strategic partnerships to maintain market leadership, making it challenging for newcomers to establish a significant presence without groundbreaking innovations or niche market focus.

The Service Robotics Market is segmented as follows:

By Type

  • Humanoid Robots
  • Non-Humanoid Robots
  • Stationary Robots

By Application

  • Professional service robotics
  • Personal service robotics

By Industry Vertical

  • Agriculture
  • Hospitality & Medical
  • Professional Cleaning
  • Inspection and Maintenance
  • Construction and demolition
  • Transportation and logistics
  • Rescue and Security
  • Others

By Functionality

  • Autonomous Robots
  • Teleoperated Robots

Regional Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Taiwan
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market Research Methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Service Robotics Market, (2023 – 2032) (USD Billion)
    • 2.2 Global Service Robotics Market: snapshot
  • Chapter 3. Global Service Robotics Market – Industry Analysis
    • 3.1 Service Robotics Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Automation Demand
      • 3.2.2 Technological Advancements
      • 3.2.3 Pandemic-Driven Demand
      • 3.2.4 Industry-Specific Applications
      • 3.2.5 Aging Population and Healthcare Assistance
      • 3.2.6 Smart Cities and Infrastructure Development.
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market Attractiveness Analysis By Type
      • 3.7.2 Market Attractiveness Analysis By Application
      • 3.7.3 Market Attractiveness Analysis By Industry Vertical
      • 3.7.4 Market Attractiveness Analysis By Functionality
  • Chapter 4. Global Service Robotics Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Service Robotics Market: Company Market Share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, collaboration, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Service Robotics Market – Type Analysis
    • 5.1 Global Service Robotics Market Overview: By Type
      • 5.1.1 Global Service Robotics Market Share, By Type, 2022 and 2032
    • 5.2 Humanoid Robots
      • 5.2.1 Global Service Robotics Market by Humanoid Robots, 2023 – 2032 (USD Billion)
    • 5.3 Non-Humanoid Robots
      • 5.3.1 Global Service Robotics Market by Non-Humanoid Robots, 2023 – 2032 (USD Billion)
    • 5.4 Stationary Robots
      • 5.4.1 Global Service Robotics Market by Stationary Robots, 2023 – 2032 (USD Billion)
  • Chapter 6. Global Service Robotics Market – Application Analysis
    • 6.1 Global Service Robotics Market Overview: By Application
      • 6.1.1 Global Service Robotics Market Share, By Application, 2022 and 2032
    • 6.2 Professional Service Robotics
      • 6.2.1 Global Service Robotics Market by Professional Service Robotics, 2023 – 2032 (USD Billion)
    • 6.3 Personal Service Robotics
      • 6.3.1 Global Service Robotics Market by Personal Service Robotics, 2023 – 2032 (USD Billion)
  • Chapter 7. Global Service Robotics Market – Industry Vertical Analysis
    • 7.1 Global Service Robotics Market Overview: By Industry Vertical
      • 7.1.1 Global Service Robotics Market Share, By Industry Vertical, 2022 and 2032
    • 7.2 Agriculture
      • 7.2.1 Global Service Robotics Market by Agriculture, 2023 – 2032 (USD Billion)
    • 7.3 Hospitality & Medical
      • 7.3.1 Global Service Robotics Market by Hospitality & Medical, 2023 – 2032 (USD Billion)
    • 7.4 Professional Cleaning
      • 7.4.1 Global Service Robotics Market by Professional Cleaning, 2023 – 2032 (USD Billion)
    • 7.5 Inspection and Maintenance
      • 7.5.1 Global Service Robotics Market by Inspection and Maintenance, 2023 – 2032 (USD Billion)
    • 7.6 Construction and demolition
      • 7.6.1 Global Service Robotics Market by Construction and Demolition, 2023 – 2032 (USD Billion)
    • 7.7 Transportation and Logistics
      • 7.7.1 Global Service Robotics Market by Transportation and Logistics, 2023 – 2032 (USD Billion)
    • 7.8 Rescue and Security
      • 7.8.1 Global Service Robotics Market by Rescue and Security, 2023 – 2032 (USD Billion)
    • 7.9 Others
      • 7.9.1 Global Service Robotics Market by Others, 2023 – 2032 (USD Billion)
  • Chapter 8. Global Service Robotics Market – Functionality Analysis
    • 8.1 Global Service Robotics Market Overview: By Functionality
      • 8.1.1 Global Service Robotics Market Share, By Functionality, 2022 and 2032
    • 8.2 Autonomous Robots
      • 8.2.1 Global Service Robotics Market by Autonomous Robots, 2023 – 2032 (USD Billion)
    • 8.3 Teleoperated Robots
      • 8.3.1 Global Service Robotics Market by Teleoperated Robots, 2023 – 2032 (USD Billion)
  • Chapter 9. Service Robotic’s Market – Regional Analysis
    • 9.1 Global Service Robotic’s Market Regional Overview
    • 9.2 Global Service Robotic’s Market Share, by Region, 2022 & 2032 (USD Billion)
    • 9.3. North America
      • 9.3.1 North America Service Robotic’s Market, 2023 – 2032 (USD Billion)
        • 9.3.1.1 North America Service Robotic’s Market, by Country, 2023 – 2032 (USD Billion)
    • 9.4 North America Service Robotic’s Market, by Type, 2023 – 2032
      • 9.4.1 North America Service Robotic’s Market, by Type, 2023 – 2032 (USD Billion)
    • 9.5 North America Service Robotic’s Market, by Application, 2023 – 2032
      • 9.5.1 North America Service Robotic’s Market, by Application, 2023 – 2032 (USD Billion)
    • 9.6 North America Service Robotic’s Market, by Industry Vertical, 2023 – 2032
      • 9.6.1 North America Service Robotic’s Market, by Industry Vertical, 2023 – 2032 (USD Billion)
    • 9.7 North America Service Robotic’s Market, by Functionality, 2023 – 2032
      • 9.7.1 North America Service Robotic’s Market, by Functionality, 2023 – 2032 (USD Billion)
    • 9.8. Europe
      • 9.8.1 Europe Service Robotic’s Market, 2023 – 2032 (USD Billion)
        • 9.8.1.1 Europe Service Robotic’s Market, by Country, 2023 – 2032 (USD Billion)
    • 9.9 Europe Service Robotic’s Market, by Type, 2023 – 2032
      • 9.9.1 Europe Service Robotic’s Market, by Type, 2023 – 2032 (USD Billion)
    • 9.10 Europe Service Robotic’s Market, by Application, 2023 – 2032
      • 9.10.1 Europe Service Robotic’s Market, by Application, 2023 – 2032 (USD Billion)
    • 9.11 Europe Service Robotic’s Market, by Industry Vertical, 2023 – 2032
      • 9.11.1 Europe Service Robotic’s Market, by Industry Vertical, 2023 – 2032 (USD Billion)
    • 9.12 Europe Service Robotic’s Market, by Functionality, 2023 – 2032
      • 9.12.1 Europe Service Robotic’s Market, by Functionality, 2023 – 2032 (USD Billion)
    • 9.13. Asia Pacific
      • 9.13.1 Asia Pacific Service Robotic’s Market, 2023 – 2032 (USD Billion)
        • 9.13.1.1 Asia Pacific Service Robotic’s Market, by Country, 2023 – 2032 (USD Billion)
    • 9.14 Asia Pacific Service Robotic’s Market, by Type, 2023 – 2032
      • 9.14.1 Asia Pacific Service Robotic’s Market, by Type, 2023 – 2032 (USD Billion)
    • 9.15 Asia Pacific Service Robotic’s Market, by Application, 2023 – 2032
      • 9.15.1 Asia Pacific Service Robotic’s Market, by Application, 2023 – 2032 (USD Billion)
    • 9.16 Asia Pacific Service Robotic’s Market, by Industry Vertical, 2023 – 2032
      • 9.16.1 Asia Pacific Service Robotic’s Market, by Industry Vertical, 2023 – 2032 (USD Billion)
    • 9.17 Asia Pacific Service Robotic’s Market, by Functionality, 2023 – 2032
      • 9.17.1 Asia Pacific Service Robotic’s Market, by Functionality, 2023 – 2032 (USD Billion)
    • 9.18. Latin America
      • 9.18.1 Latin America Service Robotic’s Market, 2023 – 2032 (USD Billion)
        • 9.18.1.1 Latin America Service Robotic’s Market, by Country, 2023 – 2032 (USD Billion)
    • 9.19 Latin America Service Robotic’s Market, by Type, 2023 – 2032
      • 9.19.1 Latin America Service Robotic’s Market, by Type, 2023 – 2032 (USD Billion)
    • 9.20 Latin America Service Robotic’s Market, by Application, 2023 – 2032
      • 9.20.1 Latin America Service Robotic’s Market, by Application, 2023 – 2032 (USD Billion)
    • 9.21 Latin America Service Robotic’s Market, by Industry Vertical, 2023 – 2032
      • 9.21.1 Latin America Service Robotic’s Market, by Industry Vertical, 2023 – 2032 (USD Billion)
    • 9.22 Latin America Service Robotic’s Market, by Functionality, 2023 – 2032
      • 9.22.1 Latin America Service Robotic’s Market, by Functionality, 2023 – 2032 (USD Billion)
    • 9.23. The Middle-East and Africa
      • 9.23.1 The Middle-East and Africa Service Robotic’s Market, 2023 – 2032 (USD Billion)
        • 9.23.1.1 The Middle-East and Africa Service Robotic’s Market, by Country, 2023 – 2032 (USD Billion)
    • 9.24 The Middle-East and Africa Service Robotic’s Market, by Type, 2023 – 2032
      • 9.24.1 The Middle-East and Africa Service Robotic’s Market, by Type, 2023 – 2032 (USD Billion)
    • 9.25 The Middle-East and Africa Service Robotic’s Market, by Application, 2023 – 2032
      • 9.25.1 The Middle-East and Africa Service Robotic’s Market, by Application, 2023 – 2032 (USD Billion)
    • 9.26 The Middle-East and Africa Service Robotic’s Market, by Industry Vertical, 2023 – 2032
      • 9.26.1 The Middle-East and Africa Service Robotic’s Market, by Industry Vertical, 2023 – 2032 (USD Billion)
    • 9.27 The Middle-East and Africa Service Robotic’s Market, by Functionality, 2023 – 2032
      • 9.27.1 The Middle-East and Africa Service Robotic’s Market, by Functionality, 2023 – 2032 (USD Billion)
  • Chapter 10. Company Profiles
    • 10.1 iRobot Corporation
      • 10.1.1 Overview
      • 10.1.2 Financials
      • 10.1.3 Product Portfolio
      • 10.1.4 Business Strategy
      • 10.1.5 Recent Developments
    • 10.2 Intuitive Surgical Inc.
      • 10.2.1 Overview
      • 10.2.2 Financials
      • 10.2.3 Product Portfolio
      • 10.2.4 Business Strategy
      • 10.2.5 Recent Developments
    • 10.3 Dyson Ltd.
      • 10.3.1 Overview
      • 10.3.2 Financials
      • 10.3.3 Product Portfolio
      • 10.3.4 Business Strategy
      • 10.3.5 Recent Developments
    • 10.4 Aethon Inc.
      • 10.4.1 Overview
      • 10.4.2 Financials
      • 10.4.3 Product Portfolio
      • 10.4.4 Business Strategy
      • 10.4.5 Recent Developments
    • 10.5 KUKA AG
      • 10.5.1 Overview
      • 10.5.2 Financials
      • 10.5.3 Product Portfolio
      • 10.5.4 Business Strategy
      • 10.5.5 Recent Developments
    • 10.6 ABB Ltd.
      • 10.6.1 Overview
      • 10.6.2 Financials
      • 10.6.3 Product Portfolio
      • 10.6.4 Business Strategy
      • 10.6.5 Recent Developments
    • 10.7 Yaskawa Electric Corporation
      • 10.7.1 Overview
      • 10.7.2 Financials
      • 10.7.3 Product Portfolio
      • 10.7.4 Business Strategy
      • 10.7.5 Recent Developments
    • 10.8 FANUC Corporation
      • 10.8.1 Overview
      • 10.8.2 Financials
      • 10.8.3 Product Portfolio
      • 10.8.4 Business Strategy
      • 10.8.5 Recent Developments
    • 10.9 SoftBank Robotics Holdings Corp.
      • 10.9.1 Overview
      • 10.9.2 Financials
      • 10.9.3 Product Portfolio
      • 10.9.4 Business Strategy
      • 10.9.5 Recent Developments
    • 10.10 Blue Ocean Robotics A/S
      • 10.10.1 Overview
      • 10.10.2 Financials
      • 10.10.3 Product Portfolio
      • 10.10.4 Business Strategy
      • 10.10.5 Recent Developments
    • 10.11 Northrop Grumman Corporation
      • 10.11.1 Overview
      • 10.11.2 Financials
      • 10.11.3 Product Portfolio
      • 10.11.4 Business Strategy
      • 10.11.5 Recent Developments
    • 10.12 Amazon Robotics
      • 10.12.1 Overview
      • 10.12.2 Financials
      • 10.12.3 Product Portfolio
      • 10.12.4 Business Strategy
      • 10.12.5 Recent Developments
    • 10.13 UBTECH Robotics Corp.
      • 10.13.1 Overview
      • 10.13.2 Financials
      • 10.13.3 Product Portfolio
      • 10.13.4 Business Strategy
      • 10.13.5 Recent Developments
    • 10.14 Hanson Robotics Limited
      • 10.14.1 Overview
      • 10.14.2 Financials
      • 10.14.3 Product Portfolio
      • 10.14.4 Business Strategy
      • 10.14.5 Recent Developments
    • 10.15 Boston Dynamics
      • 10.15.1 Overview
      • 10.15.2 Financials
      • 10.15.3 Product Portfolio
      • 10.15.4 Business Strategy
      • 10.15.5 Recent Developments
    • 10.16 Others.
      • 10.16.1 Overview
      • 10.16.2 Financials
      • 10.16.3 Product Portfolio
      • 10.16.4 Business Strategy
      • 10.16.5 Recent Developments
List Of Figures

Figures No 1 to 33

List Of Tables

Tables No 1 to 102

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2032

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2032
  • Market revenue estimates and forecasts up to 2032, by technology
  • Market revenue estimates and forecasts up to 2032, by application
  • Market revenue estimates and forecasts up to 2032, by type
  • Market revenue estimates and forecasts up to 2032, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • iRobot Corporation
  • Intuitive Surgical Inc.
  • Dyson Ltd.
  • Aethon Inc.
  • KUKA AG
  • ABB Ltd.
  • Yaskawa Electric Corporation
  • FANUC Corporation
  • SoftBank Robotics Holdings Corp.
  • Blue Ocean Robotics A/S
  • Northrop Grumman Corporation
  • Amazon Robotics
  • UBTECH Robotics Corp.
  • Hanson Robotics Limited
  • Boston Dynamics
  • Others

FAQs

The key factors driving the Market are Automation Demand, Technological Advancements, Pandemic-Driven Demand, Industry-Specific Applications, Aging Population and Healthcare Assistance and Smart Cities and Infrastructure Development.

The “Humanoid Robots” category dominated the market in 2022.

The key players in the market are iRobot Corporation, Intuitive Surgical Inc., Dyson Ltd., Aethon Inc. , KUKA AG, ABB Ltd., Yaskawa Electric Corporation, FANUC Corporation, SoftBank Robotics Holdings Corp., Blue Ocean Robotics A/S, Northrop Grumman Corporation, Amazon Robotics , UBTECH Robotics Corp., Hanson Robotics Limited, Boston Dynamics, Others.

“North America” had the largest share in the Service Robotics Market.

The global market is projected to grow at a CAGR of 15.1% during the forecast period, 2023-2032.

The Service Robotics Market size was valued at USD 28.3 Billion in 2023.

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