Service Robotics Market to accrue remarkable proceeds from logistics application, global valuation to exceed USD 22 Billion by 2024

Powered by the robust industrialization trends, Service Robotics Market has been escalating at an astonishing rate over the recent years. The emerging trend of innovations from many engineering and scientific disciplines and technological advancements such as AI, machine learning, 3D sensors, machine vision, and big data analysis further contribute to the industry demand. In addition, the increasing penetration of robots in military & defense applications followed by the significantly rising defense budgets across the major economies is providing an impetus to the service robotics market.

The growing deployment of robots across households is anticipated to showcase a positive impact on the service robotics market growth. The household robots help in reducing the burden on their human counterparts by performing domestic tasks such as floor & window cleaning, vacuum cleaning & lawn-mowing and letting them focus on more important tasks. Increasing penetration of entertainment robots in various sectors, such as retail, BFSI, and hospitality, enables the interactive experience deepening the engagement with in-store customers. The robots can bring in a transformation by making use of advanced technologies such as facial recognition, speech recognition, and emotion recognition.

Rising deployment of professional robots, such as drones, ground-based, and marine robots across the military & defense sector, is anticipated to drive the service robotics market growth. It can be attributed to the advantages offered by these machines, which include reducing human casualties, performing hazardous tasks, lowering the operational costs, collecting better intelligence, enabling effective surveillance, and improving the attack capabilities. Furthermore, increasing demand for the automated processes with higher efficiency and accuracy across the dairy sector to improve the productivity is driving the field robots segment in the service robotics market.

The introduction of service robots in logistic operations is deemed to be one of the most significant qualitative shifts in this domain. The paradigm transition in operational interlinking is undoubtedly bringing new opportunities for service robotics market from logistic application. Autonomous Guided Vehicles (AGVs) is one of the finest examples of the robotics breakthroughs in logistics sector. AGVs can reportedly be operated without much human intervention and are significantly increasing the safety quotient of the automobile.

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With further enhancements in this technology, the sector has witnessed yet another revolution – AIVs (Autonomous Intelligent Vehicles), enabling greater autonomy, longer battery life, and more flexible & scalable robotic system. Increasing deployment of such robots in indoor as well as outdoor logistics applications for ensuring a better operational efficiency has in turn, fueled service robotics industry growth.

The personal sector has turned to be another prominent application vertical for service robotics market, especially with the increasing deployment of household and entertainment robots. Rising penetration of vacuum cleaners, lawn cutters, and other similar robots for carrying out the tasks that are often routine for humans, has been identified as a turning factor uplifting household service robotics application. In fact, as per estimates, personal applications accounted for 36% of the overall service robotics market size in 2016. With advanced technologies like speech, emotion, and facial recognition features coming onboard, this particular business vertical is likely to tread along a lucrative growth path over the ensuing years.

The U.S. service robotics market is anticipated to witness growth over the forecast timeline. It can be attributed to the rising demand for robots across various sectors, which include defense, logistics, healthcare, agriculture, and households. Increasing number of players entering the marketplace with new & advanced technological features further contributes to the regional industry demand. Moreover, the increasing adoption of household robots for performing everyday tasks coupled with the rising wage rates across various economies is compelling the adoption of robots, contributing to the Asia Pacific service robotics market.

Speaking of the competitive landscape, service robotics industry is highly fragmented in nature with the participation of leading players like Parrot SA, 3D Robotics, Softbank Robotics, AeroVironment, Inc., DJI, Intuitive Surgical, Inc., Bluefin Robotics, and Samsung Electronics.