In this rapidly changing environment, companies are expanding their scale of operations by increasing investments in R&D and innovation. In service robotics innovation is very beneficial. Service robotics has become worldwide. Robotics has established a trend in market. Internet of things (IoT) is also considered as a major component with respect to service robotics therefore industries adopting Internet of Things has increased the demand for service robotics.
The study indicates that technological advancements, high demands for automation and increasing human safety concerns are the major driving factors of service robotic market. Service robotics have many benefits which overcome the challenges such as lack of skilled workforce, high labor costs and others. The study indicates a major restrain for the service robotics market as the high costs of service robots. But the study also reveals that robot manufacturers are taking efforts to lower the costs of these service robots.
In the recent news, Dominos has partnered with Starship Technologies to develop service robots which could be used for pizza delivery. Many company like Dominos are taking efforts and adopting service robotics.
The Service robotics Market is growing rapidly over 15% of CAGR and is expected to reach at USD 20 billion by the end of forecast period. Cost reduction, high efficiency in the process and ability to provide the overall information and initiate early stage development for the products are the major driving factors of this market.
Service robotics Market Segmentation
The Service robotics Market has been segmented on the basis of type and end user. Looking through the end-user segments it’s been observed that healthcare industry is dominating in service robotics market. Automotive, defense and construction industries are also showing a positive growth towards service robotics. In the defense sector, service robotics reduces the human involvement, thereby reducing the number of victims in military actions which would result in increase of service robotics market by the forecast period.
The prominent players in the Service robotics Market are- GeckoSystems Intl. Corp. (U.S.), Honda Motor Co. Ltd. (Japan), Adept Technology, Inc. (U.S.), KUKA AG (Germany), iRobot Corporation (U.S.), Kongsberg Maritime AS (Norway), DJI (China), Intuitive Surgical, Inc. (U.S.), Parrot SA (France), Grumman Corporation (U.S.), Fujitsu Frontech Limited (Japan), LG Electronics Inc. (South Korea), Samsung Electronics Co., Ltd. (South Korea) among others.
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Market Research Analysis:
Market Research Future Analysis has observed, increasing investment for service robots, IT modernization, technological advancements and others. The major benefits of service robotics are increase in efficiency, replacing labor intervention among others. These factors would definitely increase the service robotics market by the forecast period.
Regional analysis for service robotics market is studied in different geographic regions as Americas, Europe, Asia-Pacific and Rest of world. It has been observed that North America would account for larger share in service robotics sector followed by Europe and Asia-Pacific. In North America increased demand of service robots by defense, medical, construction sectors and inclination towards automation is observed. Asia-Pacific countries like Japan, China, and Korea are expected to show significant progress in field of service robotics.
Table of Content:
1 MARKET INTRODUCTION
1.2 SCOPE OF STUDY
1.2.1 RESEARCH OBJECTIVE
1.3 MARKET STRUCTURE
2 RESEARCH METHODOLOGY
2.1 RESEARCH NETWORK SOLUTION
2.2 PRIMARY RESEARCH
2.3 SECONDARY RESEARCH
2.4 FORECAST MODEL
2.4.1 MARKET DATA COLLECTION, ANALYSIS & FORECAST
2.4.2 MARKET SIZE ESTIMATION
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