Dublin, Aug. 14, 2024 (GLOBE NEWSWIRE) — The report “Global Service Robotics Market Report by Segments (Medical Robotics, Transportation & Logistics, Professional Cleaning, Hospitality, and Agriculture & Field), Countries and Company Analysis, 2024-2032” was added to The Offer.

The global service robotics market is set to grow from $21.26 billion in 2023 to a staggering $359.77 billion by 2032, registering an astonishing CAGR of 36.39% between 2024 and 2032. This outstanding transformation is driven by the many benefits of using service robots, such as accuracy, high-quality services, the ability to avoid human errors, and reducing operational costs.

Service robotics refers to robots that interact with and assist people by performing tasks that benefit people in various ways. Service robots are different from industrial robots and are used in a variety of settings, including the home, healthcare, workplace, and social settings.

Service robots have a wide range of uses around the world and are used in different fields of activity. The main areas of application for robots are in healthcare. They assist in surgery, physical therapy and patient care, improving the accuracy of operations and recovery time. For home use, there are machines for cleaning the house, including the floor, lawn and even caring for the elderly.

The social robots in circulation are used for security by helping to monitor and observe the public. In customer-facing industries such as retail and hospitality, they take on tasks that would otherwise fall under the purview of customer service. In this regard, educational robots support interactive learning and the acquisition of new skills. Improvements in areas such as artificial intelligence, machine learning and sensor technology are leading to the proliferation of service robotics across the globe. This is because more autonomy is achieved, allowing the robots to perform various tasks on their own.

Drivers of the global service robotics market

The global increase in the elderly population is a key driver for the service robotics market

Many countries are facing the problem of an ageing population, which creates a huge need for healthcare services and assistance with daily activities. Service robots offer solutions to these challenges by helping with medical treatment and health check-ups, household chores and socializing.

This relieves the burden on human caregivers and allows older people to live independently, improving their quality of life. In particular, industrialized countries such as Japan, which have an ageing population, predominantly use these robots, which confirms the central importance of service robots in coping with an ageing society.

Increasing consumer demand for convenience and personalized services

Growing consumer desire for convenience and personalized services has accelerated demand for service robots in homes and businesses. Household robots such as vacuum cleaners and personal assistants help reduce work time and enrich home life.

Several industries, such as retail and hospitality, are increasing customer satisfaction through faster checkouts, automated services, and product suggestions. Sophisticated and modern technology products remain relevant in the market as consumers demand convenient services to perform their jobs and business operations, which requires the integration of advanced types of robots into the industries. It improves productivity and customer experience; hence, service robots have become a central part of today’s society and commerce.

Rapid advances in artificial intelligence, machine learning and sensor technology have dramatically improved the capabilities of service robots.

The advancement of artificial intelligence, machine learning and sensor technology is also having a significant impact on improving the performance of service robots. Higher decision-making levels allow for greater responsibility for decisions and sophisticated sensors enable improved interaction in complicated environments. These technological advances enable robots to complete more tasks with greater efficiency and accuracy.

The advanced technologies, such as higher processor speed and long-lasting batteries, increase business hours and performance. Such developments encourage the use of service robots in various industries, including medical, transportation, and hospitality, as they can perform repetitive tasks, assist in operations, provide customer support, and other services, among others. Due to the constant development of these technologies, service robots are becoming increasingly important in the private and business sectors.

European market for service robotics

The service robot market in Europe is developing. The reasons for this are technological development, labor shortages and the increasing ageing of the population. Germany, the United Kingdom and France are some of the leading countries that have intensively joined this market.

Germany is one of the leading countries due to its highly developed industry and technology. Germany is currently a pioneer in the production of high-quality service robots for medical, industrial and private purposes. Since the country places great emphasis on innovation and research, robotics is being rapidly adopted in numerous industries.

Another important market is the UK, which also has huge demands on the healthcare and logistics industry. More and more hospitals across the UK are using robots to assist with operations, patient treatment and transporting items within hospitals. Retail and e-commerce are other areas where robotic systems are being used for inventory control and customer service. France is making progress in agricultural and domestic robots. Recent inventions in French agricultural robot technology are helping with agricultural problems, while the domestic help and cleaning sectors are gaining huge importance.

Global Service Robotics company news:

May 2024: To enter the personal mobility market, EveryBot, which previously focused on robot mops, acquired AI robotics company Highcore. This strategic move aimed to expand EveryBot’s product portfolio and enter new markets. Integrating Highcore’s technology is expected to bring several benefits, including projected growth in the AI-powered electric wheelchair market. EveryBot also identified significant synergies by combining its sales, marketing and R&D expertise with Highcore’s technological capabilities.

January 2024: Acieta was acquired by private equity fund Angeles Equity Partners of Mitsui & Co. of Japan. Financial details were not disclosed. Acieta’s acquisition of Mid-State Engineering, R\BEX and +Vantage marked its fourth entry into the robot integration market, expanding its capabilities in equipment maintenance, welding and palletizing across various industries.

March 2023: Stryker introduced Mako Total Knee 2.0 during the 2023 AAOS Annual Meeting in Las Vegas. The system offers an improved user experience and reliable results. It features a digital tensioner for intraoperative assessment of knee stability during TKA without additional instruments. Other features include a new design and a customizable workflow.

Main features:

Analysis of key players: overview, recent development and strategies, product portfolio, financial insights

• KUKA
• iRobot Corporation
• Intuitive Surgical Inc.
• Panasonic Corporation
• Fanuc
• ABB Ltd.
• Stryker Corporation

Segments – Market & Volume were covered from 5 perspectives

• Transport and logistics
• Professional cleaning
• Medical robotics
• hospitality
• Agriculture & Field

Countries – The market was covered from 16 angles

America

• United States
• Canada
• Mexico
• Miscellaneous

Europe

• France
• Germany
• Italy
• Spain
• Miscellaneous

Asia-Pacific

• China
• India
• Japan
• Republic of Korea
• Thailand
• Miscellaneous

Rest of the world

For more information about this report visit https://www.researchandmarkets.com/r/px5uhb

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• Global Service Robotics Market