The market for service robotics, which was estimated to be worth around USD 33 Billion in 2022, is expected to garner an overall market value of USD 40 Billion in 2023. As per the global service robotics market analysis report of FMI, it is predicted to register an impressive CAGR of 21% between 2023 and 2033, finally concluding at a market value of USD 267 Billion by 2033.
Due to growing automation in modern industries, where professional service robots are employed to carry out different types of functions, the services robotics technology has come a long way in assisting individuals at the household level. Moreover, super smart service robotics is widely employed in high-tech working and testing facilities where human intervention can be fallible making it an indispensable unit of the whole setup.
Greater labor expenses brought on by a shortage of trained workers have also played a major role in the greater adoption of service robotics for professional as well as personal requirements. Other than that, more expenditures in Research and Development by the market players, and increased knowledge of common people about the possibility of deploying service robots for industrial automation are the other factors in the expansion of the service robotics market key trends and opportunities.
The healthcare, military, logistics, and retail market sectors have remarkably increased the demand for service robotics from such businesses. As the use of robotic inspection helps to save a lot of time and ensures effective operation, autonomous security robots have emerged to be a very lucrative business in developed countries.
Complex software that takes digital identification and machine learning (ML) into account may be the new endeavor for service robotics operations and solution providers. As a result of such advancements, the market for services robotics in general and its software segment, in particular, is anticipated to witness exponential growth throughout the forecast years.
Interestingly enough, newly introduced public relations robots have emerged as the flag bearers of the services robotics market and are majorly employed to aid clients in locating a product or finishing a job. Such Intelligent service robots for sale are used in the retail sector, banks, shopping malls, as well as public amusement locations to generate curiosity among the people and expand the business.
| Attributes | Details |
|---|---|
| Service Robotics Market Share (2022) | USD 33 Billion |
| Service Robotics Market Size Value (2023) | USD 40 Billion |
| Service Robotics Market Size Value (2033) | USD 267 Billion |
| Service Robotics Market Growth Rate (2023 to 2033) | 21% |
In the upcoming years, numerous newly industrializing economies are anticipated to have a strong requirement for the supply chain and distribution procedures consequently boosting the demand for remote control robots.
The regional service robotics market is also anticipated to benefit from an increase in expenditures made by government organizations to modernize current healthcare systems that require reform.
Many people in emerging countries are now enjoying higher standards of living, which is anticipated to help fuel the demand for personal service robots. However, the development of service robotics market players would be a little slower in the regions with limited technological development and lower literacy rate.
Unfortunately, issues including the rising cost of raw materials and semiconductor chips have had a detrimental effect on the market expansion. Moreover, the expansion of the service robotics business has been constrained by large upfront investment and maintenance costs.
The industrial or commercial services robotics sector should dominate over the forecast years and indeed capture the bigger market share until the year 2022. Again, in this segment, the sub-segments of medical, construction, and demolition activities, defense, logistics & transportation, and agricultural sectors would remain the major buyers of industrial service robots.
Contrarily, due to a growing trend among people of using integrated robotic solutions for numerous crucial processes, the personal or domestic service robotics segment is anticipated to grow significantly throughout the forecast years. Service robotics for education and medical care at home or elder care robots are the two rapidly growing sub-segments at present time.
In addition to these two sectors, the restaurant service robot sub-segment is anticipated to exhibit consistent growth over the forecast years. There has been a significant rise in the popularity of humanoid service robots in the restaurant and hospitality business due to the rise in theme restaurant projects throughout the world. The proliferation of such ideas is anticipated to create more opportunities for service robotics market players in the coming days.
Since the implementation of commercial as well as home service robots are going to be more application-specific, the market demand and value for service robotics software components is predicted to be greater than the hardware component in particular.
Whereas through the forecast years, the market segment of aerial drones is anticipated to register the highest CAGR. It can be attributed to the growing use of industrial drones for tasks like inspecting farmlands and tracking traffic, as well as the greater cost of these drones in comparison to general-purpose consumer drones.
According to the services robotics market report for the years 2023 to 2033 released by FMI, the USA leads the overall market with a substantial number of market players in the country. As per the report, it still has got sufficient groundwork and opportunities to retain its shareholding during the forecast years as well.
Most of the large players are also indulged in acquiring smaller players for expanding their regional influence to retain their competitiveness in the future service robotics market. Intuitive Surgical Inc. ended up buying Orpheus Medical in early 2020 to broaden its unified informatics platform since Orpheus Medical offers hospitals access to IT resources and knowledge about quickly processing and preserving surgical recordings.
In regards to the global service robotics market survey report, European Union holds the largest market share due to the rising interest in the home and personal assistant robots in several of its member states. Due to the increased acceptance of such robotic solutions in these nations, countries like Germany, the United Kingdom, France, and Italy are predicted to expand strongly throughout the forecast years.
Furthermore, there are several key market participants present in the region who are striving to advance in this sector by adopting cutting-edge technologies. For instance, in November 2019, the Italian business Piaggio staged Gita, which is a smart delivery robot that can carry groceries and cost almost USD 3,250 in the year 2019. Such an indoor delivery robot has a hands-free carrier to lift various articles, and can even follow its operator along the street.
Following Europe, China is anticipated to hold the second-highest position in the production and sales of service robotics in the global market. The Research and Development efforts put in by the industrial robot tech sector of the country are the most significant driver of the China service robotics market.
Governments in other Asia Pacific countries such as South Korea and Japan are also expanding their investments in technology like automation, AI, and vector robots. For instance, in South Korea, to assist senior citizens with safe and efficient walk training, Panasonic Corporation unveiled a mass-production version of its Walk Training Robot in April 2021. The Company also provides elder care robots for assistance services in homes, healthcare institutions, and other organizations.
Yaskawa India Pvt. Ltd., which is a division of Yaskawa Electric Corporation, and Wipro Limited confirmed their collaboration in February 2021 by signing an MOU that outlines their commitment to working together to pursue global automation and humanoid robot projects. Through this relationship, the business is capable of supplying Yaskawa service robots both domestically and internationally.
Besides, after building a humanoid service robot called Sona-1.5, in 2019, Modern Railway Coach Factory in India has brought industrial technology to new heights. In a busy setting, it is useful for moving items from place to place.
In the present time, major market participants are fiercely competing to attract customers to their service robots for a range of applications, and in order to expand their clientele and increase their skills, companies are acquiring and collaborating with top service robotics companies.
For instance, in January 2020, iRobot formed an alliance with If This Then That (IFTTT), which is a well-known platform for the integration and realization of web-based services that provide new integrated and smart home configurations. IFTTT is expected to assist iRobot to integrate products and services into its iRobot HOME application categories, including smart thermostats, scanners, and home security robots.
Table 1: Global Market Value (US$ Million) Forecast by Region, 2018 to 2033
Table 2: Global Market Value (US$ Million) Forecast by Component, 2018 to 2033
Table 3: Global Market Value (US$ Million) Forecast by Environment, 2018 to 2033
Table 4: Global Market Value (US$ Million) Forecast by Type, 2018 to 2033
Table 5: North America Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 6: North America Market Value (US$ Million) Forecast by Component, 2018 to 2033
Table 7: North America Market Value (US$ Million) Forecast by Environment, 2018 to 2033
Table 8: North America Market Value (US$ Million) Forecast by Type, 2018 to 2033
Table 9: Latin America Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 10: Latin America Market Value (US$ Million) Forecast by Component, 2018 to 2033
Table 11: Latin America Market Value (US$ Million) Forecast by Environment, 2018 to 2033
Table 12: Latin America Market Value (US$ Million) Forecast by Type, 2018 to 2033
Table 13: Europe Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 14: Europe Market Value (US$ Million) Forecast by Component, 2018 to 2033
Table 15: Europe Market Value (US$ Million) Forecast by Environment, 2018 to 2033
Table 16: Europe Market Value (US$ Million) Forecast by Type, 2018 to 2033
Table 17: South Asia Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 18: South Asia Market Value (US$ Million) Forecast by Component, 2018 to 2033
Table 19: South Asia Market Value (US$ Million) Forecast by Environment, 2018 to 2033
Table 20: South Asia Market Value (US$ Million) Forecast by Type, 2018 to 2033
Table 21: East Asia Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 22: East Asia Market Value (US$ Million) Forecast by Component, 2018 to 2033
Table 23: East Asia Market Value (US$ Million) Forecast by Environment, 2018 to 2033
Table 24: East Asia Market Value (US$ Million) Forecast by Type, 2018 to 2033
Table 25: Oceania Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 26: Oceania Market Value (US$ Million) Forecast by Component, 2018 to 2033
Table 27: Oceania Market Value (US$ Million) Forecast by Environment, 2018 to 2033
Table 28: Oceania Market Value (US$ Million) Forecast by Type, 2018 to 2033
Table 29: MEA Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 30: MEA Market Value (US$ Million) Forecast by Component, 2018 to 2033
Table 31: MEA Market Value (US$ Million) Forecast by Environment, 2018 to 2033
Table 32: MEA Market Value (US$ Million) Forecast by Type, 2018 to 2033
Figure 1: Global Market Value (US$ Million) by Component, 2023 to 2033
Figure 2: Global Market Value (US$ Million) by Environment, 2023 to 2033
Figure 3: Global Market Value (US$ Million) by Type, 2023 to 2033
Figure 4: Global Market Value (US$ Million) by Region, 2023 to 2033
Figure 5: Global Market Value (US$ Million) Analysis by Region, 2018 to 2033
Figure 6: Global Market Value Share (%) and BPS Analysis by Region, 2023 to 2033
Figure 7: Global Market Y-o-Y Growth (%) Projections by Region, 2023 to 2033
Figure 8: Global Market Value (US$ Million) Analysis by Component, 2018 to 2033
Figure 9: Global Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 10: Global Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 11: Global Market Value (US$ Million) Analysis by Environment, 2018 to 2033
Figure 12: Global Market Value Share (%) and BPS Analysis by Environment, 2023 to 2033
Figure 13: Global Market Y-o-Y Growth (%) Projections by Environment, 2023 to 2033
Figure 14: Global Market Value (US$ Million) Analysis by Type, 2018 to 2033
Figure 15: Global Market Value Share (%) and BPS Analysis by Type, 2023 to 2033
Figure 16: Global Market Y-o-Y Growth (%) Projections by Type, 2023 to 2033
Figure 17: Global Market Attractiveness by Component, 2023 to 2033
Figure 18: Global Market Attractiveness by Environment, 2023 to 2033
Figure 19: Global Market Attractiveness by Type, 2023 to 2033
Figure 20: Global Market Attractiveness by Region, 2023 to 2033
Figure 21: North America Market Value (US$ Million) by Component, 2023 to 2033
Figure 22: North America Market Value (US$ Million) by Environment, 2023 to 2033
Figure 23: North America Market Value (US$ Million) by Type, 2023 to 2033
Figure 24: North America Market Value (US$ Million) by Country, 2023 to 2033
Figure 25: North America Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 26: North America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 27: North America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 28: North America Market Value (US$ Million) Analysis by Component, 2018 to 2033
Figure 29: North America Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 30: North America Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 31: North America Market Value (US$ Million) Analysis by Environment, 2018 to 2033
Figure 32: North America Market Value Share (%) and BPS Analysis by Environment, 2023 to 2033
Figure 33: North America Market Y-o-Y Growth (%) Projections by Environment, 2023 to 2033
Figure 34: North America Market Value (US$ Million) Analysis by Type, 2018 to 2033
Figure 35: North America Market Value Share (%) and BPS Analysis by Type, 2023 to 2033
Figure 36: North America Market Y-o-Y Growth (%) Projections by Type, 2023 to 2033
Figure 37: North America Market Attractiveness by Component, 2023 to 2033
Figure 38: North America Market Attractiveness by Environment, 2023 to 2033
Figure 39: North America Market Attractiveness by Type, 2023 to 2033
Figure 40: North America Market Attractiveness by Country, 2023 to 2033
Figure 41: Latin America Market Value (US$ Million) by Component, 2023 to 2033
Figure 42: Latin America Market Value (US$ Million) by Environment, 2023 to 2033
Figure 43: Latin America Market Value (US$ Million) by Type, 2023 to 2033
Figure 44: Latin America Market Value (US$ Million) by Country, 2023 to 2033
Figure 45: Latin America Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 46: Latin America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 47: Latin America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 48: Latin America Market Value (US$ Million) Analysis by Component, 2018 to 2033
Figure 49: Latin America Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 50: Latin America Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 51: Latin America Market Value (US$ Million) Analysis by Environment, 2018 to 2033
Figure 52: Latin America Market Value Share (%) and BPS Analysis by Environment, 2023 to 2033
Figure 53: Latin America Market Y-o-Y Growth (%) Projections by Environment, 2023 to 2033
Figure 54: Latin America Market Value (US$ Million) Analysis by Type, 2018 to 2033
Figure 55: Latin America Market Value Share (%) and BPS Analysis by Type, 2023 to 2033
Figure 56: Latin America Market Y-o-Y Growth (%) Projections by Type, 2023 to 2033
Figure 57: Latin America Market Attractiveness by Component, 2023 to 2033
Figure 58: Latin America Market Attractiveness by Environment, 2023 to 2033
Figure 59: Latin America Market Attractiveness by Type, 2023 to 2033
Figure 60: Latin America Market Attractiveness by Country, 2023 to 2033
Figure 61: Europe Market Value (US$ Million) by Component, 2023 to 2033
Figure 62: Europe Market Value (US$ Million) by Environment, 2023 to 2033
Figure 63: Europe Market Value (US$ Million) by Type, 2023 to 2033
Figure 64: Europe Market Value (US$ Million) by Country, 2023 to 2033
Figure 65: Europe Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 66: Europe Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 67: Europe Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 68: Europe Market Value (US$ Million) Analysis by Component, 2018 to 2033
Figure 69: Europe Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 70: Europe Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 71: Europe Market Value (US$ Million) Analysis by Environment, 2018 to 2033
Figure 72: Europe Market Value Share (%) and BPS Analysis by Environment, 2023 to 2033
Figure 73: Europe Market Y-o-Y Growth (%) Projections by Environment, 2023 to 2033
Figure 74: Europe Market Value (US$ Million) Analysis by Type, 2018 to 2033
Figure 75: Europe Market Value Share (%) and BPS Analysis by Type, 2023 to 2033
Figure 76: Europe Market Y-o-Y Growth (%) Projections by Type, 2023 to 2033
Figure 77: Europe Market Attractiveness by Component, 2023 to 2033
Figure 78: Europe Market Attractiveness by Environment, 2023 to 2033
Figure 79: Europe Market Attractiveness by Type, 2023 to 2033
Figure 80: Europe Market Attractiveness by Country, 2023 to 2033
Figure 81: South Asia Market Value (US$ Million) by Component, 2023 to 2033
Figure 82: South Asia Market Value (US$ Million) by Environment, 2023 to 2033
Figure 83: South Asia Market Value (US$ Million) by Type, 2023 to 2033
Figure 84: South Asia Market Value (US$ Million) by Country, 2023 to 2033
Figure 85: South Asia Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 86: South Asia Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 87: South Asia Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 88: South Asia Market Value (US$ Million) Analysis by Component, 2018 to 2033
Figure 89: South Asia Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 90: South Asia Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 91: South Asia Market Value (US$ Million) Analysis by Environment, 2018 to 2033
Figure 92: South Asia Market Value Share (%) and BPS Analysis by Environment, 2023 to 2033
Figure 93: South Asia Market Y-o-Y Growth (%) Projections by Environment, 2023 to 2033
Figure 94: South Asia Market Value (US$ Million) Analysis by Type, 2018 to 2033
Figure 95: South Asia Market Value Share (%) and BPS Analysis by Type, 2023 to 2033
Figure 96: South Asia Market Y-o-Y Growth (%) Projections by Type, 2023 to 2033
Figure 97: South Asia Market Attractiveness by Component, 2023 to 2033
Figure 98: South Asia Market Attractiveness by Environment, 2023 to 2033
Figure 99: South Asia Market Attractiveness by Type, 2023 to 2033
Figure 100: South Asia Market Attractiveness by Country, 2023 to 2033
Figure 101: East Asia Market Value (US$ Million) by Component, 2023 to 2033
Figure 102: East Asia Market Value (US$ Million) by Environment, 2023 to 2033
Figure 103: East Asia Market Value (US$ Million) by Type, 2023 to 2033
Figure 104: East Asia Market Value (US$ Million) by Country, 2023 to 2033
Figure 105: East Asia Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 106: East Asia Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 107: East Asia Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 108: East Asia Market Value (US$ Million) Analysis by Component, 2018 to 2033
Figure 109: East Asia Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 110: East Asia Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 111: East Asia Market Value (US$ Million) Analysis by Environment, 2018 to 2033
Figure 112: East Asia Market Value Share (%) and BPS Analysis by Environment, 2023 to 2033
Figure 113: East Asia Market Y-o-Y Growth (%) Projections by Environment, 2023 to 2033
Figure 114: East Asia Market Value (US$ Million) Analysis by Type, 2018 to 2033
Figure 115: East Asia Market Value Share (%) and BPS Analysis by Type, 2023 to 2033
Figure 116: East Asia Market Y-o-Y Growth (%) Projections by Type, 2023 to 2033
Figure 117: East Asia Market Attractiveness by Component, 2023 to 2033
Figure 118: East Asia Market Attractiveness by Environment, 2023 to 2033
Figure 119: East Asia Market Attractiveness by Type, 2023 to 2033
Figure 120: East Asia Market Attractiveness by Country, 2023 to 2033
Figure 121: Oceania Market Value (US$ Million) by Component, 2023 to 2033
Figure 122: Oceania Market Value (US$ Million) by Environment, 2023 to 2033
Figure 123: Oceania Market Value (US$ Million) by Type, 2023 to 2033
Figure 124: Oceania Market Value (US$ Million) by Country, 2023 to 2033
Figure 125: Oceania Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 126: Oceania Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 127: Oceania Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 128: Oceania Market Value (US$ Million) Analysis by Component, 2018 to 2033
Figure 129: Oceania Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 130: Oceania Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 131: Oceania Market Value (US$ Million) Analysis by Environment, 2018 to 2033
Figure 132: Oceania Market Value Share (%) and BPS Analysis by Environment, 2023 to 2033
Figure 133: Oceania Market Y-o-Y Growth (%) Projections by Environment, 2023 to 2033
Figure 134: Oceania Market Value (US$ Million) Analysis by Type, 2018 to 2033
Figure 135: Oceania Market Value Share (%) and BPS Analysis by Type, 2023 to 2033
Figure 136: Oceania Market Y-o-Y Growth (%) Projections by Type, 2023 to 2033
Figure 137: Oceania Market Attractiveness by Component, 2023 to 2033
Figure 138: Oceania Market Attractiveness by Environment, 2023 to 2033
Figure 139: Oceania Market Attractiveness by Type, 2023 to 2033
Figure 140: Oceania Market Attractiveness by Country, 2023 to 2033
Figure 141: MEA Market Value (US$ Million) by Component, 2023 to 2033
Figure 142: MEA Market Value (US$ Million) by Environment, 2023 to 2033
Figure 143: MEA Market Value (US$ Million) by Type, 2023 to 2033
Figure 144: MEA Market Value (US$ Million) by Country, 2023 to 2033
Figure 145: MEA Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 146: MEA Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 147: MEA Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 148: MEA Market Value (US$ Million) Analysis by Component, 2018 to 2033
Figure 149: MEA Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 150: MEA Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 151: MEA Market Value (US$ Million) Analysis by Environment, 2018 to 2033
Figure 152: MEA Market Value Share (%) and BPS Analysis by Environment, 2023 to 2033
Figure 153: MEA Market Y-o-Y Growth (%) Projections by Environment, 2023 to 2033
Figure 154: MEA Market Value (US$ Million) Analysis by Type, 2018 to 2033
Figure 155: MEA Market Value Share (%) and BPS Analysis by Type, 2023 to 2033
Figure 156: MEA Market Y-o-Y Growth (%) Projections by Type, 2023 to 2033
Figure 157: MEA Market Attractiveness by Component, 2023 to 2033
Figure 158: MEA Market Attractiveness by Environment, 2023 to 2033
Figure 159: MEA Market Attractiveness by Type, 2023 to 2033
Figure 160: MEA Market Attractiveness by Country, 2023 to 2033
The global service robotics market is to grow at a CAGR of 21% during the forecast period.
The global service robotics market is predicted to be valued at USD 267 Billion by 2033.
The global service robotics market was valued at USD 33 Billion in 2022.
The USA accounts for the largest revenue share of the global service robotics market.
China is predicted to witness the highest CAGR in the service robotics market.
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