Service Robotics Market

1. Service Robotics Market Size, Revenue Trends and Growth Drivers - 2028 The service robotics market size is projected to reach USD 84.8 billion by 2028 from USD 41.5 billion in 2023; it is expected to grow at a CAGR of 15.4% from 2023 to 2028. Growing adoption of robots for new applications, surging use of IoT in robots for cost-effective predictive maintenance, and increasing use of disinfection robots due to rising cases of hospital-acquired infections (HAIs) are driving the growth of the service robotics industry. Robots are increasingly being adopted for new applications due to advantages such as increased productivity, streamlined processes, and greater workplace safety. Service robotics market for aerial robots expected to grow at highest CAGR during the forecast period The service robotics market for aerial drones is expected to grow at the highest CAGR during the forecast period. UAVs are garnering high demand from the agriculture industry due to the need for improved and efficient farming, driven by the growing demand for food to fulfill the requirements of the growing global population. Professional UAVs are considered a low-cost alternative to traditional aerial photogrammetry for surveying and mapping. For photography and filmmaking, professional UAVs offer unique advantages over conventional methods, such as extended range, agility, and the ability to film acrobatic shots. Service robotics market for software component to grow at higher CAGR than that of the hardware component during the forecast period The market is estimated to be higher for the software component as the deployment of service robots is likely to become more application-specific. Several companies are developing software to map 3D data collected by UAVs. Software are generally used for semi-automation of UAVs to maintain their stability since the takeoff and landing of UAVs can be a challenge for UAV operators. This feature is easy to program and inexpensive. Research and space exporation application to grow at higher CAGR during the forecast period The research and space exploration segment is expected to grow at the highest CAGR during the forecast period, attributed to the rising government funding related to space exploration. For instance, in 2020, the US government provided USD 22.6 billion to NASA. In 2019, the European Space Agency received funding of USD 15.9 billion from its 22 member states. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=681 Professional robots to hold a larger share than that of personal and domestic robots during the forecast period The professional service robots are expected to hold a larger market share as compared to domestic service robots during the forecast period. The service robots used for professional applications include drones, agricultural robots, inspection robots, humanoid robots, exoskeletons, construction robots, unmanned surface vehicles (USVs), and autonomous underwater vehicles (AUVs) among others. Humanoid robots are used in various industries, such as retail, hospitality, education, archeology, rescue applications, and space. For instance, Robotmea Middle East, an outcome of the partnership between Robotron Incorporation (Australia) and Minirobot Corporation (South Korea), is developed to redefine education by adding robotics and AI in the existing curriculums of schools, colleges, and universities. Exoskeletons are used in industries

2. to increase the endurance of workers. For instance, in January 2020, Delta Airlines (US) partnered with exoskeleton company Sarcos Robotics (US) to help employees lift luggage. Service robotics market in North America to hold largest market share during the forecast period The factors driving the market in the North America include the high per capita income, ongoing research programs, increasing aging population, and shortage of labor due to stringent immigration laws. Mexico is still a developing country, and many service robots have not penetrated Mexico due to their high cost. Mexico can offer a good opportunity for service robots owing to a strong agriculture industry and various free trade agreements signed by the country. The following table lists some of the players operating in this region. About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem.Our insights and strategies are molded by our industry experts, cutting-edge AI- powered Market Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.