Service Robotics Market Size and Forecast 2024-30

Growth in the service robotics market is anticipated for 2024–2030, led by leading applications

The rising use of service robots for new applications, such as delivery, social distancing, and disinfection, is one of the main drivers propelling the growth of the service robotics market. The COVID-19 epidemic has resulted in a notable surge in the need for service robots capable of doing duties that minimize human interaction and exposure. For example, hospitals, airports, hotels, and other public spaces are being sanitized by disinfection robots. In congested settings, social distancing robots are being utilized to monitor and enforce social distancing protocols. Delivery robots are being utilized to deliver supplies and necessities to patients and clients without the need for human assistance.

The quick adoption of IoT in robots for affordable predictive maintenance is another significant driver propelling the growth of the service robotics market size. Service robots can interface with other devices and systems and gather and analyze data from their sensors and componentry thanks to the Internet of Things. Because of this, service robots can keep an eye on their performance, identify problems, and stop malfunctions.

Major challenges in the Service Robotics market

High Initial Cost and Operating Complexity:

The procedures of integration, procurement, programming, and acquisition of accessories all come with a hefty price tag when it comes to service robots. To operate and maintain them, they also require a certain level of technical know-how and proficiency. These characteristics make service robots costly and challenging to use, particularly for small and medium-sized businesses in developing areas.

Absence of Rules and Data Privacy:

Service robots interface with people and their surroundings, as well as gather and analyze a lot of data from their sensors and other parts. This brings up issues with data ownership, security, and privacy in addition to the moral and societal ramifications of using service robots. Additionally, the absence of precise and uniform laws and guidelines about service robots leaves manufacturers, consumers, and legislators perplexed and unclear.

Low Acceptability and Awareness:

Since service robots are still relatively new, many potential clients and users may not be aware of their advantages and capabilities. Additionally, there might not be as much acceptance or confidence in service robots as there is, particularly in fields like healthcare, education, and social care where there is a lot of human connection and emotion. These elements restrict the market's acceptance and spread of service robots.  

Top Companies in the Service Robotics Market

iRobot Corporation (US): This firm is well-known for designing and producing robots for consumer products including lawnmowers, vacuum cleaners, and mops. Reconnaissance and bomb disposal robots are among the military and industrial robots that iRobot offers.

SoftBank Robotics Group Corp. (Japan): This SoftBank Group company creates and sells sociable and humanoid robots including Whiz, NAO, and Pepper. The goal of SoftBank Robotics is to build robots that can converse and interact with people, improving their quality of life.

Intuitive Surgical, Inc. (US): This is a leader and innovator in the field of surgery aided by robotics. The da Vinci surgical system, manufactured and distributed by Intuitive Surgical, gives surgeons the ability to precisely and masterfully carry out minimally invasive treatments.

DJI (China): Offering cutting-edge and inventive aerial platforms, cameras, and accessories, this company leads the worldwide drone market. Drones manufactured by DJI are utilized in a variety of industries, including public safety, agriculture, filmmaking, and photography.

How Robotics Market Was Altered by Automation

The robotics sector has seen a substantial transformation due to automation. With the introduction of Industry 4.0, robots and automation have taken center stage. Data-driven decision-making is made possible by smart sensors, communication technologies, analytics tools, machine learning, and artificial intelligence.

In many cases, industrial robots have taken the place of people in labor-intensive, hazardous, and repetitive jobs. This is especially true in regions where human work was either impossible or extremely difficult. This shift is especially noticeable in the manufacturing industry. Furthermore, modern robotics has changed businesses by generating more possibilities across a range of industries.

Estimated Future Market Size of Service Robotics:

The service robotics industry is expected to increase greatly in size in the future. These are some approximations:

The market is anticipated to expand at a compound annual growth rate (CAGR) of 18.4% from US$19.08 billion in 2023 to US$62.35 billion by 2030.

According to another research, the market is expected to increase at a compound annual growth rate (CAGR) of 15.4% from 2023 to 2028, from US$41.5 billion in 2023 to US$84.8 billion.

According to alternative research, the market is expected to develop at a compound annual growth rate (CAGR) of 15.00% from US$22.43 billion in 2022 to US$59.65 billion by 2030.

The service robot industry is predicted by FMI to reach an overall market value of US$40 billion by 2023, up from an anticipated US$33 billion in 2022. It is anticipated to grow at an astounding rate of 21% between 2023 and 2033, reaching a market value of US$ 267 billion by that year.