The service robot market was valued at US$11.304 billion in 2017 and is projected to expand at a CAGR of 22.77% over the forecast period to reach US$38.708 billion by 2023. There has been a growing demand for service robots in the healthcare and education industry which drives its market growth. The declining price of personal robots owing to rapidly growing competition in the market drives the adoption of a service robots for domestic tasks which further augments the market growth. In addition to this, the rapidly ageing population, as well as an increasing number of rehabilitation centres, drive the demand for the service robots as they can provide a helping hand to elderly people. Other drivers include rising spending power and high-speed innovations. However, the high initial cost restraints its adoption and thereby hampers its market growth.
By Application, professional robot accounts for a large market share in 2017 and will grow at a considerable rate in the years ahead. Expanding applications is the major factor driving this market growth. The growing healthcare expenditure is expected to augment the demand for the service robot in the medical segment while propelling the professional robot segment. In the personal robot segment, the education segment is expecting considerable growth over the projected period. The rapid modernization in the educational system across the world and a growing number of educational institute drives the segment growth.
Geographically, Europe accounted for a large market share in 2017 and is also expected to hold a notable position by the end of the forecasted period. High-speed innovations as well as expanding the application of service robots drive the regional market growth. In Europe, robots are increasingly being adopted for education, entertainment, and medical applications. Likewise, North America also accounted for a considerable share in 2017. Adoption of technology at its early stage in the United States and the presence of many key players augment the market share. However, APAC is expecting a high growth over the projected period. The rise in automation in the logistics industry coupled with growing investments drive APAC service robot market growth
The service robot market is considerably competitive owing to the presence of well-diversified regional and international players. The market growth is expected to further augment the competitive rivalry as it will attract more players to the market. The major players discussed in the report include iRobot Corporation, Jibo, Inc., Honda Motor Co., Ltd., ABB, DJI, KUKA, Future Robot Co. Ltd., and Kongsberg Maritime.
The service robot market has been analyzed through the following segments:
By Operating Environment
Security and surveillance
Middle East and Africa
All our studies come with 2 months of analyst support.
We are in compliance with the global privacy laws.