Service Robotics Market To Exceed 66.83 Billion By 2030 By CIOTechOutlook Team

Service Robotics Market To Exceed 66.83 Billion By 2030

CIOTechOutlook Team | Friday, 30 June 2023, 03:03 IST

As per SkyQuest, service robotics are becoming more and more popular as a result of the ongoing improvement of technology. The capabilities of service robots have been revolutionised by advances in cognition, interaction, and manipulation, making them more adaptable and efficient in carrying out a variety of activities.

Service robots are becoming more and more popular as a result of technology improvements and the availability of more cheap solutions, which have greatly expanded consumer adoption of these devices for both personal and professional purposes. While professional service robots are finding uses in fields like defence, security, and medical aid, personal service robots, created for housekeeping and entertainment purposes, are becoming more prevalent in households.

During the projection period, the professional service robot category is anticipated to gain a higher market share. Due to the rising need for service robots across numerous industries, this market has experienced tremendous growth in recent years. The robust growth of the service robotics market has been fueled by the expanding use of robots in the logistics, military, construction, and healthcare industries.

A large portion of the service robots business is based in North America, largely because there are many well-known international manufacturers there. While North America has a strong market for their products, automation solution providers with international operations include ABB Ltd., FANUC, KUKA AG, and Yaskawa.

The market leadership position of the industrial and commercial segment will likely be strengthened, and the service robotics sector will experience rapid expansion. This sector includes a number of subsectors, including those in the fields of agriculture and forestry, armed forces, logistics and transportation, unmanned vehicles, building and demolition, medicine, and retail, among others.