The global service robotics market size is expected to reach USD 225.56 billion by 2032, according to a new study by Polaris Market Research. The report “Service Robotics Market Share, Size, Trends, Industry Analysis Report, By Type (Professional and Personal); By Component; By Environment; By End Use; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Service robots are anticipated to gain ground due to developments in edge artificial intelligence processors and the rollout of 5G in telecom services. These changes will be more favorable for professional service robots. Professional service robots would exhibit great performance while using minimal energy. To supply improved integrated and detailed designs for the diversity of robotic solutions, the key industry participants are also working to create a technological breakthrough. Qualcomm provided the first 5G and artificial intelligence-based platform in the world. It was intended for use in industrial and professional service Environments.
Service robots are semi- or fully-automatic robots that carry out necessary and hazardous tasks for people. These robots help people in various fields, including entertainment, household work, automation, and medical treatment. These robots are operated automatically by an internal control system, with the option for manual intervention. These service robots manage time, reduce the workload of the staff and laborers, and increase output by removing the possibility of human mistakes.
Additionally, as a result of rising labor costs and a lack of skilled workers, a number of businesses have implemented robotic technology to reduce human error and boost productivity.
In addition, there has been an increase in demand for service robots as a result of an increase in demand for automation in the personal and professional sectors, an increase in R&D investments, and an increase in awareness of the advantages that robots offer. However, the market's expansion has been hampered by factors like rising prices for semiconductor chips and raw materials.
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The expansion of the service robot industry was severely slowed down due to the economic slump in several large countries. However, the two factors that supported the development of these robot sales during the pandemic were the global increase in social estrangement practices and the growing necessity for automation. The growth of robot-based operations and industrialization during the COVID-19 epidemic increased the need for service robots and accelerated industry-wide automation integration.
Service Robotics Market Report Highlights
Polaris Market Research has segmented the service robotics market report based on type, component, environment, end-use, and region:
Service Robotics, Type Outlook (Revenue - USD Billion, 2019 - 2032)
Service Robotics, Component Outlook (Revenue - USD Billion, 2019 - 2032)
Service Robotics, Environment Outlook (Revenue - USD Billion, 2019 - 2032)
Service Robotics, End-use (Revenue - USD Billion, 2019 - 2032)
Service Robotics, Regional Outlook (Revenue - USD Billion, 2019 - 2032)