Global Service Robotics Market to grow with 24.6% CAGR from 2022-2027

Global Service Robotics Market to grow with 24.6% CAGR from 2022-2027, Propelled by Technological Advancements & High Labour Costs in Western Countries
 
ROSWELL, Ga. - April 26, 2022 - PRLog -- According to Renub Research, report titled "Service Robotics Market, Size, Global Forecast 2022-2027, Industry Trends, Growth, Impact of COVID-19, Opportunity Company Analysis" the Global Service Robotics Market is predicted to be US$ 42.25 Billion by 2027. Globally, service robots are the kind of robots that are designed to aid humans and perform practical tasks, excluding industrial and manufacturing automation applications. They work semi-automatically or entirely autonomously and are capable of doing repetitive and risky tasks while increasing efficiency and safety.

Due to benefits such as improved usability, delivery of accurate and high-quality service, reliability, reduced operational expenses, and human errors, service robots are utilized in various industries, including healthcare, defense & security, agriculture, forestry, logistics, and construction. Furthermore, because of the fast-paced technical developments converging in automation, machine learning, engineering, and artificial intelligence, the robotics industry is rapidly allowing the service robotics market trends around the world.

Worldwide Service Robotics Market Size in 2021 was US$ 11.32 Billion

Service robotics has gone a long way in the last decade, from conducting sophisticated surgical procedures to enabling easy unmanning of defense vehicles. Further, the game-changing potential of AI (Artificial Intelligence) combined with automation's sophistication has created a huge market for global service robotics. Service robots are in high demand in industries such as agriculture, defense, healthcare, logistics, infrastructure, aerospace, entertainment, research and development, and logistics because of their technical ability to automate a variety of jobs of varied complexities. Furthermore, due to significant R&D investments, product developments, and growing customer awareness of the benefits of robotics, the service robotics market is up-surging continuously.

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By Segment: Medical Robotics Holds the Highest Share:

We have studied Transportation & Logistics, Professional Cleaning, Medical Robotics, Hospitality, and Agriculture & Field as segments of the Global Service Robotics Market. As per our analysis, medical robotics holds the highest share. The main drivers due to which medical robotics is increasing include robot-assisted training in rehabilitation therapy, robot-assisted surgery, technological advancement in robotic systems, and improving reimbursement scenarios.

Furthermore, the increased funding for medical robotics is propelling the global service robotics market. Besides, the professional cleaning segment will also grow in the forecast period since manual cleaning of the floors and carpets in commercial areas such as corporate offices and malls is a time-consuming process that can be easily replaced by service robotics.

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