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Service robotics market insights shared in detailed report

Industrial Market Research

Robots have now moved beyond the realm of traditional jobs doing repetitive functions, such as assembling of parts and welding, in the manufacturing and automotive industries.

The market for social robots has reached $ 7.9 billion in 2017, an increase of 7.0% over the previous year. Professional service robots accounted for two-third of the overall market and are expected to account for a major share of the service robotics market through 2023.

The increase in market is expected to be driven by the increasing demand for logistics robots in manufacturing and non-manufacturing sectors, defense applications robots, and inspection and maintenance robots.

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With the advancement in technologies, robots are becoming smarter and intelligent fostering the dissemination of new technologies and new innovations advancing the ability of robotics to assist and support humans perform several tasks. Service robots are slowly becoming ubiquitous, delivering newer efficiencies across several applications from assisting in personal tasks to professional services.

With the growing integration of robotics with digital forces, such as cloud, artificial intelligence, and analytics, service robotics are bridging the gap between theory and practice in all areas of robotics and intelligent systems.

The value chain of the service robotics ecosystem comprises several companies and research institutes to provide several activities from research and design to manufacturing and assembly of components to services. Service robotics are witnessing signs of robotic revolution with several startups entering the space backed by several venture capitalists as well large conglomerates incubating the newer technologies.

Companies in the robotic value chain range from diverse applications.

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The focus of service robotics is shifting to the advanced robots with high level of artificial intelligence in terms of their interaction with the environment and the ability to continuously improve their decision making based on external feedback. Service robots have potential market in several new applications across several sectors, including logistics, education, defense and security, healthcare, agriculture and forestry, entertainment, space, domestic tasks, personal and elderly assistance, home security.

Several companies are focusing on developing world class robots that are human friendly and add value to the people and businesses that deploy them.

The market for social robotics is expected to be driven by the Shift from trend from the strictly structured environments into the unstructured environments and also shorter payback period and higher return on investment. Growing demand for drones from military and non-military applications also expected to boost the demand for drones.

However, increase in aging population across the world would encourage the demand for rehabilitation of robots, growth potential across developing nations, persistent requirement of technologically advanced service robots, especially from defense and security verticals are presenting opportunities for service robotics. In addition, the advancements in self driving cars and artificial enabled social robots will have a potential market across the globe.

Robots are expected to play a key role throughout the retail value chain including both front-end and back-end operations with the integration of big data and analytics and cloud computing, Pervasive Computing, and artificial intelligence.

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Several social robots are expected to hit the market in 2018-2019 with the advanced technologies and capabilities to help humans of different age groups from kids to elderly assistance. In January 2018, Paaila Technology (Nepal) launched waiter robot, a smart, reliable and autonomous robot to take valued customers' food order from kitchen to table.

The company also plans to launch Room Service Robot in February 2018. In January 2018, Aflac Incorporated (US) unveiled a smart robotic companion, “My Special Aflac Duck” for children who have cancers.

In January at CES 2018, Aeolus Robotics launched the Aeolus Robot, a multifunctional in-home robot powered by artificial intelligence (AI) and machine learning. FoldiMate, Inc. (US) is expected to ship the improved model of robotic laundry folding machine for home use by late 2019.

North America has been dominating the market for service robotics and is expected to continue to account for the major market through 2023, followed by Europe. Technological advancements and new product developments have accounted for the major driving factor for North American market to hold the largest market share among all regions.

Moreover, the presence of major players such as Amazon.Com, Inc. (U.S.), Bluefin Robotics (U.S.), iRobot Corporation (US), Google, Inc.

(U.S.), Adept Technology, Inc. (U.S.), GeckoSystems Intl. Corp. (U.S.) and Northrop Grumman Corporation (U.S.) in the North American region also contribute significantly toward the growth of this market.

Some of the major companies dominating the service robotics market include KUKA AG (Germany), Bluefin Robotics (US), iRobot Corporation (US), Adept Technology, Inc. (US), Northrop Grumman Corporation (US), GeckoSystems Intl.

Corp. (US), ECA Group (France), and Honda Motor Co., Ltd. (Japan).

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