1. What is the projected Compound Annual Growth Rate (CAGR) of the Service Robotics Market?
The projected CAGR is approximately 18.4%.
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Service Robotics MarketService Robotics Market by Type (Professional, Personal), by Application (Domestic, Industrial/Commercial), by North America (U.S., Canada), by Europe (Germany, U.K., France, Rest of Europe), by Asia Pacific (China, India, Japan, Southeast Asia, Rest of Asia Pacific), by Middle East & Africa (GCC, South Africa, Rest of the Middle East and Africa), by Latin America (Brazil, Mexico, Rest of South America) Forecast 2026-2034
The Service Robotics Market size was valued at USD 16.35 USD Billion in 2023 and is projected to reach USD 53.33 USD Billion by 2032, exhibiting a CAGR of 18.4 % during the forecast period. Service robotics can be defined as robots which can be used to improve the quality and performance of a human being in non-manufacturing activities. In terms of function, these robots can either be grouped into professional service robots that are used in industries such as healthcare and logistics or personal service robots that are used in bathrooms and in assisting the individual. Some of the characteristics of service robots include perceptual, cognitive, locomotion, and human-robot interaction elements. They are used in various sectors such as healthcare to carry out surgery and caregiving for the elderly; robots for performing stock management and procurement; and delivery robots among several others. Service robotics is associated with a lot of merits. As for healthcare institutions, they increase the number of patients effectively treated and partially assist medical staff in their work. In logistics, they improve the speed and accuracy of inventory decision-making and distribution. The use of personal or assistive robots can help individuals complete their routine tasks to improve their quality of life especially the elderly and the disabled.
Type:
Application:
| Aspects | Details |
|---|---|
| Study Period | 2020-2034 |
| Base Year | 2025 |
| Estimated Year | 2026 |
| Forecast Period | 2026-2034 |
| Historical Period | 2020-2025 |
| Growth Rate | CAGR of 18.4% from 2020-2034 |
| Segmentation |
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Note*: In applicable scenarios
Primary Research
Secondary Research
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
The projected CAGR is approximately 18.4%.
Key companies in the market include Ricoh (Japan), Honda Motor Co., Ltd. (Japan), iRobot Corporation (U.S.), KUKA AG (Germany), Intuitive Surgical (U.S.), Daifuku Co., Ltd. (Japan), SoftBank Robotics Group Corp. (Japan), Aethon (U.S.), Boston Dynamics (U.S.), Fetch Robotics, Inc. (U.S.).
The market segments include Type, Application.
The market size is estimated to be USD 16.35 USD Billion as of 2022.
Rising Demand from the Automotive and Construction Sectors to Aid Market Growth.
Technological Advancement in Equipment to Propel Market Growth.
High Initial Cost of Investments to Hamper Market Growth.
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The market size is provided in terms of value, measured in USD Billion and volume, measured in K Units.
Yes, the market keyword associated with the report is "Service Robotics Market," which aids in identifying and referencing the specific market segment covered.
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