Transparency Market Research reports said that the service robotics market is extremely competitive and fragmented. This is due to the presence of a large number of young entrants with innovative technological solutions. Major companies are progressively concentrating on emerging new technologies, improving the existing portfolio of product, and launching new products with enhanced features. Key enterprises in the service robotics market provide a broad range of robots for supporting in numerous applications. Moreover, they are collaborating and acquiring with other prime entrants in the service robotics market. This owes to the improvement in their offerings and increases their customer base.
One of the notable growth instances for service robotics technology is, in 2014, the Intuitive Surgical, Inc. has introduced the da Vinci Xi Surgical System for the surgeries to be less risky. It is the most advanced and less prone to risk option for complex surgeries. The XI lets the surgeon to discover a various portion of the body in the middle of operation without shifting the whole equipment.
As stated by the analyst of TMR, the market for service robotics had acquired profits value of US$5.57 bn in 2014. The market is expected to expand and reach to US$22.50 bn until 2021. This expansion is estimated to occur at an impressive CAGR of 18.8% from 2015 to 2021. Based on products, the global service robotics market is segmented into professional and personal service robots. Among these, the professional service robots are estimated to acquire the maximum revenue shares of the market. This is due to their growing implementation in field, healthcare, and defense sector.
The largest region for service robotics market is North America, trailed by Asia-Pacific. The U.S. is holding the maximum revenue share in the developed economy. During the recessionary period, the Canada was relatively stable and the profits were more noticeable. As North America is a technologically developed economy, better quality chips, low-cost sensors, cloud-based machine learning, and developed in speech understanding are being advanced. These driving factors are projected to improve the future of the service robotics market. Service robot models are utilized for office cleaning, package deliveries, and improving safety and security.
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Rising Demand of Networked Robots is driving the Service Robotics Market
The service robotics market is now working to inspect and monitor several of workflows and processes through numerous sectors. This monitoring would be done through networked robots, along with deployed regions. These services allow enterprises systematize effectively the processes, particularly in region, where human interference can’t be used. Moreover, it can primarily lessens the dependence of human workforce. The accuracy and performance of networked robotics has majorly enhanced in the past few years. This is due to rising developments in hardware and processing incorporation. The growing labor cost, comprises the immense pressure on producers to meet deadlines, has resulted in the rising implementation of networked service robotics. This increased usage of network robots has driven the global service robotics market in the past few years.
Expansion in Capital Investments to Limit the Growth of the Market
There are aspects that are retraining the growth of market like the need for expanding investment of capitals, surge in cost of R&D, along with the intricacy related with robot programming. Furthermore, absence of awareness about the benefits of these service robots in the developing regions is also hindering the market. In addition, the safety concerns related with the application of such robots is limiting the market growth. However, the increasing penetration of deep learning technologies and IoT into the systems is improving the complete features of the robot. It allows them for real-time decision making in unpredictable conditions and industrial surroundings is propelling growth of the service robotics market.