Service Robotics Market Size

Service Robotics Market Analysis

The Service Robotics Market size is estimated at USD 60.16 billion in 2024, and is expected to reach USD 146.79 billion by 2029, growing at a CAGR of 19.53% during the forecast period (2024-2029).

Service robots offer several features, such as delivering precise and high-quality service and helping users reduce human mistakes and operational expenses, due to which their demand has increased. Additionally, the rapid proliferation of service robot capabilities owing to technological innovations is also among the key factors driving the market's growth.

• Service robots, both personal (for household, entertainment applications, etc.) and professional (for defense, security, medical assistance, etc.), are gaining significant popularity as technological improvement and the development of affordable robots have significantly enhanced their penetration among general consumers. According to data from the International Federation of Robotics (IFR), sales of professional service robots increased by about 37% in 2021.
• Technological innovations concerning cognition, interaction, and manipulation, have made service robotics more appealing. Technology and other component providers have moved the robotics ecosystem forward. For instance, recently, ABB entered into a strategic partnership with Switzerland-based start-up Sevensense to enhance ABB's new Autonomous Mobile Robotics (AMR) offering with techn ologies such as artificial intelligence (AI) and 3D vision mapping.
• The aging population of several countries, including Japan and China, is also driving the growth in the medical technology sector, thus, creating a massive market for service robotics in the region. For instance, according to the Japanese government's data released in September 2022, for the first time, Japan's over 75s accounted for over 15% of the population. Such trends encourage companies to invest in products for the elderly, which is a massive opportunity for the service robot providers.
• Service robots are usually deployed for personal/household purposes, like vacuum and floor cleaning, elderly assistance, and entertainment. However, several vendors have now started exploring new cases and are focusing on designing robots to perform tasks, such as delivering food and drinks to customers at hotels and airport lounges, handling check-in and check-out services at hotels, and even carrying luggage, which is boosting the demand for service robots.
• However, the factors such as low awareness, especially in developing regions, and the higher cost of service robots are challenging the growth of the studied market. Furthermore, a certain degree of technical know-how is also required to operate these robots, which is a significant challenge for the market's growth.
• The outbreak of the COVID-19 pandemic has had a mixed impact on the growth of the studied market. During the initial phase, the widespread lockdown imposed across most countries significantly disrupted the supply chain, making it difficult for the robot manufacturers to carry out production at full scale. However, the demand has witnessed an upward trend, especially in the healthcare and personal application segment, which is expected to sustain during the forecast period.