According to a research report published by MarketsandMarkets, the service robotics market is projected to grow from USD 36.2 billion in 2021 and is projected to reach USD 103.3 billion by 2026; it is expected to grow at a CAGR of 23.3% from 2021 to 2026.
The increasing adoption of Service Robots for new applications which provide high returns on investments and with rising use of IoT in robots for cost-efficient predictive maintenance are the key factors driving the need for the service robotics market. Expert reports from the International Federation of Robotics confirms 27 billion USD in total market share in 2021. The number of new startups with the denomination of service robots constitutes 29% of the total amount of robotic companies recorded in the United States. Moreover, the COVID-19 spread urged business units and a few research groups to invest time and effort into the field of service robotics.
Service robots continue to automate the hospitality sector. These innovations pose vast changes to the current delivery practices, service production, and, consequently, marketing strategies and service management. The hardware component of service robots is hoping to have a larger share of the market compared to software components. This can be credited to the innovative designs needed on the hardware side. Also, Ground service robots are likely to dominate the market as Ground robots are used for a wide range of applications like cleaning, surgeries, communication through telepresence and assistance, and elderly care. Due to the rapid increase in the world population and in nuclear families, the demand for household robots for education, cleaning, entertainment, elderly assistance, and hobby purposes is expected to rise. Furthermore, North America to hold a substantial share of the service robotics market throughout the forecast period. The factors driving the service robotics market in the US include the increasing aging population, high per capita income, shortage of labor due to stringent immigration laws, and ongoing research programs.
