The "Service Robotics - Global Market Outlook (2017-2026)" report has been added to ResearchAndMarkets.com's offering.
Global Service Robotics market accounted for $10.77 billion in 2017 and is expected to reach $44.68 billion by 2026 growing at a CAGR of 17.2% from 2017 to 2026.
Rising demand for the market is expected to grow substantially owing to factors such as high demand from medical and healthcare sector, increasing usage of robots for education & research purposes and short- to medium-term payback period and high return on investment (ROI) are some of the factors fueling the market growth. However, factors such as high initial investment and concern for human safety are restraining the market growth.
Service robot can be defined as a robot that performs useful tasks for humans or equipment excluding industrial automation application. Service robotics is differentiated into two parts as personal/domestic service robots and professional service robots. Service robots that are used for performing daily tasks, non-commercial use, and others are the personal/domestic service robots.
Whereas service robots that perform commercial tasks and are operated by trained operators are the professional service robots. Robots can also be used for the purpose of education or for providing the service of assisted living to those in need of it. Robotic pets are another segment that has been gaining popularity in certain countries across the globe. The use of robots for entertainment is also slowly picking up pace. Professional robots constitute the other type of robots that fall under the broad segment of service robotics.
Amongst Application, Healthcare segment accounted for significant market share during the forecast period due to the growth of automation which enables new insights into healthcare processes. Hospitals are more and more using the service robotics in rehabilitation systems, diagnostic systems and other complex surgeries. The use of service robotics in rehabilitation is increasing internationally.
By geography, North America is the largest market for followed by Asia-Pacific. United States is the major shareholder in the North America region. In Canada, which is moderately stable during the recessionary period, the gains are more visible. As a technologically sophisticated region, low-cost sensors, better chips, advances in speech understanding, cloud-based machine learning, and others are being developed. These are expected to enhance the future services by robots. Robot prototypes are being used for cleaning offices, delivering packages, and enhancing security.
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