Robotics

The global service robotics market was valued at $26.42 billion in 2022 and is poised to grow to $134.64 billion by 2031 at a compound annual growth rate of 16.6 percent according to research from SkyQuest Technology.

Robotics technology used to assist humans in performing different activities or delivering services is known as service robotics. Rapid advancements in robotics technologies and the growing acceptance of robots in multiple industry verticals are also estimated to favor service robotics market growth across the forecast period and beyond. 

Professional Robots Hold Sway Over Personal Robots

The adoption of robotics in the commercial and industrial sectors has increased rapidly in recent years and this trend is projected to bolster the sales of professional robots over the coming years. The high emphasis of organizations on improving operational efficiency and productivity whilst eliminating human errors is forecasted to help promote the demand for professional robots in the long run. From robots to help patient care to robots for welding, professional robots take over many industry verticals.

Industrial Applications Take Precedence in Terms of Revenue Generation

The high availability of advanced robotics and rising integration of robotics with advanced technologies such as artificial intelligence, machine learning, etc. will also help the industrial sub-segment maintain its dominance. A shortage of skilled workforce in the industrial and commercial sectors will also promote the demand for service robotics over the coming years.

Service robotics providers need to focus their efforts and investments on industrial and commercial applications if they want the best returns on their investments. The integration of novel technologies with robotics will also be a crucial trend for any company looking to invest in any segment of the global service robotics market.

Read up on more robotics trends here.