The Professional Service Robots Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Professional Service Robots Global Market Report 2024, The professional service robots market size has grown exponentially in recent years. It will grow from $46.2 billion in 2023 to $64.29 billion in 2024 at a compound annual growth rate (CAGR) of 39.1%. The growth in the historic period can be attributed to labor shortages, industry-specific solutions, cost reduction, aging population, safety and efficiency.
The professional service robots market size is expected to see exponential growth in the next few years. It will grow to $244.91 billion in 2028 at a compound annual growth rate (CAGR) of 39.7%. The growth in the forecast period can be attributed to ai advancements, healthcare innovation, logistics and warehousing, collaborative robots (cobots), autonomous vehicles.. Major trends in the forecast period include customization and adaptability, regulatory adaptation, personal assistance robots, remote operations and monitoring, agricultural robotics.
Increasing demand for automation across industries is expected to propel the growth of the professional service robot market going forward. Automation refers to technological applications in which human input is minimal. This encompasses information technology (IT), business process automation (BPA), automation, and personal applications such as home automation. Automation is becoming more common across various industries because it brings benefits such as enhanced production rates and productivity, more efficient use of materials, improved safety, shorter workweeks for labor, better product quality, and shorter manufacturing lead times. For instance, in June 2021, according to Bank of America analysis, a US-based investment bank and financial services holding company, domestic software firms that employ over 16 million are set to slash headcount by 3 million by 2022, which would help them save $100 billion. Roughly 0.7 million roles are likely to be replaced by Robotic Process Automation(RPA) alone, with the remainder attributable to other technical upgrades and upskilling by local IT players, while RPA will have the greatest impact in the US. Therefore, increasing demand for automation across industries drives the professional service robot market.
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The professional service robots market covered in this report is segmented –
1) By Type: UAV, Unmanned Ground Based Vehicles, Demining Robots, Defense Robot, Construction Robots, Other Types
2) By Offering: Hardware, Software
3) By Application: Oil And Gas, Construction And Building, Mining And Metallurgical, Defense And Military, Automotive, Medical, Logistics, Other Applications
4) By End-use: Residetial, Commercial, Industrial
Major companies operating in the professional service robot market are developing innovative products such as state-of-the-art robots to meet larger customer bases, more sales, and increase revenue. A state-of-the-art robot refers to a highly advanced and technologically sophisticated robotic system that incorporates cutting-edge features, capabilities, and innovations, often representing the pinnacle of current technological advancements in robotics. For instance, in November 2022, Amazon, a US-based e-commerce company, launched Sparrow, an intelligent robotic system. The distinctive feature of Sparrow, Amazon’s pioneering robotic system in warehouses, lies in its capability to autonomously identify, choose, and manage individual products within its inventory. Representing a significant leap in industrial robotics technology, Sparrow utilizes computer vision and artificial intelligence (AI) to recognize and handle an extensive array of millions of items.
The professional service robots market report table of contents includes:
1. Executive Summary
2. Professional Service Robots Market Characteristics
3. Professional Service Robots Market Trends And Strategies
4. Professional Service Robots Market – Macro Economic Scenario
5. Global Professional Service Robots Market Size and Growth
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26. South America Professional Service Robots Market
27. Brazil Professional Service Robots Market
28. Middle East Professional Service Robots Market
29. Africa Professional Service Robots Market
30. Professional Service Robots Market Competitive Landscape And Company Profiles
Top Major Players:
- Northrop Grumman Corporation
- Boston Dynamics Inc
- Daifuku Co. Ltd
- Aethon Inc
- Electrolux AB
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