Service Robotics Market Overview –
Recent years have witnessed the proliferation in efficacy of robotics hardware coupled with the innovations in artificial intelligence, machine learning, and advanced computing vision systems. Also, the rising trend of automation has significantly boosted the practicality of the service robotics market, especially in the professional service robotics sector. Constant product innovations in the service robots industry is acting as a major trend for the market growth. Moreover, customer interaction technologies such as automated speech recognition and face detection in the service robotics are gaining huge investments from the global leaders around the world. As a result, the global Service Robotics Market size attained a value of $12.34 billion in 2018, and is set to accelerate with a CAGR of 19.87%, during the forecast period.
Customer Service Robots as a Part of Interactive Marketing –
Today, major global companies are increasing their expenditure to enhance customer experience and retain customers. This phenomenon of interactive marketing has been evolving with the advancements in the sophisticated technological methods that allow to predict and analyze consumer behavior. These areas find vast opportunities for customer service robots. They provide the advantage of high speed and extraordinary data processing abilities, which is fueling the businesses growth. In shopping malls, banks, entertainment, and exhibition centers, and airports, service robots are used, where the tasks are repetitive, and has scope for improving customer interaction.
Recently, in India, Canara Bank, a public sector undertaking has equipped Mitra and Candi in one of its branches located in Bengaluru, Karnataka. Mitra serves the purpose of a receptionist to navigate the customers in the large premises. While, Candi helps them in their banking activities. They are deployed not only as a novelty but also as bank’s finer goal to upsurge digitization. Hence, these market strategies are popularly adopted by the global players to cater the demand of the service robotics industry.
Service Robotics Market – Region Analysis
China, India, and the U.S are few countries leading in innovations related to artificial intelligence and robotics sectors. While technical skills are major base for the Indian market, robust push from the government boosts the China service robotics industry. In the U.S., huge investments from the Silicon Valley giants such as Facebook Inc., Google LLC, Amazon Inc., and Tesla, Inc. in the field of AI and robotics to automate the tasks are boosting the growth of the service robotics market. Besides, on-going demand from the military sector of the U.S. and robotic advancements in the healthcare sector of Canada are primary reasons supporting the growth of the service robotics market in North America. As a result, North America service robotics market occupied a significant market share of 36.5% in the global marketplace.
Logistics Emerging as the Fastest Growing Segment in the Service Robotics Market –
Professional service robots are far more established than personal service robots. Logistic applications is a fastest growing segment in the professional service robotics market. The growth of this segment is poised to accelerate with a CAGR of 23.2%, during the forecast period. A considerable demand to handle material equipment and distribution networks is augmenting the growth of the service robotics in the logistics segment. Besides, applications of logistics robotics such as automated guided vehicles (AGVs) that are used in warehouses and storage facilities for storing and moving goods. These applications are predominant in logistics and transportation, hospitals, and laboratories. Major companies in these verticals are relying on traits offered by service robots that include accuracy, efficiency, and safety.
Service Robotics Market Growth Drivers –
Firefighting Robots Enhancing the Scope of R&D
Fire and disaster management are used to prevent hazardous damage to people and place. These fire intervention techniques demand advanced technological systems, which involve firefighting robots and unmanned aerial vehicles (UAVs) that can adapt to the accident occurred. Firefighting & disaster management robots are designed with these advancements that can conduct the search, analyze and locate fires, provide fire control and suppression, and rescue, monitor hazardous variables. On the other hand, mobile robotic firefighting systems similar to remote-controlled vehicles can travel areas, which are unsafe and inaccessible for humans, thereby reduces the number of injuries and fatalities caused by fire.
Recently, Notre-Dame Cathedral, a historical monument of Paris, caught fire during renovation and restoration. A remote-controlled firefighting robot named Colossus helped the firefighters to save the Notre Dame Cathedral's spire. This Colossus developed by Shark Robotics was designed to operate a fire hose, endure harsh environments, and carry heavy tools in dangerous areas. These incidents are gaining massive traction from the investors, who thrive the growth of R&D in this area.
Demand from Medical Field Upsurge the Growth of the Service Robotics Market
According to the International Federation of Robotics, medical robots sales have risen by 73%, in 2017 compared to 2016, and accounted for a share of 2.7% of total unit sales of professional service robots. Subsequently, medical robots occupy a prominent place in the global service robots market. Their most essential applications in the medical field are patient monitoring, laboratory automation, and drug discovery. These applications enhance the safety and reliability of medical services, resulting in effective and accurate diagnosis of diseases that act as a challenging factor for the healthcare sector. Hence, wide and effective applications of service robots in the medical field are thriving the growth of the service robotics market in the healthcare industry.
RaaS (Robots-as-a-Service) - For Adaptable Business Solutions
With the exponential growth of cloud computing and artificial intelligence (AI), RaaS models are gaining popularity around the world. They are used in a rental or lease-purchase basis depending upon the requirement of the customers. With RaaS, cloud robots are leaping technological landscape and finding ample amount of opportunities for the growth, as they benefit the small scale and medium scale businesses. Therefore, these advancements in RaaS are amplifying the demand for the service robotics market.
Demand for Domestic Service Robots Fuel the Service Robotics Market Growth –
Over the past few years, automation transformed multiple verticals such as transportation, utility, defense, and manufacturing to enhance the quality of work. In that context, robot vacuum cleaners are an addition to this field, in the domestic robots, which is proliferating in the service robotics market.
Personal service robots are experiencing massive demand in the personal and domestic appliances market. According to the International Federation of Robotics, the demand for personal and domestic service robots has accelerated by 25%, during 2016-2017. In 2017, about 6.1 million domestic service robots were sold i.e., an impressive growth of 31% from 2016. These sales included vacuum cleaning, window cleaning, lawn cleaning, and other types of domestic tasks. Thus, the increasing demand for personal and domestic service robots is augmenting the service robotics market growth.
Service Robotics Dynamic Players Perspective –
Major stakeholders operating in the global service robotics market include Honda Motor Co., Ltd., Samsung Electronics Co., Ltd., Robert Bosch GmbH, AB Electrolux., Intuitive Surgical, Inc., Panasonic Corporation, Yujin Robot, Co., Ltd., iRobot Corporation, and Aethon Inc. As the investments and innovations are rapidly growing, ample amount of opportunities awaits for players to lead this emerging service robotics industry.
Product launches and innovations are some major market strategies adopted by key players in the service robotics market. Few of them include:
• In 2019, Aethon, a company of ST Engineering rolled into the hospitality industry, with the successful launch of two new mobile robots. This guest-drivel model Atheon T4G helps to address the rising labor rates and staff shortages affecting hoteliers, while enhancing the guest experience and privacy.
• In 2019, SM Group has deployed its first in-mall AI humanoid named Sam, at SM Megamall. This innovation strives to enhance customer service, as Sam is easy to approach and can answer almost all queries related to SM mall. Equipped with advanced face-recognition technology, this customer service robot can make personalized greeting to customers and chat with them through their Facebook page 24/7, it makes the shopping experience easier and fun for customers.
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