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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