USD 31.2 billion
Professional Service Robots Market Size, Share, Growth Analysis, By Form Factor(Land-based, Water-based, Wearable Robots), By Application(Logistics, Healthcare, Military & Defense, Inspection & Maintenance), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45M2017 |
Region:
Global |
Published Date: May, 2024
Pages:
196
|Tables:
67
|Figures:
72
Professional Service Robots Market Insights
Global Professional Service Robots Market Size was valued at USD 31.2 billion in 2022 and is poised to grow from USD 42.21 billion in 2023 to USD 474.06 billion by 2031, growing at a CAGR of 35.3% in the forecast period (2024-2031).
Service robots used in a professional setting other than manufacturing facilities are known as professional service robots. Dearth of skilled professions, rising labor costs, and advancements in robotics technology are anticipated to be the key factors promoting professional service robots demand outlook. Moreover, growing acceptance of automation and robotics in different industry verticals are also projected to favor sales of professional service robots in the future. High investments in the development of novel robots and growing awareness regarding benefits of robotics adoption are also slated to favor market development going forward. Integration of artificial intelligence and development of autonomous robots will be key trends for professional service robot companies in the long run. However, safety concerns regarding use of robots and high investments associated with it are slated to impede professional service robot demand outlook through 2031.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Land-based
Fastest Growth
Wearables
Growth Rate
35.3% CAGR
Global Professional Service Robots Market ($ Bn)
Country Share for Europe Region (%)
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Professional Service Robots Market Segmental Analysis
The global professional service robots market is segmented based on form factor, application, and region. In terms of form factor, the market is bifurcated into land-based, water-based, and wearable robots. Based on application, the market is divided into logistics, healthcare, military & defense, inspection & maintenance, customer service, field robots, and others. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Application
Logistics application is projected to account for a robust share of the global professional service robots market. Increasing penetration of automation technologies in the logistics industry contributes to the high use of professional service robots. Rapidly expanding e-commerce industry has boosted demand for efficient logistics and speedy delivery, which in turn, is promoting the use of professional service robots in this industry.
Demand for professional service robots for inspection and maintenance applications is projected to increase at a rapid pace over the coming years. Use of robots in inspection eliminates the possibility of human error and provides a proper inspection whereas robots can be scheduled for routine maintenance tasks to save resources.
Analysis by Form Factor
High availability and adoption of land-based robots in multiple industry verticals allows it to account for a dominant share of the global professional service robots market. Tracked and wheeled robots are projected to be highly popular in this segment as they are used in various establishments for floor cleaning and other applications. Stability and reliability of these robots is what helps this segment’s dominance.
Meanwhile, the demand for wearable professional service robots is projected to increase at a rapid pace over the coming years. Wearable robots offer all the benefits of robots but also add human oversight and expertise to the operations, which is always an added bonus.
Global Professional Service Robots Market By Form Factor
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Professional Service Robots Market Regional Insights
Europe is projected to account for a substantial share of the global professional service robot demand outlook across the forecast period. The presence of key professional service robot manufacturers and growing adoption of professional service robots in logistics operations are allowing Europe to account for a major share of this market. Interdisciplinary approach on robotics research in this region is also a key factor promoting sales of professional service robots. Germany and the United Kingdom are slated to be the most lucrative markets for professional service robot companies in this region.
Asia Pacific region is estimated to emerge as the fastest-growing market for professional service robot companies in the world. Advancements in robotics technology and growing use of professional service robots in different industry verticals is helping this regional market expand at a robust CAGR. Japan is estimated to lead the adoption of professional service robots in this region owing to growing geriatric population and dearth of labor. Meanwhile, China and India are also estimated to emerge as highly opportune markets for professional service robot companies in the long run.
Global Professional Service Robots Market By Region
- Largest
- Fastest
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Professional Service Robots Market Dynamics
Drivers
Rising Labor Costs
- Shortage of skilled labor force around the world has resulted in high labor costs and this has reduced the profits of organizations. This is why companies are investing in the deployment of professional service robots to save on labor costs and improve profitability of their business.
Advancements in Robotic Technology
- Investments in robotics research have increased drastically in recent years and this has resulted in significant strides in advancements, which has promoted the use of robotics across industry verticals thereby benefiting professional service robot sales.
Restraints
High Initial Investments
- Professional service robots are equipped with advanced hardware and software, which makes them an expensive piece of machinery to purchase and deploy. Not all organizations are willing to invest heavily initially, and this is what impedes professional service robots market growth potential.
Safety Concerns
- Though professional service robots are safer than ever before, concerns regarding their safety have always been around. Professional service robot manufacturers need to comply with stringent mandates to make professional service robots and deploy them, which could impede market growth in the future.
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Professional Service Robots Market Competitive Landscape
Professional service robot providers should focus on maximizing their sales by collaborating with companies from different industry verticals and optimizing robots for their usage. Professional service robot manufacturers can also integrate advanced technologies such as artificial intelligence and machine learning to improve the safety and capability of their offerings. Mergers and acquisitions are projected to be preferred strategies for companies looking to improve their global market presence.
Top Player’s Company Profiles
- Hanson Robotics
- Northrop Grumman
- ECA Group
- DeLaval International AB
- Intuitive Surgical Inc.
- Robert Bosch GmbH
- Aethon Inc.
- iRobot
- DJI
- Kongsberg Maritime
- Blue River Technology
- Boston Dynamics
- Cyberdyne Inc.
- KUKA AG
- Honda Motor Co. Ltd.
- Neato Robotics
- Softbank Robotics
Recent Developments
- In March 2024, Pudu Robotics, a leading name in the robotics industry, announced the launch of its smart service robot called BellaBot Pro. The service robot utilizes AI to enhance the dining and retail experience of customers.
- In February 2023, B-Robotics, a professional service robot company was launched by Woowa Brothers to fast track the development of service robots in South Korea. The company had plans of running around 2,500 service robots by the end of 2023.
- In November 2022, Solstice AV partnered with Pudu Robotics to boost sales of commercial service robots in the United Kingdom as they also created a new robotics division through this initiative.
Professional Service Robots Key Market Trends
- Demand for Autonomous Robots: Professional service robot manufacturers should focus on the development of autonomous robots to maximize their sales in the future. These type of service robots will be highly popular and in-demand in material handling and other types of industries going forward.
Professional Service Robots Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, advancements in robotics technologies and surging labor costs are projected to be the primary drivers for professional service robots market over the coming years. High initial investments and safety concerns are estimated to hamper professional service robots market development potential going forward. Europe is expected to lead the global professional service robot demand across the forecast period owing to the presence of key professional service robot manufacturers in this region. Professional service robot companies should invest in the development of autonomous robots as they are expected to be highly popular and in-demand in most industry verticals in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 31.2 billion |
| Market size value in 2031 | USD 474.06 billion |
| Growth Rate | 35.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Professional Service Robots Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Professional Service Robots Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Professional Service Robots Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Professional Service Robots Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Professional Service Robots Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Professional Service Robots Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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