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

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.