What is the projected market size for service robots?

The service robotics market is expected to reach USD 146.82 billion by 2032.

Which industries are driving service robot adoption?

Key industries include medical, commercial (logistics, retail, hospitality), industrial, and residential sectors.

What technological advancements are fueling the service robotics market?

Advancements in AI, machine learning, sensor technology, cloud robotics, and 3D vision systems are critical drivers.

Home / Technology / Service Robots Market Surges Towards $147 Billion

Service Robots Market Surges Towards $147 Billion

27 Nov

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Summary

Service robots market valued at $42.13 billion in 2023.
Expected to reach $146.82 billion by 2032.
CAGR of 14.88% from 2024 to 2032.

Service Robots Market Surges Towards $147 Billion

The global service robotics market is expanding significantly, projected to grow from USD 42.13 billion in 2023 to USD 146.82 billion by 2032, with an impressive CAGR of 14.88%. This growth is fueled by the accelerated adoption of intelligent robotic systems across various industries seeking to enhance efficiency and address labor shortages.

Key growth drivers include rapid digitalization, demand for process automation, and advancements in AI and machine learning. The medical sector is a major contributor, utilizing robots for surgery, disinfection, and patient support. Simultaneously, domestic robots for smart homes and commercial robots for logistics and retail are increasing market value.

Strategic investments, collaborations, and R&D are propelling market expansion, with North America and Europe leading in adoption. However, the Asia-Pacific region is anticipated to exhibit the fastest growth due to increasing labor costs and aging populations, further solidifying the transformative role of robotics in the global economy.

Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.