Professional Service Robots Market Analysis | 2023-2028

Market Insights

The professional service robots market was estimated at USD 31.25 billion in 2022 and is likely to grow at a CAGR of 35.35% during 2023-2028 to reach USD 200.18 billion in 2028.

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Market Dynamics

Introduction

Professional service robots are advanced, autonomous or semi-autonomous machines designed to perform specialized tasks in various professional environments. Unlike industrial robots, which focus on manufacturing, professional service robots are used in sectors like healthcare, logistics, and hospitality. They assist with complex tasks such as surgery, warehouse automation, and customer service. These robots often incorporate artificial intelligence, sensors, and advanced control systems to handle specific functions efficiently, improve operational workflows, and enhance productivity. Their use is expanding rapidly as industries seek automation solutions to increase efficiency and reduce human error.

Market Drivers

The prime factors that are likely to drive the professional service robots market are:

• Increasing Demand for Warehouse and Logistics Automation: Robotics are becoming increasingly vital in warehouses and logistics due to the growth of e-commerce and the requirement for effective supply chain management. To simplify processes and reduce turnaround times, service robots are employed for picking, packing, sorting, and transporting goods.
• Technological Advancements in Robotics and AI: Most professional service robotics have had a boost in efficiency through the application of AI, machine learning, and sophisticated sensors. Such technologies allow the robots to carry out complicated operations, act independently, make decisions in real-time, and adapt to changing environments,  this makes them very effective and multi-purpose.
• Labor Shortages and Rising Labor Costs: Due to labor shortages and growing labor expenses, several sectors are looking for other options. Professional service robots provide a dependable and affordable solution to these problems by carrying out operations that would typically call for human involvement, therefore lowering reliance on human labor.
• Growing Use in Healthcare and Medical Applications: However, the healthcare sector is among the most prominent buyers of professional service robots, especially in the surgical, rehabilitation, and caregiving sectors. The reality is now robots, are now employed for safe surgeries, physiotherapy, and even for delivering medical supplies, which enhances the result for the patient as well as the functionality of the hospital.

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Key Players

Some of the major professional service robot manufacturers are-

• Boston Dynamics
• Cyberdyne Inc.
• Daifuku Co. Ltd
• GeckoSystems Intl. Corp.
• iRobot Corporation
• KUKA AG
• Northrop Grumman Corporation
• Ontario Drive & Gear Ltd
• Robert Bosch GmbH
• Softbank Robotics Group

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Application Type

Based on the application type, the market is segmented as logistics, healthcare, military & defense, inspection & maintenance, customer service, field robots, and others. Logistics applications are likely to grow at the fastest pace, driven by the requirement for the flexible and speedy delivery of goods in the customer-driven economy.

Healthcare is expected to witness steady growth during the forecast period. Hospitals deploy professional service robots to help the medical staff and provide operational efficiencies, which raises the standard of patient care. In hospitals, drugs and other delicate materials are delivered by mobile medical robots.

Regional Insights

In terms of regions, Europe led the professional service robots market in 2022, both in terms of value as well as volume, followed by Germany. The region has a strong presence of professional service robot manufacturers that cater to various industry verticals globally. Also, around 50% of logistics system manufacturers are European companies that contribute to a strong market of professional service robots for the logistics application types.

The Asia Pacific region is anticipated to develop at the highest CAGR during the forecast period. The presence of major players in the region, such as China, South Korea, and Japan, is fostering regional growth. Furthermore, it is anticipated that in the upcoming years, there will be a greater need for professional service robots due to the rise in disposable income in rapidly emerging nations like Singapore and India. Furthermore, over the past few years, the oil and gas industry in the region has expanded dramatically, which has raised demand for inspection robots such as autonomous underwater vehicles (AUVs) and remotely operated vehicles (ROVs). The regional market is developing as a result of the automation movement that is gaining traction in China, India, and Australia.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s professional service robots market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

The professional service robots market is segmented into the following categories:

By Application Type

• Logistics
• Healthcare
• Military & Defense
• Inspection & Maintenance
• Customer Service
• Field Robots
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the application types by region.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.