Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Professional Service Robots market.
Trusted Business Insights presents an updated and Latest Study on Professional Service Robots Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Professional Service Robots market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Get Sample Copy of this Report @ Professional Service Robots Market 2020 and Forecast 2021-2027 Includes Business Impact Analysis of COVID-19
Report Overview: Professional Service Robots Market
The global professional service robots market size was valued at USD 11.2 billion in 2020 and is expected to expand at a revenue based Compound Annual Growth Rate (CAGR) of 30.9% from 2021 to 2027. Professional service robots have experienced widespread adoption among several industries owing to benefits such as the delivery of high-quality services, improved usability, reliability, and reduced operational costs and human errors. Moreover, the industry is witnessing technological revolution enhancing the professional service robot capabilities driven by innovations in machine learning, adaptive computing and vision system, and artificial intelligence (AI).
Professional service robots are primarily used to assist humans rather than replace them. The robots have the arm but are not capable of doing heavy tasks that most industrial robots perform. These robots have witnessed worldwide acceptance owing to advantages such as increased productivity, greater workplace safety, and streamlined process. Moreover, lower operational expenses and a high Return on Investment (ROI) are a few factors driving the demand for professional service robots. Favorable government policies aligning with the creation of professional service robots along with steady demand from healthcare, customer service, and logistics sector is expected to drive the market over the forecast period 2021-2027.
The coronavirus pandemic is expected to serve as a catalyst for the development and increased use of service robots in professional applications. The impact of COVID-19 shall drive further research in robotics to address the risks of infectious diseases. Mobile robots are being used to relieve the stress of the hospital staff and the logistics sector to combat COVID-19. These robots are used for automatic temperature taking system at public places, tracking peoples movements, and assisting patients in the isolation ward.
The development in 5G technology and AI chipsets is expected to increase the professional service robotics market growth in the coming years. Connectivity is one of the important things in the implementation of robots. Mobile service robots require a reliable connection, which is often difficult in the industrial environment. 5G technology can address this issue with improved reliability, reduced latency, and increased connection densities. 5G technology combined with Multi-access Edge Computing (MEC) can provide greater capacity and scalability as robots can offload their intelligence and computing power to edge servers.
AI-enabled robots can work alongside humans, interact with the customers, and perform administrative tasks. They can be used to streamline backend processes, responding to data-related questions, and supporting compliance requirements, which help humans to remain in front of the customers. Thus with the continuous advances in AI, professional service robots is expected to witness high demand in various industries to speed up customer service with greater efficiency and utilize human labors for more creative tasks.
The Robot-as-a-Service (RaaS) model is gaining traction in the small and medium sector businesses. The model provides the benefit of leasing robotic devices and accessing cloud-based subscriptions without making huge investments. Thus, it reduces the high capital requirement barriers for small and medium sector businesses, allowing them to leverage the advantages of robotics automation. Many tech giants are working to develop the platform to enable RaaS on a large scale. Amazon.com, Inc. developed AWS RoboMaker, a cloud-based platform that provides machine learning, monitoring, and analytics to professional service robot manufactures. Google LLC is also developing the Google Cloud Robotics Platform, which provides a cloud-connected robotics solution.
Application Insights: Professional Service Robots Market
The logistics application segment size is expected to reach USD 77.8 billion by 2027. The professional service robot market experienced robust growth in the logistics sector with more than 160,000 units installed globally in 2019. Logistics automation is gaining traction owing to the customer-driven economy, which demands flexible and speedy delivery of goods. Automated guided vehicles (AGVs) are primarily used in warehouse and storage facilities to transport the goods. AGVs operate in a predefined path, moving the products for shipping and storage purposes and play a crucial role in streamlining the supply chain and reducing the cost of logistics. Moreover, AGVs provide a fully autonomous navigation environment in warehouse and storage facilities without installing beacons, thereby boosting the market growth in the logistics sector.
Healthcare is expected to witness steady growth over the forecast period. The professional service robots are used in hospitals to improve the level of patient care by assisting the medical staff and providing operational efficiencies. Mobile medical robots are used to deliver medication and other sensitive materials in hospitals. Moreover, professional service robots are playing a crucial role in fighting the coronavirus healthcare crisis. Increasing demand for professional service robots due to this pandemic situation is expected to drive the growth in the healthcare sector over the forecast period.
Ultra violet disinfection (UVD) professional service robots have experienced high demand in the COVID-19 pandemic. UVD robots assist cleaning staff by moving across critical surface in hospitals and other areas to kill specific viruses and bacteria. The UVD robot can be used in office spaces, retail stores, airports, and other public areas. Several hospitals in China have ordered more than 2,000 UVD robots by Blue Ocean Robotics to fight against coronavirus and other harmful microorganisms. Furthermore, these robots can be used for the safe distribution of hospital material in isolation zones. As a result, the demand for professional service robots in healthcare applications is expected to witness an upsurge in 2020.
Regional Insights: Professional Service Robots Market
Europe captured the largest revenue of USD 59.9 billion as well as the largest volume share in 2019 with Germany at the forefront. The region comprises nearly 42% of professional service robot manufacturers catering to various industry verticals globally. Moreover, around half of the logistics system manufacturers are European companies constituting strong growth in the logistics sector. The region has interdisciplinary research capabilities in the field of robotics technology with several robotics laboratories, often accumulated with spin-off companies. Bristol Robotics Laboratory is one such example, which was established in 2006 as a collaboration between the University of Bristol and the University of the West of England. The laboratory is currently involved in a research project addressing key areas of robot capabilities and applications.
The Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The presence of countries like Japan, China, and South Korea, which account for significant share are contributing to regional growth. Besides, the rise in disposable income in fast-growing developing countries such as India and Singapore is presumed to increase the demand for professional service robots in the coming years. Moreover, the region has witnessed significant growth in the oil and gas industry in the past couple of years, which is leading to high demand for inspection robots such as autonomous underwater vehicles (AUVs) and remotely operated vehicles (ROVs). The increasing trend of automation in Australia, India, and China, is further boosting the market growth in the region.
Professional Service Robots Market Share Insights: Professional Service Robots Market
are some of the leading companies in the market. These companies possess a unique and innovative product portfolio catering to various industrial applications. The market is highly competitive in nature, with a balance of established companies and startups. As a result, over the past two years, the market has witnessed strong funding along with merger and acquisition activities. According to the International Federation of Robotics (IFR), in the U.S., nearly 200 startup companies are working on the development of professional service robots. Recently, in 2019 Amazon.com, Inc. has acquired Canvas Technology, a U.S. based warehouse service robotics company. The professional service robots have become one of the focus areas owing to the continued strong growth of the industry.
This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global professional service robots market report based on application and region:
Application Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 – 2027)
Military & Defense
Inspection & Maintenance
- Customer Service
- Field Robots
Quick Read Table of Contents of this Report @ Professional Service Robots Market 2020 and Forecast 2021-2027 Includes Business Impact Analysis of COVID-19
Trusted Business Insights
Media & Marketing Executive
Email Me For Any Clarifications
Connect on LinkedIn
Click to follow Trusted Business Insights LinkedIn for Market Data and Updates.
US: +1 646 568 9797
UK: +44 330 808 0580