Global Service Robotics Market is Expected to Reach USD 18.02 Billion by 2020

The global service robotics market is expected to reach USD 18.02 billion by 2020 at a CAGR of 17.36% between 2015 and 2020. The growth of this market is propelled by the growing demand from medical and healthcare sectors, increasing adoption of robots in agricultural fields, and growth of commercial drones.

“Professional service robotics application holds a large share of the service robotics market”
Service robotics used in personal services comprises domestic applications, entertainment, and others such as elderly assistance and home security. The market for domestic applications of service robots was large in 2014. In professional applications, smart robots in the medical sector hold the largest share which comprises diagnostic systems, assistive robots, and rehabilitation systems.  The application in UAV drones accounted for the largest share in 2014. 

“APAC expected to be the fastest-growing market during the forecast period”
This report covers the said market in North America, Europe, Asia-Pacific, and Rest of the World (RoW). The global service robotics market is led by North America.
The market in APAC is expected to grow at a high CAGR between 2015 and 2020. The increase in the urban population and a need for assistance in domestic chores, growing economy, and high adoption rate of new technologies are some of the important factors that have contributed to the growth of the service robotics market in the APAC region.

Breakdown of profile of primary participants:
• By Company Type: Tier 1 – 22 %, Tier 2 – 35% and Tier 3 – 43%
• By Designation: C level – 29%, Director level – 37%, and Others – 34%
• By Region: North America – 39%, Europe – 31%, APAC – 21%, RoW – 9%

 The modernization of medical infrastructure in developing countries is a big opportunity for companies in the medical robotics industry to expand their market in the APAC region. 

Major players in this market include Intuitive Surgical (U.S.), DJI (China), iRobot Corporation (U.S.), Google Inc. (U.S.), KUKA AG (Germany), Honda (Japan), Adept Technology, Inc. (U.S.), GeckoSystems (U.S.), Northrop Grumman Corporation (U.S.), ECA Group (France), and Kongsberg Maritime (Norway).