Service Robotics Market Size - Growing Through The Predicted Period

The service robotics market is estimated to reach USD 19 billion by the end of the predicted period. This period spans across six years (till 2020 from 2014). The market is anticipated to observe about 21 percent CAGR through this period. Service robotics is the field of robots and services provided by them to human beings. This kind of robotic technology helps people with their daily tasks and reduces their burden.

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The service robotics market consists of those robots that help people execute difficult and demanding tasks. Apart from assisting people in their tasks, the robots also act as their pets and entertain and educate them. Robots play a major role in the lives of old and disabled people. They assist them in completing their tasks and give them comfort and independence. Owing to these robots helping the disabled and elderly, their market executes a major role in healthcare and medical sector. The service robotics market is segmented into two categories. These are geographical regions and application areas. On the basis of applications, the market is segmented into personal service and professional service robots. The market is also divided into four geographical regions. These are Europe, North America, Asia Pacific and rest of the world. Other application areas of service robotics include defense and aerospace and surveillance and safety. These robots are one of their kind and are projected to infiltrate markets with a high CAGR. The demand for these state-of-the-art robots is rising significantly and helping the service robotics market develop further. Robots belonging to this market can be semi-automatic or fully automatic. They work towards the well being of humans. Growing demand for labor in developing countries and increased incidences of living assisted lives are expected to drive demand for the service robotics market. These robots also help people complete their tasks precisely.   Mechanical defects and other issues in these robots and high price of the same are expected to hinder the service robotics market growth. Service Robotics Market Size Source: Grand View Research