Service Robotics market to reach USD 46.13 billion by 2026
Published on : Friday 20-12-2019
Increasing automation of routine tasks to favour market growth: Fortune Business Insights.
Pune, December 19, 2019 – The global Service Robotics Market is set to reach USD 46.13 billion by 2026, exhibiting a CAGR of 19.4% during the forecast period. Increasing rate of sophistication in robotic technology is foreseen to be one of the main factors driving the growth of this market. A service robot is essentially a machine that is partially or fully automated to perform daily tasks usually performed by humans. These robots have revolutionised manufacturing and production processes, making them more cost-effective, and at the same time, they have raised human and equipment productivity. As a result, the uptake of these machines is on the rise. The International Federation of Robotics estimates that since 2000, the number of robots have grown three times from previous levels. Moreover, this uptake is fuelled by the advent of even more advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML). These advancements will play a central role in boosting the Service Robotics Market demand in the forecast period.
The above information is shared by Fortune Business Insights through its report, titled "Service Robotics Market Size, Share & Industry Analysis, By Type (Personal Robots and Professional Robots), By Application (Domestic and Industrial/ Commercial) and Regional Forecast, 2019-2026". The report contains a thorough research into the overall industry outlook and provides a microscopic analysis of the various factors, trends, prospects, and other dynamics that are likely to influence the share, size, and growth of the market during the forecast period. This information will enable businesses to take important strategic decisions in a holistic manner and mark their place in this market.
Key companies covered in Service Robotics Market Research Report are Kongsberg Maritime AS, DJI, Northrop Grumman Corporation, Lely International, KUKA AG, Parrot SA, Honda Motor Co. Ltd., Intuitive Surgical, Inc., and Aethon Inc.
To gain more insights into the market with detailed table of content and figures, click here: https://www.fortunebusinessinsights.com/industry-reports/service-robotics-market-101805