Service Robotics Market Worth $143.78 Billion, Globally, by 2027 at 21.9% CAGR: Verified Market Research

Service Robotics Market Worth $143.78 Billion, Globally, by 2027 at 21.9% CAGR: Verified Market Research

PR Newswire

JERSEY CITY, New Jersey, June 17, 2020

- The Internet of Things (IoT) in service robotics for cost-effective maintenance and the need to obtain insurance coverage for medical exoskeletons and robotic surgeries is projected to drive market growth


JERSEY CITY, New Jersey, June 17, 2020 /PRNewswire/ -- Verified Market Research recently published a report, "Service Robotics Market by Application (Medical, Field, Defense, Rescue, & Security, Entertainment, Educational & Personal), by Component (Hardware, Software), by Type (Professional, Personal), by Environment (Aerial, Ground, Marine)". According to the report, Global Service Robotics Market was valued at USD 29.44 Billion in 2019 and is projected to reach USD 143.78 Billion by 2027, growing at a CAGR of 21.9% from 2020 to 2027.

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This report provides detailed analysis of the growth trends among each of the segments as well as accurate forecasts in terms of the value and volume.

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Browse in-depth TOC on "Service Robotics Market"

212- Pages
176 – Tables
41 – Figures

Global Service Robotics Market Overview

The Internet of Things (IoT) in service robotics for cost-effective maintenance is a substantial aspect of the increase in market growth.  Using IoT in robotic mechanization provides more ways to enhance conservation, optimization, productivity, and the lifespan of the robots. It makes the workforce and operating services easier for engineers and software operators everywhere. The Brain-IoT Kit Approach enables the service robotics set-up, which shows how the toolchain and market place developed by the kit can be used to handle the cooperation of different robots. The use of the BRAIN-IoT toolkit will permit to minimize the growth of new ad-hoc software components, where convenient, the solution will be based on open-source components and the services already being programmed in other IoT platforms. The need to obtain insurance coverage for medical exoskeletons and robotic surgeries is projected to drive market growth. The ReWalk Robotics had issued a press release which states that the global health service company Cigna had reviewed its policy on medical exoskeleton coverage for people with spinal cord injury. This is the first policy reconsideration of its kind from a major U.S. insurer. The funding and investments taking place for service robotics are anticipated to increase market growth. The Service Robotics, located in Bristol, showcased a novel solution for the elderly population, recently.  The Genie Connect syndicates a companion robot called Genie with a 24×7 video Care Centre and specific software for person-positioned engagement. The funds from the current campaign will permit the Service Robotics team to employ a pilot project in the UK, with up to 150 robots being issued to pre-qualified trials.

The swarm intelligence technology, which allows robots to perform multitasking with ease, is the game-changer, which will improve the market economy. A swarm integrates the power of many minds (multitasking) into one, which allows the robotic system to be smart and creative. The applicability of the swarm robotics is the Kilobots swarm developed for research and education. Kilobots are small, with a diameter of 33 mm. The movement is based on vibrating motors, and the communication is executed using infrared light reflecting off the ground. These robots for self-assembling capacity, forming different shapes with a swarm of 1,024 Kilobots. For outer space, NASA developed Swarmies foe collecting samples from Mars. The major players in the market are Irobot, Softbank Robotics Group, Intuitive Surgical, Delaval, Daifuku, Cyberdyne, DJI, Kongsberg Maritime, Northrop Grumman, Neato Robotics.

Verified Market Research has segmented the Service Robotics Market on the basis of Application, Component, Type, Environment and Geography.

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