The service robotics market is estimated to attain a value of around USD 19 billion by 2020. It is predicted to record a CAGR of about 21.5 percent during the forecast period, lasting from 2014 to 2020. Service robotics refer to the growth of robotic technology. This technology helps humans in different undertakings, which may be either specialized or private.
These robots aid in taking burden off their shoulders and also execute operations in dangerous and life-crucial environments. Robots used for private undertakings can help, accompany and entertain people. On the other hand, robots used for specialized undertakings aid in completing daily jobs, increase home safety and are also used for educational purposes.
Service robotics technology is also estimated to aid elderly people in carrying out their daily tasks. It would even help disabled people to complete tasks which they are unable to do on their own. Service robotics are predicted to cater to the demands of the sectors of healthcare and defense. Thus, rising demand for service robotics in both the sectors is also anticipated to drive the service robotics market ahead.
The market is divided on the basis of geographies and application sectors. The geographies service robotics market is fragmented into Europe, North America, rest of the world and Asia Pacific. The application sectors service robotics market consists of private services and specialized services. Increased demand for these robotics in both application sectors is also likely to augment the sales of the market.
The service robotics market also faces boosted demand from the sectors of aerospace and surveillance. The wide usage of these robots across so many application and consumer sectors augurs well for the market and steers it further. With increased modernization and growing complexities of life, the service robotics market faces augmented demand.
This factor is also creating circumstances which would propel the utilization of these robots in the future.