22-Jan-2019 Service Robotics Market 2017: Analysis, Opportunit

Global Service Robotics Market Trends, Share, Size and Forecast Report 2017-2023
The market for social robots has reached $ 7.9 billion in 2017, an increase of 7.0%
over the previous year. Professional service robots accounted for two-third of the
overall market and are expected to account for a major share of the service
robotics market through 2023. The increase in market is expected to be driven by
the increasing demand for logistics robots in manufacturing and non-
manufacturing sectors, defense applications robots, and inspection and
maintenance robots.
Robots have now moved beyond the realm of traditional jobs doing repetitive functions,
such as assembling of parts and welding, in the manufacturing and automotive industries.
With the advancement in technologies, robots are becoming smarter and intelligent
fostering the dissemination of new technologies and new innovations advancing the ability
of robotics to assist and support humans perform several tasks. Service robots are slowly
becoming ubiquitous, delivering newer efficiencies across several applications from assisting
in personal tasks to professional services. With the growing integration of robotics with
digital forces, such as cloud, artificial intelligence, and analytics, service robotics are
bridging the gap between theory and practice in all areas of robotics and intelligent
systems.
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The focus of service robotics is shifting to the advanced robots with high level of artificial
intelligence in terms of their interaction with the environment and the ability to continuously
improve their decision making based on external feedback. Service robots have potential
market in several new applications across several sectors, including logistics, education,
defense and security, healthcare, agriculture and forestry, entertainment, space, domestic
tasks, personal and elderly assistance, home security. Several companies are focusing on
developing world class robots that are human friendly and add value to the people and
businesses that deploy them.
The market for social robotics is expected to be driven by the Shift from trend from the
strictly structured environments into the unstructured environments and also shorter
payback period and higher return on investment. Growing demand for drones from military
and non-military applications also expected to boost the demand for drones. However,
increase in aging population across the world would encourage the demand for rehabilitation