The last decade has witnessed service robotics market traversing alongside a lucrative growth path – right from being a subject of science fiction debates to an almost niche vertical of the electronics space. The emergence of digital and high-tech technologies such as cloud computing, IoT, AI, and RaaS in recent times, has further added to the growing potential of robotics.
Indeed, it would be apt to state that the deployment of advanced technologies in robots have revolutionized a plethora of application sectors ranging from healthcare and logistics to manufacturing and retail. Amazon for instance, has already deployed robots at its production centers. Taking cue, numerous other retail start-ups have also been working toward adopting robots – a rising trend that is certain to augment the overall service robotics industry outlook.
One of the most pivotal reasons these robots have gained mainstream popularity is that they help myriad industrial sectors enhance their operational productivity with a smart business network and optimum cost. Considering the ease of applicability of these robots, they are being vociferously adopted across the commercial business spheres.
Additionally, the shifting trends toward an autonomous future have laid the ground for service robotics market players to avail the numerous opportunities in this business sphere.
While professional domains such as construction, healthcare, and space exploration form the application landscape of service robotics industry, it is important to state that these robots are also gaining popularity across service sectors like tourism and hospitality.
Recently in Italy, a humanoid robot called Robby Pepper had been deployed at a hotel in Italy. The robot was designed to answer questions in various languages – Italian, German, and English to be precise. The incidence further validates the claim that robots can also be conveniently used for regulating security at shopping malls, that would stimulate service robotics market size.
The application spectrum of service robotics industry essentially comprises the logistics, field, defense, healthcare, entertainment, and household sectors. The paragraphs below enumerate two vital application sectors that have lately been using service robots on a considerably large scale.
A quick gist of service robotics market trends from the logistics sector
Presently, transportation and logistics companies are primarily giving preference to service robots for carrying out various operations at warehouses. These robots are being extensively used for performing the tasks such as custom packaging, stationery piece picking, container loading and unloading. While e-commerce companies have already commenced the use of robots for delivering products to customers, they are now undertaking initiatives to increase their dependency on robots for logistic purposes.
In such a scenario, companies are certain to accrue benefits in terms of parameters such as product shelf life and getting a record of seasonal product sales. Driven by the use of technologically advanced robots for swiftly delivering groceries to customers' doorsteps, service robotics market size from the logistics sector was pegged at USD 1 billion in 2016.
In the ensuing years, players in services robotics industry will witness lucrative opportunities as many companies across the e-commerce sector have been depicting an interest in adopting this technology. Enumerating an instance, Alibaba, the retail behemoth, is currently looking forward to investing USD 15 billion for developing its robotic logistics infrastructure.
The company has even invested around USD 800 million to acquire Cainiao Smart Logistics. With the development of logistic robotics infrastructure, Alibaba will enhance its global logistics network by stimulating its efficiency in smart warehousing and smart delivery.
In addition, it is planning to continue its collaboration with its logistic partners to bring forth myriad innovations in the retail sector. Massive investments by leading retail companies in development of robotic infrastructure for an efficient logistics network is thus likely to boost service robotics market.
Enumerating service robotics industry trends from household applications
The adoption of robots across the household sector has been exceptionally high and is increasing by the day, given how much they have contributed toward personal assistance in homes. Mundane chores such as floor mopping, lawn mowing, and vacuum cleaning are now being performed by robots across the residential sector, given the high costs of hiring house help for these tasks.
Considering that robots can substantially reduce the hassles of hiring manual labor, many regional governments are now recommending the adoption of these machines in domestic applications. For instance, in 2015, the Dutch robotics firm, Tinybots developed a household robot for add value in terms of convenience. Thus, the increasing popularity of household robots among the people for personal use is slated to impel service robotics market size. Incidentally, applications using personal robots accounted for 36% of the overall service robotics industry share in 2016.
Candidly speaking, the evolution of next-generation robots is certain to prove highly beneficial for the human race. These robots are especially proving useful for helping the geriatric populace that seems to be growing by the day. In essence, service robots find usage in performing numerous tasks that the elderly cannot perform, assembling various complicated part very swiftly in the manufacturing industry, and collecting information from remote and dangerous locations.
Service robots of the future are expected to be designed with cameras, sensors, advanced communication technologies, AR, machine learning, and artificial intelligence. Driven by rapidly advanced technological integration, coupled with the rising need to enhance robotic infrastructure, service robotics
