Service Robotics Market to Reach $293.0 Billion, Globally, by 2032 at 24.3% CAGR: Allied Market Research
PORTLAND, Ore., Dec. 14, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Service Robotics Market by Type (Professional Service Robotics, and Personal Service Robotics), and Application (Agriculture, Professional Cleaning, Inspection and Maintenance, Construction and Demolition, Transportation and Logistics, Medical, Search, Rescue, And Security, Hospitality, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.". According to the report, the global service robotics industry generated $21.0 billion in 2020, and is anticipated to generate $293.0 billion by 2032, witnessing a CAGR of 24.3% from 2023 to 2032.
- Based on type, the professional service robotics segment held the highest market share in 2020, accounting for more than two-thirds of the global service robotics market revenue, and is estimated to maintain its leadership status throughout the forecast period.
- The demand for professional service robots has increased owing to a surge in demand for automation in commercial sectors.
- However, the personal service robotics segment is projected to manifest the highest CAGR of 25.2% from 2023 to 2032.
- Asia-Pacific is a rapidly developing region, in terms of industrialization and urbanization, which is eventually having a positive impact on the service robotics market growth.