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Service Robotics Market Share, Size,Growth, Key Players, Outlook
and Forecasts to 2024 | Hexa Research
“ Service Robotics Market Will Witness Growth At 18% CAGR Till 2024.”
30 April 2019, Global service robotics market was worth USD 7 billion in 2014. It is foreseen to exhibit a CAGR
of 18% from 2016 to 2024 (forecast period). Service robots are increasingly being adopted in personal and
professional uses. Innovation and industrialization coupled with rising global population and governmental
spending are some of the factors fueling market growth. Integration of mobile technology with robotics, and
advancements in end-user technologies are the other growth drivers.
Service robots witness high demand from healthcare and medical sectors. Their adoption in developing
economies is on the rise. However, high costs related to capital investments as well as research &
development may inhibit market growth. Another disadvantage is the long interval between design and
The worldwide service robotics market is segmented as per applications and geographies. Applications are
split into personal and professional. Personal service robots include those for the purpose of household or
entertainment. Home security & surveillance are expected to fetch substantial revenues in the coming years.
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