Service Robotics Market Share, Size, Analysis, Growth, Trends and Forecasts to 2024 | Hexa Research
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Service Robotics Market Share, Size, Analysis, Growth, Trends and Forecasts to 2024 | Hexa Research
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 capita l investments as well as research & development may inhibit market growth. Another disadvantage is the long interval between design and commercial availability.
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