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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