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The Future of Consumer Service Robotics Market? Defines Experts

With the rapid advancement in technology over the past couple of years, especially in robotics, artificial intelligence, big data analytics, and smart data centers, the service industry commenced utilizing robots to carry out a wide variety of activities. According to the experts, the actual intent of utilizing robots was just to perk-up the productivity and the recent coronavirus pandemic has review film made robots more urgent among the industries, which offer contactless services during the social distancing norms. Conventionally, service providers are human, but the growth of digital technologies such as AI, IoT, and smart robots are constantly wiping out the human workforce. For instance, they have been put on in some hotels, airports, retail stores, and many more. For the past two years, the COVID-19 virus is continuously highlighting the differentiating aspects and performance of robots in various industries and services. These service robots can reduce the work pressure on the hospital staff, while also keeping them safe from infection.

Back in 2020, the service robotics market was estimated at USD 23577.1 million and is speculated to grow by USD 212619.7 million by 2026 and also expected to boost at a CAGR of 44.9% over the forecast period from 2021 until 2026. Manipulation, cognition, and interaction are a couple of imperative aspects that have crafted service robots more alluring, while component providers and top-notch technology have played a vital role in transforming or rather modernizing the robotics ecosystem. For example, a Tokyo-based startup, known as Preferred Networks offers its AI technology for Toyota Motor’s autonomous driving systems and the robots made by Fanuc. The Asia Pacific countries such as China and Japan are spearheading the growth in the medical technology sector, thus, crafting a huge market for service robots in the region. In 2017, the Japanese Ministry of Internal Affairs and Communications stated that 35.2 million (approx) inhabitants were aged 65 years or above, which is expected to augment by 36.2 million in 2020. In fact, the South Korean LG electronics tested some robots that can wipe out massive workers from the service industry. The robots are crafted to carry out tasks that include proving drinks and food to people at airport lounges and hotels, taking care of check-in and check-out at hotels including transporting luggage.

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