Global Personal Service Robotics Market – Industry Trends and Forecast to 2029

Personal Service Robotics Market Analysis and Size

The largest growing technology in the globe in today's time is robotics. It makes daily life easier. Robots have become the mainstream technology in due to their vast advantages in terms of defective products, cost, productivity and efficiency. Personal robotics is an invention that allows consumers to use robotics technology for personal purposes. It is a complex technology but it is designed for those end users which is having less knowledge about robotic. The growing demand for humanoid robotics stimulates the growth of the personal service robotics market. Personal robotics services are important in healthcare, research, commercial, agriculture and hospitality.

Data Bridge Market Research analyses that the personal service robotics market was valued at USD 43,172.61 million in 2021 and is expected to reach USD 153684.19 million by 2029, registering a CAGR of 17.20% during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Market Definition

Personal service robots are the robots intended to help humans complete their useful tasks. These robots are primarily brought for performing non-commercial tasks and for self-assistance only. Some of the generally used personal service robots includes automated wheelchair, personal mobility assist robot, it is a domestic servant, and pet exercising robot.04.

Global Personal Service Robotics Market Dynamics

Drivers

• Increasing penetration towards domestic robots

The penetration of consumer towards domestic robots, such as mops and robotic floor vacuums significantly increase. Cleaning robots are extensively used in personal capacities. For instance, Pepper is a humanoid manufactured by Softbank and is available on a subscription deal of USD 360 per month over 36 months. Thus, the growing penetration of consumer towards domestic robots are expected to drive the growth rate of the personal service robotics market.

• Increasing use of IoT in robots

The Internet of Things (IoT) stands for the digital networking of many systems and machines to generate integrated processes. An IoT-based solution permits parallelly running machine learning (ML) algorithms and storing terabytes of data  on several computers to forecast pinpoint and potential hazards when industrial equipment is expected to fail. Data from many sensors in a robot, such as voltage and heat, are collected on cloud, and the data is examined with ML algorithms. This algorithms are applied to reveal the hidden correlations in datasets and detect the abnormal data patterns. Thus, the growing usage of IoT in personal service robotics are expected to drive the market growth rate.

Furthermore, increasing use of IoT in the robots for cost-efficient analytical maintenance , growing investment for research on the robots, growing insurance coverage for the robotic surgeries and medical exoskeletons are some major factors anticipated to propel the growth of the service robotics market during the forecast period.

Opportunities

• Growing adoption of swarm intelligence technology

Swarm robotics is a method for the organization of multiple robots as a system. Swarm robotics have special features in terms of robustness, scalability and flexibility. With the use of swarm intelligence technology robots can easily perform many complex tasks. Moreover, medical research is trying to use this swarm intelligence-based controls technology for nanobots to fight with cancer. The main advantage of this swarm robotics is that the systems become robust. The swarm intelligence also significantly increases the range of service robot applications, which will create immense opportunities for market growth in upcoming years.

Moreover, the rise in the application of robots for handicap help, companionship and the help for the elderly population, the attention on improvising the endurance and the range of operation capability of the robots and the acceptance for the swarm intelligence technology allowing for the robots to perform numerous complex tasks with ease will act as market drivers and increase the beneficial opportunities for the market's growth rate.

Restraints/ Challenges

• Inaccurate results impeding the use of personal service robotics in critical operations

Robots are used in several critical applications, such as bomb diffusion, medical surgeries and security and assistance for senior citizens. However, robots cannot be programmed all possibilities accurately. For instance, robots may not be able for a precise solution in medical surgeries where each human body can create a new challenge. Robots can show technical issues, such as loss of Internet connectivity while performing a critical operation and the occurrence of viruses in programs.

Thus, the imprecise results hindering the use of personal service robotics in critical operations which might further challenge the growth of the service robotics market during the forecast period.

This personal service robotics market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the personal service robotics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Personal Service Robotics Market

The COVID-19 pandemic is a deadly respiratory disease which has now become a global issue. The outbreak of COVID-19 pandemic has substantially obstructed the value chain of the personal service robotics market. The developed and developing regions both have been adversely affected by this pandemic and are anticipated to account for significant shares of the personal service robotics market. Several industries, such as defense, automotive and aerospace   were adversely affected by COVID-19. Thus, COVID-19 greatly impacted the growth of the personal service robotics market.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Personal Service Robotics Market Scope

The personal service robotics market is segmented on the basis of component and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Hardware
• Airframe
• Sensors
• Cameras
• Actuators
• Power Supply
• Control Systems
• Navigation Systems
• Propulsion Systems
• Others
• Software

 Application

• Cleaning Robot
• Entertainment & Toy Robot
• Education Robot
• Handicap Assistance Robot
• Companion Robot
• Personal Transportation Robot
• Security Robot

Personal Service Robotics Market Regional Analysis/Insights

The personal service robotics market is analysed and market size insights and trends are provided by country, component and application as referenced above.

The countries covered in the personal service robotics market report  U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the automated fingerprint identification system (AFIS) market in terms of market revenue. This is due to growing demand from the healthcare sector for therapy, growing acceptance for surgical robots by hospitals, accessibility of the scientifically advanced service robots and suitable investment scenario for the research on the assistive technologies in this region.

Asia-Pacific is anticipated to be the fastest developing region during the forecast period of 2022-2029 due to the thriving automotive industry and increasing demand for service robotics.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Personal Service Robotics Market Share Analysis

The personal service robotics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to personal service robotics market.

Some of the major players operating in the personal service robotics market are:

• KUKA AG (Germany)
• LELY (Netherlands)
• ECA GROUP (France)
• Accumen Inc. (U.S.)
• STRYKER (U.S.)
• Harvest CROO Robotics LLC. (U.S.)
• STARSHIP TECHNOLOGIES (U.S.)
• Parrot Drone SAS. (France)
• GENERAL ELECTRIC (U.S.)
• AMAZON ROBOTICS (U.S.)
• DILIGENT Corporation (U.S.)
• AMP  (U.S.)
• UVD ROBOTS (Denmark)
• XAG Co., Ltd. (China)
• EXYN TECHNOLOGIES (U.S.)

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