Hospitality Industry to Help Service Robotics Market Expand at a Stellar 16.6% CAGR through 2031

June 06 08:32 2024
Hospitality Industry to Help Service Robotics Market Expand at a Stellar 16.6% CAGR through 2031
Skyquest Technology
Service Robotics Market Size, Share, Growth Analysis, By Type(Professional, personal & domestic), By Application(Domestic, medical, field, defense), By Component(Hardware, software), By Environment(Aerial, ground, marine), By Region – Industry Forecast 2024-2031

Advancements in robotics technology have propelled its use in multiple service-oriented businesses and industry verticals. Increasing emphasis on improving the quality and efficiency of services has led to widespread adoption and demand for service robotics across the world.

 

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Integration of advanced technologies such as artificial intelligence, Internet of Things, machine learning, etc. is further opening new avenues of opportunities for service robotics companies. From commercial to domestic applications, service robots are projected to gain popularity in all applications. High demand for accuracy, reduced errors, and better productivity are also promoting the acceptance of service robots in multiple industry verticals. Service robotics companies are also adding smart capabilities to their offerings to maximize their efficiency and promote acceptance among end users. Companies should also focus on raising new capital to invest in R&D of new service robots with better capabilities.

 

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Improving Healthcare Experience through IoT Technology Prime Focus of Companies

Service robotics providers are continually investing in the development of new robots to maximize their sales potential. Market players should also focus on the development of affordable robots to improve their revenue generation in the future. Collaborations and partnerships are also crucial strategies that will help service robotics companies fast-track product development and bolster market growth across the forecast period. Autonomous robots are projected to gain popularity in the future and the use of artificial intelligence will also significantly increase in the service robotics market going forward. The hospitality industry is expected to witness a major revolution as this is where the use of service robots is expected to increase at a rapid pace. Japan and South Korea are slated to highly remunerative spaces for service robotics providers.

  • In July 2023, LG Electronics, a renowned consumer electronics manufacturer from South Korea, announced the launch of the latest model of its popular LG CLOi ServeBot. The newest version of the early 2020 launched service robot features increased flexibility and storage capacity for extra versatility.
  • In April 2024, Proven Robotics, a company focused on robotic technology innovation, launched a new AI-service robot. OrionStar Mini is powered by a Qualcomm Snapdragon 845 SOC chip and is designed to create interactive and engaging experiences for customers.
  • In November 2023, IRIS OHYAMA, a leading lifestyle solution provider based in Japan announced that it had entered a strategic collaboration with SoftBank Robotics to launch a new commercial cleaning service robot. The offering aimed to provide affordable and efficient cleaning services to the public.
  • In February 2023, Bear Robotics, a leading provider of hospitality robots, launched a new service robot. Servi is a novel service robot that uses AI technology to serve food and drinks, assist staff, and clean tables. Equipped with LiDar sensors and cameras the robot is 100% self-navigating.  

 

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The global service robotics market will be completely dependent on innovation and the development of affordable yet effective robotic solutions going forward. Integration of advanced technologies will be a key trend for established as well as new service robotics companies in the future. Concerns about workforce displace through service robots will be a key challenge for all service robotics companies in the long run. Hence, companies need to invest carefully to get the best return on their investments.

 

Related Report:

Global Robotics Market

 

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