According to the research report titled ‘Global Service Robot Market 2022-2028’, available with MarketStudyReport, global service robot market is slated to expand at 13.3% CAGR during the review period and accrue a valuation of USD 29,378 million by the end of 2028.

Widespread acceptance due to high-quality services & precision, reduced operating expenses, and soaring costs of labor & trained workers are factors propelling the growth of global service robot industry. 

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For those unaware, service robots benefit individuals by executing duties that are dirty, distant, unsafe, and monotonous. They are competent to make decisions in real time and act independently in uncertain situations to fulfill predefined responsibilities, with the possibility to override those instructions manually when required.

Moreover, several companies are opting for such services to reduce dependability on humans, limiting manual errors, and improving productivity which is further estimated to boost the development of market during the forecast period.

To understand the dynamics, the study classifies the industry based on product type and application scope. By accessing thes growth rate estimates for each vertical, the stakeholders can get a clear view of the potential of worldwide service robot market.

Based on product type, the business sphere is split into personal service robots and professional service robots. In terms of application scope, the industry is categorized into logistics, construction, field, defense & security, entertainment & leisure, domestic tasks, medical & healthcare, and others.

For a deeper comprehension of the reach of the market, the report analyses the key areas such as Europe, North America, and Asia Pacific in great detail. It conducts a country-level assessment of these regions and gives the interested parties an idea about the most promising avenues that they can invest in and maximize their profitability.

The renowned players in global service robot market include names like SZ DJI Technology Co. Ltd., Aethon Inc., Staubli International AG, Fanuc Corporation, Parrot SA, General Dynamics Mission Systems, Omron Corporation, Honda Motor Company Ltd., Northrop Grumman Corporation, Intuitive Surgical Inc., Nachi Robotics Systems Inc., Kongsberg Maritime Ltd., Lely Holding S.a.r.l., and KUKA AG among others.