Service Robotics Market Technological Innovations and Future Opportunities 2024

Service Robotics Market Technological Innovations and Future Opportunities 2024

The research report on service robotics market, in substance, presents an exclusive understanding of the vast expanse of the business space in question. The report comprises a gist of the industry by means of providing an executive summary, industry insights, industry ecosystem analysis, market segmentation, and global trends. Furthermore, the study also provides deliverables pertaining to the regulatory and competitive landscapes and the strategic perspectives of various industry contenders with respect to the market.

Owing to the significant proliferation of cloud, IoT, machine learning, and artificial intelligence, service robotics market has been treading along a lucrative growth path in the recent years. Apparently, it has to be noted that robots have been around since the 1960's. However, the definition of the 'standard' robot has evolved immensely, and the technology has now emerged as one of the most transformative fields of innovation. Service robots have increasingly acquired a momentous position as a vital interface between service and industry sector. Moreover, industry has been garnering overwhelming business opportunities from a plethora of business verticals including logistics, defense, household, entertainment, and healthcare. In fact, as per reliable estimates, the global market accrued a massive remuneration of over USD 8 billion in the year 2016.

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The presence of a robust and advanced research infrastructure coupled with the rising demand for automation across a range of business verticals has fostered the United States service robotics market expansion in the recent times. Moreover, numerous government agencies in the nation have been investing massively in the latest robotics technology in order to ensure security and safety of its citizens.

Citing an instance of the humongous investments being made by government agencies in breakthrough technologies, the U.S. Defense Advanced Research Projects Agency (DARPA) has been reportedly spending as much as USD 3 billion annually to fund its robotic research programs. It would be prudent to mention that DARPA has been aiming to manufacture high-grade combat/military robots to cater the escalating demand from US Army as it has been striving hard to increase the number of soldiers. This has, in turn, assisted the service robotics market participants to gain numerous business opportunities from the government contracts and other research initiatives.

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Speaking of the competitive landscape, service robotics market encompasses some prominent firms along the likes of Samsung Electronics, AeroVironment Inc., Parrot SA, Bluefin Robotics, 3D Robotics, Intuitive Surgical Inc., Softbank Robotics, and 3D Robotics.

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