The global service robotics market is expected to surpass 60 billion dollars by the end of 2024, according to market research specialist, Research and Markets. In terms of world ranking, Europe leads the market with 290 manufacturers followed by North America with about 240 manufacturers and then Asia with about 130.
Types of service robots
Currently, the major demand for professional service robots arise from the medical, logistics and field services segments. The future of this section of robotics will continue to grow as the latest release by the International Federation of Robotics (IFR) predicts a cumulative volume of around 27 billion dollars, in terms of value for 2018–2020.
On the other hand, demand for personal or domestic service robots is also increasing. The IFR forecasts this segment to reach an estimated value of around 11 billion dollars from 2018-2020. Some of the latest tech-savvy creations in this area include the household assistant Aeolus Robot.
Produced by the global company Aeolus Robotics, the robot can move household objects and also identify thousands of items at once. Tasks like cleaning and vacuuming the floors, placing items in their proper storage spaces, picking up things from the floor are all taken care of by this helper. The robot is also equipped with advanced sensory and biometric technologies which help it to identify and differentiate between family members.
Another new innovation is Ubtech Robotics’ Walker. Claimed to be the maiden commercialised biped (walking on two legs) robot, the mobile robot offers smart services and makes people comfortable in their homes. Smart home control, video surveillance monitoring, security patrol monitoring, motion detection, instant alarm, video calls/conferencing, real time email integration, calendar/schedule management, playing music and videos and dancing are just some of the features of this robot.
Trending in service robotics
Countries have also developed policies with regards to artificial intelligence in order to boost their respective economies. For instance, the European Commission has recently stated that it will invest at least 20 billion euros in artificial intelligence by 2020. This decision has been undertaken to boost the region’s competitiveness in the service robotics field too and also to stay ahead of its competitors – the United States and Asia that are investing at least three times more than Europe.
In addition to this, numerous start-ups are exploring the dynamics of artificial intelligence and coming up with better and effective technologies that aim to disrupt the market. Global companies have also realised that they can’t be left behind in the race to this potential future business market and hence are heavily investing and collaborating with these start ups to have an edge over their competitors.
The IFR reports that in the US, about 200 start-up companies are working on new service robots. The European Union along with Switzerland have tied up with 170 companies that are creating a new entrepreneurial culture for the service robotics industry followed by Asia with 135 start-ups.
Disruptive technologies such as service robotics are the beginning of a new revolution and the time to invest and tap this growing segment is now.