PROFESSIONAL SERVICE ROBOTS MARKET ANALYSIS

Market Challenges And Opportunities

• Prevalent concerns over data privacy and regulations
• High initial investments

Market Dynamics- Restraints

1. High initial investment is expected to hamper the global professional service robots market growth over the forecast period

Initial capital investment for professional service robots is significantly high. Such massive investment is not affordable for small and medium-sized businesses and therefore they prefer to rely on manual labor. Besides, these robots require timely repair and maintenance operations, which incurs into additional cost. Hence, high capital investment and operational cost are expected to hamper the global professional service robots market growth over the forecast period.

2. Prevalent concerns over data privacy and regulations are expected to restrain growth of the global professional service robots market during the forecast period

One of the major issues with professional service robots is data privacy. Many robots can be hacked and can be used for illicit intentions. The robots used in the defense and military sectors are at most risk since those robots can be hacked used to spy, steal confidential data, and in worst case for attack. Although robot manufacturers are tightening security protocols, robots still remain susceptible to hacks. Thus, these factors are expected to drive growth of the global professional service robots market during the forecast period.

Market Opportunities

1. Growing use of robots for companionship and handicap assistance can present lucrative growth opportunities in the global professional service robots market

Apart from use in various end-use sectors, professional robots are now being used to provide assistance to people with disabilities. Disability robots are designed to help people who have physical disabilities that hinder their daily tasks. Disability robots have been proven to provide assistance to people who have abstained injuries that affect their daily chores. Furthermore, companion robots are another emerging concept where robots will be used for the geriatric population. These robots are highly intelligent and make useful assistants at home. They can remind elderly people to take their medications and other daily activities.

2. Rising artificial intelligence and machine learning can provide major business opportunities in the global professional service robots market

Artificial intelligence (AI)-enabled robots can be used in various sectors for numerous applications. AI gives robots a computer vision to sense, calculate, and navigate the reaction. AI-enabled robots can learn to perform their tasks from humans through machine learning and modify the tasks as per requirements. These robots are highly intelligent as compared to traditional robots and offer greater efficiency and productivity. AI robots also use sensors, actuators, and non-AI programming to improve their abilities. For instance, in June 2020, Qualcomm Technologies Inc. launched the Qualcomm Robotics RB5 platform, the company’s most advanced and comprehensive offering for robotics. RB5 platform delivers cutting edge technology for AI and machine learning.