PROFESSIONAL SERVICE ROBOTS MARKET ANALYSIS

Professional Service Robots MarketSize and Trends

The global professional service robot market is estimated to account for US$ 109.9 Bn in terms of value by the end of 2027.

Statistics:

North America held dominant position in the global professional service robots market in 2019, accounting for 36.0% share in terms of value, followed by Asia-Pacific, Europe, and RoW respectively.

Figure 1: Global Professional Service Robots Market Share (%), in terms of Value, By Region, 2019

Figure 2: Global Professional Service Robots Market Value (US$ Bn), 2017 - 2027

The global professional service robots market is expected to reach a value of US$ 109.9 Bn by 2027 at a CAGR of 24.5% between 2020 and 2027.

Market Trends

1. Development of new software solutions

Key companies are focused on the development of new software solutions, in order to enhance the capabilities for professional service robots. For instance, in May 2020, RoboDK, a Canada-based robotic software company, partnered with RobCo SWAT, a Bulgarian robotics company, to provide robotic simulation software solutions to the automotive industry.

2. Robots-as-a-service (RaaS) business model

Robots-as-a-service (RaaS) is an emerging business model, which combines advanced technologies such as artificial intelligence, cloud computing, and shared services. The trend of the RaaS business model is rising in the market where robotics companies lease robotic devices as cloud-base services. RaaS offers affordable robotics service, provides customer satisfaction, and enhanced employee engagement.