Service robots are the fully autonomous systems that have the ability to carry out the services without or with human assistance. They are used in different sectors assisting human in performing duties that are not possible for humans to perform. They are used in many sectors and one of the most important areas of application is the medical sector and defense. They are used to assist human in performing duties that are not possible for humans to perform.

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The service robotics market was valued at US$5.57 bn in 2014, and is expected to reach US$22.5 bn by 2021, growing at a CAGR of 18.8% from 2015 to 2021.

Use of service robots in defense is expected to decrease the number of death casualties during war. Most used service robots in defense are unmanned aerial vehicles, unmanned ground vehicles. In addition, rapid industrialization is acting as a major driver in this market. Service robots work faster than humans, thus reducing the work time and increases work efficiency. They are used to carry out different activities in industries such as welding, painting, packaging, lifting of heavy objects and many more.

High cost associated with development is acting as restraining factors in service robotics market. From designing to development it is a long procedure which takes a long time and charges extra costs before the actual manufacturing of service robots. Moreover, complicated interface of service robots is also an important factor acting as a restraint of this market.

Underdeveloped mobile automation is one of the major opportunities of this market. Most of the service robots are either stationary and are focused on performing a single task only. But the mobile automation in service robots is yet to be explored as they are still underdeveloped. The mobile service robots are used in the research and development labs to carry out different experiments. Moreover, increasing application areas globally is also a major opportunity of this market. The service robot is likely to be used in almost every sector and thus reduces the work load of humans.

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Geographically, North America held the largest market share in service robotics market in 2014 due to the increasing use of service robotics in defense sector. Moreover, in 2014, North America service robotics market held the largest market share which is followed by Asia-Pacific, Europe and Rest of the World.

Some of the leading players in the service robotics market are AB Electrolux (Sweden), Touch bionics Ltd (U.K)., iRobot Corporation (U.S), Samsung Techwin Co. Ltd. (South Korea), Robert Bosch GmbH (Germany), Mako Surgical Corporation (U.S), Intuitive Surgical Inc.(U.S), Honda Motors Co. Ltd. (Japan), Panasonic Corporation (Japan) and Dyson Ltd. (U.K) among others. The report provides estimates in terms of revenue (USD Billion) from 2015 to 2021 by studying the global service robotics market.

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