Service Robotics Market | Size, Share, system and Industry Analysis and Market Forecast to 2025 | MarketsandMarkets

1. Market Leadership - Service Robotics Market The service robotic market is projected to grow from USD 37.0 billion in 2020 to USD 102.5 billion by 2025; it is expected to grow at a CAGR of 22.6% from 2020 to 2025. Service robots are increasingly being adopted for new applications due to various advantages such as increased productivity, streamlined processes, and greater workplace safety. Service robots provide reduction in cost of operation and enables a high ROI. Utilization of IoT with service robots is enabling predictive maintenance, driving down the overall cost. Also, an increase in funding for service robots by the government as well as market players is driving the service robotics market. Although the service robotics market is growing at a very fast pace, it is moderately competitive owing to the presence of several key global players as well as several regional players playing a key role in the growth of their respective segment. Key strategies adopted by these players to enhance their product portfolios, increase their market share, and expand their presence in the market mainly include new product launches, partnerships, collaborations, and joint ventures. For instance, September 2019, SoftBank Robotics Group (Japan) launched AI Commercial Vacuum Cleaner ‘Whiz’ in Hong Kong, Macau, and Singapore. Whiz is designed to boost operational productivity at commercial premises; and cleaning carpets and hard flooring. In May 2018, Intuitive Surgical (US) announced the launch of the da Vinci surgical system for urological surgical procedures, which provides surgeons with robot-assisted technology for deep and narrow access to tissues in the body. The product is compact and embedded with 3D HD wrist cameras to enable high-quality vision, precision, and control. Apart from this, market players have also adopted the strategies of partnerships, collaborations, and joint ventures. For instance, in January 2020, iRobot (US) partnered with If This Then That (IFTTT), which is a leading integration and discovery platform for web services, to enable new embedded smart home integrations. Through IFTTT, iRobot wants to work toward integrating devices and services such as smart thermostats and lighting and home security, directly within the iRobot HOME App. In November 2018, DeLaval (Sweden) and CEJA (European Council of Young Farmers) announced a partnership in Germany. This partnership aims to strengthen the company’s commitment toward training young farmers across Europe. iRobot (US) was founded by the roboticists in the Massachusetts Institute of Technology with the vision of making practical robots a reality. iRobot manufactures service robots and has sold more than 25 million robots worldwide till October 2019. The company operates through one operating segment and key products offered include Roomba Vacuum, Braava Mops, Tera Mows, and Root. Roomba Vacuum is a vacuum cleaning robot. It is powered by automatic dirt disposal bags, which can hold 60 days of dirt. Roomba Vacuum is available in various variations with price ranging from USD 250 to USD 1,100. Braava Mops is a robot designed to mop and sweep floor. It uses electrostatic force to sweep and wicking fibers for mopping. The robot can be controlled from anywhere through phone. Braava Mops are available in the range of USD 200 to USD 500. Root Educates is a robot, which helps in learning coding fundamentals. Root Eeducates is available for USD 200. Also, the company conducts a program called Science, Technology, Engineering and Math (STEM) education in the US to inculcate interest in robotics among children. Moreover, Tera Mow is a robot mower, which is the company’s upcoming product. The use of Imprint technology in this robot will help it to intelligently avoid obstacles. As of December 31, 2018, the company held about 460 US patents and more than 800 foreign patents. iRobot’s products are sold through distributors and retail sales channels, and online stores. It has offices in Hong Kong, India, China, the US, and the UK. Subsidiaries of iRobot include iRobot Holdings LLC (US), Puresight Systems Pvt Ltd. (India), and Guangzhou iRobot Technology Consulting Company Limited (China). Amazon, Kohl’s, Bloomingdale’s, and Lowe’s are a few key retailers and resellers of iRobot Corporation in the US, while, Amazon.ca, Walmart, Maison Lipari, and Super Vacs Inc are key retailers and resellers of iRobot in Canada . The company has presence in the Americas, EMEA and the APAC region with offices in Pasadena, California, London, Shanghai, Guangzhou, Hong Kong, and Tokyo.

2. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=681 Intuitive Surgical (US) develops surgical robots that are used in surgical procedures for making surgeries minimally invasive. The company designs, manufactures, and markets da Vinci surgical systems and related instruments and accessories. The company’s business segments include Instruments and Accessories; Systems; and Services. Surgical robots are manufactured under the Systems segment. Its product portfolio includes da Vinci surgical systems and Ion. As of January 2020, the company had installed nearly 6,105 da Vinci surgical systems; an estimate of 1,229,000 procedures were performed using these systems during the same year. The da Vinci Surgical System generally sells for ~USD 0.5–USD 2.5 million, depending upon the model, configuration, and geography. A few of the prominent subsidiaries of the company are Intuitive Surgical BV (Netherlands), Intuitive Surgical GK (Japan), Intuitive Surgical Ltd. (UK), and Intuitive Surgical Pte. Ltd. (Singapore). The company has its presence in the Americas, Europe, and APAC. The company offers products through direct sales organizations in the US, Europe, excluding Spain, Portugal, Italy, Greece, and most Eastern European countries, Japan, South Korea, India, and Taiwan. In remainder of the markets, the company provides its products through distributors. About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model –GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: 1-888-600-6441