Service Robotics - Armenia | Statista Market Forecast

Revenue in the Service Robotics market is projected to reach US$1.93m in 2024.
Commercial service robotics dominates the market with a projected market volume of US$972.80k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.01%, resulting in a market volume of US$2.96m by 2029.
In global comparison, most revenue will be generated United States (US$8.68bn in 2024).

Definition:

The Service Robotics market presents the market size of robotics in service use cases, e.g., commercial service robots or consumer service robots. Service robots are intended for personal or professional use and are designed to assist humans in carrying out certain tasks.

A robot is defined as a powered machine that is programmable on two or more axes and has some degree of autonomy; it moves within its environment to perform its programmed tasks.

Structure :

The Commercial Service Robotics and Consumer Service Robotics markets can be found within the Service Robotics market. The Commercial Robotics market is further split into a range of service industries that have the highest adoption of robots. This includes agriculture service robotics, logistics service robotics, medical service robotics, and all other service industries, which are all covered by the Other Industry Robotics market.

Additional information:

The market comprises revenues, volume, and the average price per new installed robot. The market displays both B2B and B2C revenues, and the revenue is based on the country’s demand for robot. It is shown in manufacturer prices. Software revenues are included as service robots are mostly delivered with software solutions that have been implemented by the manufacturer.

Key players in the market include Intuitive Surgical, ABB, and iRobot.

For more information on the data displayed, use the info button right next to the box.

Commercial Service Robotics
Consumer Service Robotics

robots used in industrial use cases

The Service robotics market in Armenia is experiencing a substantial decline in growth rate due to factors such as limited investment in research and development, lack of skilled labor, and slow adoption of advanced technologies. This decline is impacting both the Commercial and Consumer sub-markets, as companies struggle to meet the demand for efficient and cost-effective service robots. However, with increasing awareness and government initiatives to promote robotics, the market is expected to witness significant growth in the coming years.

Customer preferences: In Armenia, there is a growing demand for service robots in various industries, including healthcare, retail, and hospitality. This can be attributed to the increasing use of technology and automation in these sectors, driven by a younger and tech-savvy population. Additionally, the COVID-19 pandemic has accelerated the adoption of service robots, as they can reduce human-to-human contact and ensure safety in public spaces. This shift towards robotic solutions is likely to continue in the post-pandemic world, as consumers prioritize convenience, efficiency, and safety in their daily lives.

Trends in the market: In Armenia, the Service robotics Market within the Robotics Market is experiencing a surge in demand for collaborative robots, or cobots, which are designed to work alongside humans in various industries. This trend is driven by the need for increased efficiency and flexibility in production processes. Additionally, there is a growing focus on the development of advanced artificial intelligence and machine learning capabilities in service robots, enabling them to perform complex tasks and adapt to changing environments. These trends are significant as they highlight the growing importance of automation and technology in the service sector. For industry stakeholders, this means an opportunity to enhance productivity and reduce costs, while also addressing labor shortages. However, there are potential implications for job displacement and the need for upskilling and retraining of workers.

Local special circumstances: In Armenia, the Service robotics Market within the Robotics Market is influenced by the country's small size and limited resources. This has led to a focus on developing cost-effective and efficient solutions, especially in the areas of healthcare and agriculture. Additionally, the country's strong technology sector and skilled workforce have contributed to the growth of the service robotics market. Furthermore, Armenia's strategic location between Europe and Asia has made it an attractive destination for outsourcing and partnerships in the robotics industry.

Underlying macroeconomic factors: The Service robotics market in Armenia is heavily influenced by macroeconomic factors such as the country's economic stability, foreign investment, and government policies. With a growing focus on developing advanced technologies, Armenia has seen a significant increase in investments in the robotics sector. This, coupled with the country's favorable business environment and skilled workforce, has contributed to the growth of the Service robotics market. Additionally, the rising demand for automation in the service industry and the increasing adoption of robotics in various sectors, such as healthcare and logistics, are further driving the market growth.

Data coverage:

The data encompasses B2B and B2C revenues. Figures are based on the country’s demand for robotics in manufacturer prices.

Modeling approach / Market size:

Market sizes are determined through a regional bottom-up approach, and further detailed by a top-down rationale for each market segment. As a basis for evaluating markets, we use trade data of the respective economic sector. Furthermore, we use relevant key market indicators such as level of automation and digitization or the economy composition to estimate each country's specialization in demand and supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarly exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market.

Additional notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Despite the frightening, almost Terminator-esque, way the phrase “there are robots everywhere” might sound, the increased use of robotics has been a boon to both consumers and enterprises worldwide. The industrial robot market has seen steady growth across the globe and is expected to continue growing as automation becomes ever more vital to businesses. This stems largely from mechanical automation, reducing production costs and improving efficiency. This increased demand due to greater automation, especially in the United States and Europe, is likely to mean that the price increase per robot unit will remain modest.