Service Robotics - Bangladesh | Statista Market Forecast

Revenue in the Service Robotics market is projected to reach US$41.40m in 2024.
Consumer service robotics dominates the market with a projected market volume of US$38.29m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 22.25%, resulting in a market volume of US$113.00m 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 Bangladesh is experiencing slow growth due to factors such as limited adoption of digital technologies, low health awareness among consumers, and the lack of convenience in online health services. This is reflected in the negligible growth rate of the overall market. However, the sub-markets of Commercial and Consumer service robotics may see different growth rates depending on the specific factors affecting them.

Customer preferences: With the rise of automation and artificial intelligence, the service robotics market in Bangladesh is expected to see significant growth in the coming years. This can be attributed to the increasing demand for automation and efficiency in various industries, such as healthcare, hospitality, and retail. Additionally, the growing aging population in Bangladesh is driving the need for assistive robots to provide care and companionship to the elderly. Furthermore, there is a growing trend towards incorporating cultural and linguistic nuances in service robots to better cater to the diverse population in Bangladesh.

Trends in the market: In Bangladesh, the Service robotics Market within the Robotics Market is seeing an increase in adoption of automated solutions in industries such as manufacturing and healthcare. This trend is driven by the need for increased efficiency and cost savings. Service robots are also being used for tasks such as cleaning and delivery, reducing the need for human labor. This trend is expected to continue in the future, with the government investing in research and development of service robotics. This will have significant implications for industry stakeholders, as they will need to adapt to this new technology and its impact on their businesses.

Local special circumstances: In Bangladesh, the Service robotics market is growing due to the country's focus on automation and digitalization in various industries. The government's initiatives to promote technology and innovation, along with the rise of the middle class, are driving the demand for service robots. Additionally, cultural factors such as a preference for efficiency and cost-effectiveness are also contributing to the market growth. However, regulatory challenges and infrastructure limitations may hinder the market's growth potential in the country.

Underlying macroeconomic factors: In Bangladesh, the Service robotics Market within the Robotics Market is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in infrastructure. Countries with favorable regulatory environments and strong investment in robotics technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Furthermore, the increasing demand for automation and efficiency in service industries, coupled with the country's growing middle class, is driving the demand for service robotics in Bangladesh. Additionally, the government's initiatives to promote the use of robotics in various sectors, such as healthcare and manufacturing, are expected to further boost 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.