Commercial Service Robotics - Bangladesh

Revenue in the Commercial Service Robotics market is projected to reach US$3.11m in 2024.
Medical service robotics dominates the market with a projected market volume of US$1.47m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.62%, resulting in a market volume of US$3.01m by 2029.
In global comparison, most revenue will be generated United States (US$4.99bn in 2024).

Definition:

The Commercial Service Robotics market presents the market size of service robotics in commercial use cases, e.g., medical robots, logistic robots, and agriculture robots.

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.

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 robots. 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 Agrobot.

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Medical Service Robotics
Logistic Services Robotics
Agriculture Service Robotics
Other Service Robotics

Consumer Service Robotics

The Service Robotics market in Bangladesh is seeing steady growth, driven by factors such as increasing adoption of automation, growing demand for efficient and cost-effective solutions, and rising awareness of the benefits of service robots in various industries. Despite an average decline in growth rate, the market is expected to continue to expand due to the growing demand for specialized robots in sub-markets such as Agriculture, Logistics, Medical, and Others.

Customer preferences: The demand for commercial service robotics in Bangladesh is growing as businesses look for cost-effective solutions to automate routine tasks and improve efficiency. With the rise of e-commerce and online shopping, there is a growing demand for delivery and warehouse robots. In addition, the country's aging population is driving demand for assistive robots in healthcare and elderly care industries. This trend is further accelerated by the increasing adoption of smart home technologies and the need for remote monitoring and assistance for the elderly and disabled.

Trends in the market: In Bangladesh, the Commercial Service Robotics Market is seeing a rise in demand for automated solutions in the retail and hospitality industries. This trend is expected to continue as businesses seek to improve efficiency and reduce costs. Additionally, there is a growing focus on using service robots for cleaning and sanitation purposes, especially in light of the COVID-19 pandemic. In the global market, there is a shift towards collaborative robots, with advancements in artificial intelligence and machine learning enabling them to work alongside humans. This trend has significant implications for industry stakeholders, as it allows for increased productivity and flexibility in various sectors.

Local special circumstances: In Bangladesh, the Commercial service robotics Market within the Robotics Market is gaining traction due to the country's growing economy and increasing investment in technology. The market is also influenced by the government's initiatives to modernize industries and improve efficiency. Additionally, cultural norms and preferences, such as a preference for human interaction over automated services, may impact the adoption of service robotics in the country. Regulatory factors, such as import taxes and restrictions on foreign investment, may also play a role in shaping the market dynamics.

Underlying macroeconomic factors: The Commercial service robotics Market within the Robotics Market is heavily influenced by macroeconomic factors such as technological advancements, government policies, and investment in automation infrastructure. Countries with strong technological capabilities and supportive regulatory environments are experiencing rapid market growth, while those with limited resources and regulatory challenges are facing slower growth. The rise in demand for automation solutions in industries such as manufacturing, healthcare, and retail is also contributing to the growth of the commercial service robotics market, driven by the need to improve efficiency, reduce costs, and enhance customer experience.

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.