Market Insights Technology Robotics Service Robotics

Consumer Service Robotics - CIS

Revenue in the Consumer Service Robotics market is projected to reach US$167.40m in 2024.
Domestic service robotics dominates the market with a projected market volume of US$139.90m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 18.76%, resulting in a market volume of US$395.40m by 2029.
In global comparison, most revenue will be generated in China (US$5,532.00m in 2024).

Key regions: South Korea, Germany, Japan, Canada, France

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Analyst Opinion

The CIS Service Robotics market is experiencing minimal decline in growth rate due to factors such as slow adoption of digital technologies, lack of health awareness among consumers, and limited convenience offered by online services. This trend is seen across all sub-markets, including Domestic and Entertainment Service Robotics.

Customer preferences: As consumers become more tech-savvy and time-strapped, there is a growing demand for consumer service robotics in the Service robotics Market within the Robotics Market. This trend is driven by the increasing need for automation and convenience in daily tasks such as cleaning, cooking, and home maintenance. Additionally, there is a shift towards personalized and on-demand services, with consumers looking for virtual assistants and delivery robots to cater to their specific needs. This trend is also influenced by the rising adoption of smart home technology and the desire for a connected and efficient lifestyle.

Trends in the market: In the Consumer service robotics Market of the Service robotics Market within the Robotics Market, there is a noticeable trend of integrating artificial intelligence and machine learning capabilities into service robots. This allows for more advanced and personalized interactions with consumers, improving the overall customer experience. Additionally, there is a growing demand for service robots in the hospitality and retail industries, with businesses using them for tasks such as customer assistance and inventory management. These trends are expected to continue as businesses look for ways to streamline operations and enhance customer satisfaction through service robotics.

Local special circumstances: In the Consumer service robotics Market of the Service robotics Market within the Robotics Market, the market dynamics are greatly influenced by the high demand for personalized and convenient services in North America. This is due to the region's high disposable income and technological advancements. On the other hand, in Asia Pacific, the market is driven by the increasing adoption of automation and artificial intelligence in customer service, as well as the rising use of service robots in the hospitality industry. These factors are further amplified by the region's large population and rapid urbanization.

Underlying macroeconomic factors: The growth of the Consumer service robotics market is also influenced by macroeconomic factors such as technological advancements, consumer demand, and government policies. Countries with strong investment in research and development, favorable regulatory environments, and a growing middle class are experiencing faster market growth compared to regions with economic challenges and limited consumer spending. Additionally, the increasing adoption of automation and the need for efficient and cost-effective services are driving the demand for consumer service robotics solutions.

Methodology

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.