Market Insights Technology Robotics Service Robotics

Consumer Service Robotics - Finland

Finland

Revenue in the Consumer Service Robotics market is projected to reach US$72.66m in 2024.
Domestic service robotics dominates the market with a projected market volume of US$64.03m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 18.33%, resulting in a market volume of US$168.60m 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 Service robotics Market in Finland has seen a steady growth rate, driven by factors such as increasing consumer demand for advanced robotic services, growing awareness about the benefits of robotics in various industries, and the convenience offered by automated systems. Despite a minimal decline, the market is expected to continue expanding due to the rising adoption of digital technologies and the development of innovative solutions in sub-markets such as Domestic and Entertainment Service Robotics.

Customer preferences: Consumers in Finland are becoming more open to using service robotics for household tasks, such as cleaning and cooking, due to the aging population and shortage of domestic workers. This trend is also driven by the increasing emphasis on work-life balance and convenience, as well as the desire for eco-friendly and energy-efficient solutions. Additionally, the growing interest in smart home technology and the rise of e-commerce have further fueled the demand for consumer service robotics in the Finnish market.

Trends in the market: In Finland, the Consumer service robotics Market is experiencing a rise in demand for personal care robots, such as robotic assistants for the elderly and disabled. This trend is driven by the country's aging population and increasing focus on healthcare and social services. Additionally, there is a growing trend towards using service robots in retail and hospitality industries to improve efficiency and customer experience. These developments are expected to have a significant impact on the industry, with potential implications for stakeholders such as manufacturers, service providers, and end-users.

Local special circumstances: In Finland, the Consumer service robotics Market is fueled by the country's aging population and high labor costs. This has led to a growing demand for robots in sectors such as healthcare, hospitality, and retail. Additionally, the country has a strong focus on sustainability and eco-friendliness, leading to the development of service robots that are energy-efficient and environmentally friendly. The market is also influenced by the country's strict data privacy regulations, which ensure the protection of consumer data collected by service robots.

Underlying macroeconomic factors: The Consumer service robotics Market within the Robotics Market in Finland is significantly impacted by macroeconomic factors such as technological advancements, government support, and investment in research and development. Finland has a strong economy with a high level of technological expertise and a favorable regulatory environment, which has led to a growing demand for service robotics solutions. Additionally, the country's aging population and increasing incidence of chronic diseases are driving the need for advanced robotics technologies to improve healthcare access and outcomes.

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.