Service Robotics - Slovakia

Slovakia

Revenue in the Service Robotics market is projected to reach US$24.33m in 2024.
Consumer service robotics dominates the market with a projected market volume of US$13.13m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.67%, resulting in a market volume of US$32.06m by 2029.
In global comparison, most revenue will be generated in the United States (US$8,681.00m in 2024).

Key regions: France, United Kingdom, United States, Canada, South Korea

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Analyst Opinion

The Service robotics market in Slovakia is witnessing remarkable growth, propelled by factors like increasing adoption of digital technologies, rising health consciousness among consumers, and the convenience of online health services. However, the market's growth rate has been declining due to factors like economic slowdown and limited awareness about the benefits of service robotics.

Customer preferences: As technology continues to advance, consumers in Slovakia are increasingly turning to service robotics for household tasks and assistance. This trend is driven by the growing aging population and the need for more efficient and convenient solutions. Additionally, the demand for contactless services has also risen, leading to an increase in the adoption of service robotics in various industries such as healthcare and retail. This shift towards automation and robotics is expected to continue as consumers prioritize safety, convenience, and time-saving measures.

Trends in the market: In Slovakia, the Service robotics market is experiencing a surge in demand for collaborative robots, also known as cobots, as they offer increased efficiency and safety in manufacturing processes. Additionally, there is a growing trend towards the use of service robots in healthcare, hospitality, and retail industries, with robots being employed for tasks such as disinfection, customer service, and inventory management. These trends are set to continue, driven by the need for automation and cost reduction in various industries, presenting significant opportunities for service robotics market players. However, this also raises concerns about potential job displacement and ethical considerations surrounding the use of robots in human-centric environments.

Local special circumstances: In Slovakia, the Service robotics market is influenced by the country's strong manufacturing industry and high-tech workforce. The government's support for research and development in robotics has led to a rise in local startups and innovation. Additionally, the country's central location in Europe makes it a strategic hub for companies looking to enter the European market. However, the market is still in its early stages due to low awareness and adoption of service robots. This presents opportunities for market growth as the country embraces automation and smart solutions.

Underlying macroeconomic factors: The growth of the Service robotics market is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with strong economic health and favorable policies towards robotics are experiencing higher market growth compared to regions with economic challenges and limited investment in innovation. Furthermore, the increasing demand for automation in various industries and the need for cost-effective solutions are driving the adoption of service robotics globally.

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.