Service Robotics - Southern Asia

Southern Asia

Revenue in the Service Robotics market is projected to reach US$373.40m in 2024.
Consumer service robotics dominates the market with a projected market volume of US$233.50m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 13.10%, resulting in a market volume of US$691.00m 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 Southern Asia is facing a mild decline in growth rate, influenced by factors such as slow adoption of digital technologies, limited health awareness among consumers, and challenges in providing convenient online services. This is evident in both the Commercial and Consumer segments of the market.

Customer preferences: As the demand for efficient and accurate service delivery continues to rise in Southern Asia, there is a growing preference for service robotics in various industries such as healthcare, hospitality, and retail. This trend is driven by a cultural shift towards convenience and efficiency, as well as the need for contactless interactions in the wake of the COVID-19 pandemic. Additionally, the growing aging population in the region has also created a demand for service robotics in elderly care, further boosting the market growth.

Trends in the market: In Southern Asia, the Service robotics Market within the Robotics Market is experiencing a surge in demand due to the rising adoption of automated solutions in various industries. This trend is driven by the increasing need for efficiency, cost-effectiveness, and safety in operations. Additionally, there is a growing focus on research and development of advanced robotics technologies, such as artificial intelligence and machine learning, to further enhance the capabilities of service robots. These developments have significant implications for industry stakeholders, as they can help improve productivity, reduce labor costs, and enhance overall customer satisfaction. Furthermore, the potential for service robotics to be used in healthcare, logistics, and hospitality sectors is also gaining attention, opening up new opportunities for market growth.

Local special circumstances: In Southern Asia, the service robotics market is heavily influenced by the region's cultural and religious beliefs. For example, in countries like India and Pakistan, there is a strong preference for human-like robots that can perform tasks traditionally done by household servants. This demand is driven by the cultural practice of having domestic help and the desire for status symbols. Additionally, in countries like Indonesia and Malaysia, there are strict regulations on the use of robots in certain industries, such as healthcare, due to religious beliefs that view robots as a threat to human jobs. These unique factors shape the market dynamics and create opportunities for service robotics companies to cater to the specific needs of this region.

Underlying macroeconomic factors: The Service robotics Market within the Robotics Market is heavily influenced by macroeconomic factors such as technological advancements, government policies, and investment in research and development. Countries with strong technological capabilities and favorable regulatory environments are experiencing faster market growth compared to regions with limited technology adoption and regulatory challenges. Additionally, the increasing demand for automation and cost-effective solutions in industries such as healthcare, manufacturing, and logistics is driving the growth of the Service robotics Market.

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.