Global Service Robotics Market
Service Robotics Market Size And Forecast
Service Robotics Market was valued at USD 29.44 Billion in 2019 and is projected to reach USD 143.78 Billion by 2027, growing at a CAGR of 21.9% from 2020 to 2027.
The ReWalk Robotics had issued a press release which states that the global health service company Cigna had reviewed its policy on medical exoskeleton coverage for people with spinal cord injury. This is the first policy reconsideration of its kind from a major U.S. insurer. The funding and investments taking place for service robotics are anticipated to increase market growth.
The restraints observed in the service robotic robotics are the rise in cost for materials used to develop and manufacture the robots. There have been issues over data security and regulation since the robots are interconnected to each other, or to the cloud segment, which allows access to the internal systems and data security. Hence cybersecurity is a top priority as cyber-attacks on robots can incur a massive loss in production.
Global Service Robotics Market: Segmentation
The Global Service Robotics market is segmented on the basis of application, component and geography.
Global Service Robotics Market Competitive Landscape
The major players in the market are Northrop Grumman Corporation, Kuka AG, Irobot Corporation, Kongsberg Maritime, DJI, Intuitive Surgical, Inc., Parrot SA, Geckosystems Intl. Corp., and Honda Motor Co., Ltd. Apart from these, some of the other prominent players include Adept Technology, Inc., Bluefin Robotics, ECA Group and Aethon Inc. among others.
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