The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Professional Service Robots Market.
It was estimated prior to this unanticipated outbreak Professional Service Robots Market will reach CAGR of 30% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Professional Service Robots Market Insights
Professional service robots market is likely to witness an impressive CAGR of 30% during the forecast period. The prime factors which are likely to drive the professional service robots’ market are innovations and development in 5G technology and AI chipsets, reduced human tasks at various workplaces, low operational expenses, and high Return on Investment (ROI).
Market Share Analysis
Professional Service Robots Market Share: By Application Type
Based on the application type, the market is segmented as logistics, healthcare, military & defense, inspection & maintenance, customer service, field robots, and others. Logistics application is likely to grow at the fastest pace, driven by the requirement for flexible and speedy delivery of goods in the customer-driven economy.
Professional Service Robots Market Share: By Region
In terms of regions, Europe led the professional service robots’ market in 2019, both in terms of value as well as volume, followed by Germany. The region has a strong presence of professional service robot manufacturers that cater to various industry verticals globally. Also, around 50% of logistics system manufacturers are European companies that contribute to strong market of professional service robots for logistics application type.