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Service Robotics Market to Grow by USD 90.41 Billion (2024-2028), Driven by Robotic Automation Demand, Report Highlights AI-Powered Market Evolution – Technavio

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NEW YORK, Dec. 5, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global service robotics market size is estimated to grow by USD 90.41 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 30.25% during the forecast period. Growing demand for robotic automation processes is driving market growth, with a trend towards government support for robotics. However, high cost associated with robotic systems poses a challenge. Key market players include Electrolux group, AMP Robotics Corp., Blue Ocean Robotics, Cyberdyne Inc., Daifuku Co. Ltd., Diligent Robotics Inc., Exyn Technologies, Guangzhou XAG Co. Ltd., Harvest CROO Robotics LLC, Intuitive Surgical Inc., Irobot Corp., Kongsberg Gruppen ASA, Northrop Grumman Corp., Samsung Electronics Co. Ltd., Singapore Technologies Engineering Ltd., SoftBank Group Corp., Starship Technologies Inc., SZ DJI Technology Co. Ltd., Tetra Laval SA, and YUJIN ROBOT Co. Ltd..

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Service Robotics Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 30.25%

Market growth 2024-2028

USD 90412.8 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

22.79

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 40%

Key countries

US, China, Japan, Germany, and South Korea

Key companies profiled

Electrolux group, AMP Robotics Corp., Blue Ocean Robotics, Cyberdyne Inc., Daifuku Co. Ltd., Diligent Robotics Inc., Exyn Technologies, Guangzhou XAG Co. Ltd., Harvest CROO Robotics LLC, Intuitive Surgical Inc., Irobot Corp., Kongsberg Gruppen ASA, Northrop Grumman Corp., Samsung Electronics Co. Ltd., Singapore Technologies Engineering Ltd., SoftBank Group Corp., Starship Technologies Inc., SZ DJI Technology Co. Ltd., Tetra Laval SA, and YUJIN ROBOT Co. Ltd.

Market Driver

The service robotics market is experiencing significant growth, driven by trends like IoT, AI, and automation. In healthcare, robots help reduce Hospital-acquired infections (HAIs) through IoT-based devices and AI researchers develop AI for navigation and motion planning. Regulations are being set for delivery robots, such as Nuro, in uncontrolled environments. In industries like construction and agriculture, professional robots, including drones for aerial photogrammetry and surveying, are in high demand due to labor shortages and government funding. For domestic use, autonomous delivery robots navigate stairs and user interfaces ensure accurate results. In critical operations, humanoid robots and exoskeletons are essential. The aging population and immigration laws fuel the demand for service robots in various sectors. Space exploration and filmmaking also utilize professional UAVs and AI for 3D data collection. 

Advanced robotic technologies, such as 5G and artificial intelligence, are backed by various governments worldwide, including Europe, North America, Asia, MEA, and South America. Notable examples include China’s Robot Industry Development Plan, aiming to create multiple internationally competitive robot manufacturers and industrial clusters, with a focus on high-end robots and increasing robot density to 100 robots per 10,000 workers. Germany’s High-Tech Strategy supports the adoption of new digital technologies in the industry. These countries have unique strategic goals for their robotics sectors. 

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Market Challenges

The service robotics market is experiencing significant growth due to increasing demands in various industries. IoT technology plays a crucial role in enhancing robot functionality and connectivity. However, challenges such as hospital-acquired infections (HAIs) and regulations require advanced AI researchers to develop solutions. User interfaces and navigation systems are essential for robots to operate effectively in uncontrolled environments. Drones, like those from Whizpace and Nuro, offer autonomous delivery solutions for food demand in a global population that continues to grow. Regulations, such as those from the Department of Transportation, impact the deployment of delivery robots. Inaccurate results and critical operations necessitate advanced motion planning and natural language processing. Robots are used in construction, agriculture, inspection, and humanoid applications, with professional UAVs providing aerial photogrammetry for surveying and mapping, photography, and filmmaking. Government funding from organizations like the European Space Agency supports the development of professional robots for space exploration. The aging population and labor shortage create opportunities for domestic and industrial robots, while automation and IoT-based devices continue to transform transportation & logistics.The service robotics market relies heavily on advanced software and sensors for image processing and decision-making capabilities. This technology increases the manufacturing cost for vendors. Consumers in emerging economies, such as India, are hesitant to purchase expensive service robots. This reluctance poses a significant challenge to the market acceptance of these robots. Despite this, vendors continue to invest in research and development to integrate advanced technologies. As a result, new and advanced models of service robots are expected to enter the market, further increasing the cost of these robots. This price hike may hinder the adoption of service robots among middle-class consumers in countries like India, Africa, and other developing economies.

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Segment Overview

This service robotics market report extensively covers market segmentation by

Application1.1 Professional robots1.2 Personal robotsEnvironment2.1 Ground2.2 Aerial2.3 MarineGeography3.1 APAC3.2 Europe3.3 North America3.4 Middle East and Africa3.5 South America

1.1 Professional robots- Professional robots, defined as semi or fully autonomous machines designed for commercial tasks outside manufacturing, are undergoing a transformative period. Technological advancements in machine learning, artificial intelligence, adaptive computing, and vision systems significantly enhance robot capabilities. The Robots-as-a-Service (RaaS) ownership model broadens professional robot adoption. Furthermore, the integration of 5G telecom services and advanced AI processors fuels market growth, driving demand for these advanced machines over the forecast period.

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Research Analysis

The service robotics market is experiencing significant growth, driven by the integration of IoT technology and AI in various industries. In healthcare, robots are being used to reduce Hospital-acquired infections (HAIs), while in construction, drones equipped with aerial photogrammetry and 3D data analysis are revolutionizing infrastructure inspections. AI researchers are developing advanced user interfaces for professional robots, enabling them to perform complex tasks with greater accuracy. Regulations are being put in place to ensure the safe operation of drones in critical operations, with the Department of Transportation leading the way. Wi-Fi and Super Wi-Fi technologies are enabling remote control and data transfer for professional UAVs and agricultural robots. However, challenges such as inaccurate results and the need for government funding continue to hinder market growth. The European Space Agency is also investing in the development of advanced robotic systems for space exploration and terrestrial applications. Overall, the service robotics market is poised for continued expansion as it addresses the food demand of a growing global population and the need for efficient, accurate, and safe automation in various industries.

Market Research Overview

The service robotics market is experiencing significant growth due to the integration of IoT technology and AI in various applications. In healthcare, robotics are being used to reduce Hospital-acquired infections (HAIs) and assist in critical operations. AI researchers are developing advanced user interfaces for service robots, enabling seamless interaction between humans and machines. Drones, equipped with Wi-Fi and Super Wi-Fi, are being used for aerial photogrammetry, surveying and mapping, filmmaking, and inspection in uncontrolled environments. Delivery robots, such as Nuro, are revolutionizing transportation & logistics with autonomous navigation and motion planning. The market is also witnessing the emergence of agricultural, inspection, humanoid, exoskeleton, construction, and domestic robots. Government funding from organizations like the European Space Agency is driving innovation in professional robots and space exploration. The global population growth, food demand, labor shortage, aging population, immigration laws, and free trade agreements are further fueling the demand for service robots in various industries, including automation and industrial applications. IoT-based devices and inaccurate results are some of the challenges facing the market.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationProfessional RobotsPersonal RobotsEnvironmentGroundAerialMarineGeographyAPACEuropeNorth AmericaMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Blue Owl Capital Expands Tennis Player Sponsorship to All Grand Slam Tournaments in 2025

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Blue Owl to place logo patches on dozens of athletes competing across the Australian Open,
French Open, Wimbledon, and US Open

Jordan Thompson named as Blue Owl’s dedicated athlete ambassador for the Australian Open

NEW YORK, Jan. 12, 2025 /PRNewswire/ — Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL), a leading alternative asset manager, announced today a marquee sponsorship agreement to expand their presence at all Grand Slam tournaments in 2025 and become the exclusive financial services partner for professional tennis’ Player Patch Program.

Blue Owl’s logo will be featured on the shirt of select players competing across men’s singles, women’s singles, mixed doubles, men’s doubles and women’s doubles competitions at this year’s Australian Open, French Open, Wimbledon, and US Open tournaments. In addition to Blue Owl’s presence on the courts, the firm will be featured in iconic Melbourne transit hubs, social media and digital media during the Australian Open in an effort to raise brand awareness within the country and the broader APAC market.

Blue Owl Chief Marketing Officer Suzanne Escousse said, “Just as Blue Owl is redefining alternative investing, we are supporting established and emerging professional players who are redefining the game of tennis. Tennis is a truly worldwide sport requiring peak performance in critical, high-pressure moments. This is the same ethos that underpins Blue Owl and allows us to focus on delivering results for our international client base. Following the success of our involvement with the Patch Program at the 2024 US Open, and given Blue Owl’s established presence within the country, Australia is the perfect place to kick off our presence across Grand Slam tournaments.”

Blue Owl has also partnered with Australian tennis professional Jordan Thompson, who will serve as the firm’s Athlete Ambassador at the 2025 Australian Open – January 12-26 in Melbourne. Most recently, Thompson won the men’s doubles at the 2024 US Open, where he was wearing a Blue Owl patch, and was a men’s doubles finalist at Wimbledon in 2024. He has also registered victories over several top-10-ranked opponents in singles competitions and previously represented Australia at the Olympics and the Davis Cup. Thompson will be one of several competitors wearing Blue Owl’s logo throughout the tournament.

Jordan Thompson said: “Blue Owl is focused on delivering excellence for its clients, which makes it a great fit for a partnership with professional tennis players. Support from firms like Blue Owl is tremendously beneficial for players who are preparing for career-defining events, especially the four Grand Slams. Our shared core values, including striving for success in every step of our journeys, whether that be in the financial services industry or competing as a professional athlete, is a perfect match. Alongside my coaches, my doubles teammate(s) and tennis fans, Blue Owl will play a key role for me here in Melbourne at the 2025 Australian Open.”

About Blue Owl

Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives.

With $235 billion in assets under management as of September 30, 2024, we invest across three multi-strategy platforms: Credit, GP Strategic Capital, and Real Estate. Anchored by a strong permanent capital base, we provide businesses with private capital solutions to drive long-term growth and offer institutional investors, individual investors, and insurance companies differentiated alternative investment opportunities that aim to deliver strong performance, risk-adjusted returns, and capital preservation.

Together with over 1,050 experienced professionals, Blue Owl brings the vision and discipline to create the exceptional. To learn more, visit www.blueowl.com.

Media Contact

Nick Theccanat
Principal, Corporate Communications & Government Affairs
Nick.Theccanat@blueowl.com

View original content:https://www.prnewswire.com/news-releases/blue-owl-capital-expands-tennis-player-sponsorship-to-all-grand-slam-tournaments-in-2025-302348626.html

SOURCE Blue Owl Capital

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Wayfair and Google Cloud Announce Expanded Partnership to Transform Online Retail with Gemini

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With Google’s advanced Gemini models and Google Workspace, Wayfair is now able to enhance product catalog, employee productivity, and customer experience

SUNNYVALE, Calif., Jan. 12, 2025 /PRNewswire/ — Wayfair and Google Cloud today announced an expanded partnership to significantly enhance the online retailer’s product catalog with Google’s advanced Gemini models on Vertex AI and to improve employee collaboration by deploying Google Workspace to its thousands of employees worldwide. By using Google’s AI technologies, Wayfair has already seen improvements in workforce efficiency and operational cost savings.

“At Wayfair, we believe gen AI is the key to unlocking the next generation of retail experiences,” said Fiona Tan, Chief Technology Officer at Wayfair. “With Google Cloud, we’ve been able to efficiently scale and enrich our product catalogs, enabling us to support a more seamless and engaging shopping experience for our customers.”

Gemini on Vertex AI for Automated Catalog Enrichment

In the fast-paced world of e-commerce, surfacing the right products at the right time is crucial. Wayfair is already seeing results from its use of Gemini on Google Cloud, including:

Faster Time-to-Market: Instead of manually tagging each new product across its 30 million product portfolio, Wayfair is using Gemini on Google Cloud to automatically categorize products, reducing the time needed to curate new and update existing product listings by 67%.Significant Cost Savings: By removing the tedious process of manually tagging attributes like color and style, Wayfair estimates it will drive hundreds of thousands in cost savings per year.Better Listing Quality: Gemini’s ability to analyze images opened up new possibilities for Wayfair, such as automatically catching errors in product dimensions listed in the catalog, leading to better customer satisfaction.Improved Customer Experience: Increasing the accuracy of product attributes like color and subject, and improving the coverage of these attribute tags in the catalog, improved conversion rates when customers use these filters by ~2%.More Responsible Content Management: With Gemini, Wayfair now has a scalable, AI-augmented process for identifying and flagging inappropriate materials.

Gemini for Workspace to Enhance Employee Productivity

In addition to catalog enrichment, Wayfair is also leveraging Gemini for Google Workspace to improve the productivity of employees and create better experiences for them. Wayfair has had success using Gemini in Gmail, Google Docs, and more to help employees streamline and collaborate on tasks like drafting and responding to emails, summarizing and proofreading documents, building presentation templates, and more. Wayfair is also finding success using Gems, which are customized versions of Gemini to help with tasks or get deep expertise in new areas. With Gemini for Workspace and Gems, Wayfair has seen a boost to employee productivity, enhanced collaboration, and improvements in creativity across the organization.

“Wayfair is redefining what’s possible in retail with Google Cloud’s generative AI,” said Matt Renner, President, Global Revenue at Google Cloud. “By harnessing the power of Gemini and Google Workspace, Wayfair is not only automating complex tasks and boosting employee collaboration, but also creating more personalized and engaging experiences for every shopper. This is a prime example of how AI can transform businesses and deliver tangible benefits to customers and employees.”

About Google Cloud

Google Cloud is the new way to the cloud, providing AI, infrastructure, developer, data, security, and collaboration tools built for today and tomorrow. Google Cloud offers a powerful, fully integrated and optimized AI stack with its own planet-scale infrastructure, custom-built chips, generative AI models and development platform, as well as AI-powered applications, to help organizations transform. Customers in more than 200 countries and territories turn to Google Cloud as their trusted technology partner.

About Google Workspace

Google Workspace is a suite of productivity apps, including Gmail, Drive, Calendar, Docs, Meet, Vids, and more, that are trusted by more than 3 billion users and over 10 million paying customers. Google Workspace helps people and teams do their best work across any device, from anywhere. AI has been used in Google Workspace for years to improve grammar, efficiency, security, and more with features like Smart Reply, Smart Compose, and malware and phishing protection in Gmail. Now, Gemini for Google Workspace brings AI into the entire suite.

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SOURCE Google Cloud

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MaryRuth’s Celebrates TikTok Shop Super Brand Day With Exclusive Offers and Viral Favorites

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LOS ANGELES, Jan. 12, 2025 /PRNewswire/ — MaryRuth’s, the trusted leader in liquid vitamins and wellness products, is thrilled to announce its participation in TikTok Shop’s Super Brand Day from January 12 to 18, 2025. For this exclusive event, MaryRuth’s is celebrating with up to 40% off shopwide and exclusive multi-pack bundles of their top-selling products including viral favorites.

MaryRuth’s Liquid Morning Multivitamin + Hair Growth became a social media sensation in 2024, with over 369,000 bottles sold and 18,000 5-star reviews from customers who rave about its convenience, taste, and powerful benefits for health and hair growth. With these exclusive deals on TikTok Shop, MaryRuth’s aims to make its most-loved products even more accessible to its community to kick off healthy habits in 2025.

“We are so thrilled to be part of TikTok Shop’s Super Brand Day,” said MaryRuth Ghiyam, Founder and CEO of MaryRuth’s. “Our mission has always been to help people feel their best with high-quality, delicious, easy-to-use wellness products, and this event allows us to reach even more people with great deals on the products they love.”

Customers can take advantage of up to 40% off all products on MaryRuth’s TikTok Shop and shop specially curated bundles, including multi-packs of the Liquid Morning Multivitamin + Hair Growth. Designed to support overall health as well as hair thickness, hair growth, and skin health, this multivitamin has become a must-have for many health-conscious individuals.

MaryRuth’s will also showcase engaging TikTok content to celebrate this partnership, including product demonstrations, customer testimonials, and exclusive offers for TikTok users.

Mark your calendars for January 12-18, 2025, and join MaryRuth’s in celebrating TikTok Shop Super Brand Day. Don’t miss this opportunity to shop viral favorites and stock up to support your wellness for the new year and beyond!

About MaryRuth’s
MaryRuth was inspired to help empower others to take wellness into their own hands after seeing how health issues personally impacted her loved ones. As a health educator, nutritional consultant, culinary chef, and mom to 4 children, MaryRuth was driven to formulate a delicious, easy-to-take multivitamin with quality ingredients for her clients and family. This led to the creation of what is now America’s #1 best-selling liquid multivitamin. Through our growing product line, we aim to continue what was MaryRuth’s original mission: helping you to create small, healthy habits to move forward every day.

View original content to download multimedia:https://www.prnewswire.com/news-releases/maryruths-celebrates-tiktok-shop-super-brand-day-with-exclusive-offers-and-viral-favorites-302339675.html

SOURCE MaryRuth Organics

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