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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..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF

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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Lexmark Showcases New Printers and Technology Solutions for Retailers at NRF 2025

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NEW YORK, Jan. 12, 2025 /PRNewswire/ — Lexmark, a global imaging and IoT solutions leader, will showcase its cutting-edge, retail-ready printers and solutions at NRF 2025, Retail’s Big Show and Expo, Jan. 12 to 14, at the Jacob K. Javits Center in New York. The Lexmark showcase will be in booth #6321.

“Lexmark kicks off the year with a bang by showcasing our latest 9-Series family of A3 printers and MFPs at NRF for the first time,” said Tim Speller, Lexmark’s head of retail and manufacturing. “These sophisticated devices will usher in a new era of opportunity for retailers to maximize operational efficiency while increasing sales.”

Here’s what will be on display in Lexmark booth #6321:

New Lexmark 9-Series printers and MFPs are designed for challenging retail environments

Built by evolving Lexmark’s renowned A4 technology, the 9-Series delivers versatility, simplicity and sustainability. These solutions are easy to use and manage – perfect for any retail salesfloor or back office.

Key highlights of 9-Series:

Versatile and easy to use. The 9-Series offers a broad range of media size support (A6 to SRA3), high-volume duty cycles, a common set of modular paper-handling options, finishing capabilities and professional color features including PANTONE® calibration.Simple and easy to manage. The 9-Series’ intuitive interface streamlines workflows by providing simple instructions and prompts. For routine maintenance, toner cartridges can be replaced with one hand, easily understood visual cues are displayed, and serviceable areas are easy to access and identify.Sustainable and easy to feel good about. The 9-Series’ total post-consumer recycled (PCR) content is 56% by weight for all base-model MFPs and 73% by weight for the line’s base-model printer, based on IEEE calculation procedures. *Built to last. The 9-Series is designed and built to last seven years or more. Having few components helps reduce the likelihood of technical failure while also minimizing the service time required for repairs and maintenance. Experienced technicians can perform most common service actions, even highly complex tasks, in less than 15 minutes, according to Lexmark testing.

Lexmark Engagement Automation Platform (LEAP) helps retailers drive sales and foot traffic with hyper-local social media ads

LEAP automates one-to-one promotions that drive footfall to local stores. Store leaders can trigger hyper-personalized sale posts and boost ads based on individual store inventory conditions through loyalty program apps and social media platforms like Facebook and Instagram. With advanced analytics and reporting capabilities, LEAP provides the insights needed to measure success and make data-driven decisions.

Key highlights of LEAP:

Engagement: To engage shoppers, center promotions around customer buying patterns with an engagement automation platform that posts localized content – such as store-specific offers, events and locally grown produce initiatives.

Automation: Schedule and manage automatic localization and delivery of corporate promotional messaging with an engagement automation platform to reach consumers through social media with hyper-local content around each store or audience region.

Loyalty: Attract local customers with an engagement automation platform that sends store- and corporate-initiated offers to geo-fenced social media apps like Facebook and Instagram and loyalty program applications.

Supporting resources

Learn more about Lexmark’s booth at NRF 2025.

Read Lexmark’s NRF blog.

Schedule a booth meeting with our retail experts during NRF 2025.

Get more details about the Lexmark 9-Series.

Get more details about the Lexmark Engagement Automation Platform (LEAP).

Watch a video about LEAP.

Get the details on NRF 2025.

Follow us on LinkedIn for live NRF updates.

About Lexmark

Lexmark creates cloud-enabled imaging and IoT technologies that help customers worldwide quickly realize business outcomes. Through a powerful combination of proven technologies and deep industry expertise, Lexmark accelerates business transformation, turning information into insights, data into decisions, and analytics into action.

Lexmark and the Lexmark logo are trademarks of Lexmark International, Inc., registered in the United States and/or other countries. All other trademarks are property of their respective owners.

* PCR content measured in accordance with IEEE Std 1680.2a™ – 2017 Standard for Environmental Assessment of Imaging Equipment – Amendment 1 — which is the standard used by EPEAT.

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SOURCE Lexmark

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Pricer and Focal Systems Announce Strategic Collaboration to Drive the Next Step in Physical Store Digitalization

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Pricer, a global leader in digital shelf-edge solutions, and Focal Systems, a leader in shelf-edge AI, today announced a strategic collaboration to accelerate the digitization and optimization of the physical store for retailers worldwide.

STOCKHOLM, Jan. 12, 2025 /PRNewswire/ — This collaboration brings together Pricer’s innovations in dynamic pricing and shelf-edge communication with Focal Systems’ advanced computer vision and product availability solutions to maximize shopper satisfaction while optimizing retail operations.

As a pioneer in enabling dynamic pricing and digitizing shelf-edge shopper communication, Pricer has led the first step of the retail digitalization journey. Focal Systems has pioneered the application of computer vision to digitizing what products are available on-shelf or not in near real-time. Together, Pricer and Focal Systems will empower retailers to improve labor efficiency, reduce out-of-stocks, increase sales, and enhance shopper satisfaction like never before.

Enhancing the Shelf Edge Through Collaboration

By integrating Focal Systems’ AI-powered shelf vision cameras with Pricer’s leading electronic shelf label (ESL) platform, retailers will benefit from:

Real-Time Shelf Insights: Automated detection and alerting of out-of-stock or low items powering rapid replenishment and increased shopper satisfactionDynamic Task Automation: Streamlined workflows and prioritized tasks to improve operational efficiency for store staff.Patented Innovation: Camera-based out of stock detection and communication, flashing ESLs, alternate location communication.Seamless Integration: Standardized API connections that deliver out-of-the-box value, offering synchronized ESL flashes, messaging updates, and shelf-edge intelligence.

Together, Pricer and Focal Systems demonstrate that the combined offerings deliver measurable value for the retailers by enabling a fully digitalized shelf-edge ecosystem.

Strategic Collaboration for the Future of Retail

“We are proud to combine our leadership in ESL technology with Focal Systems’ AI-powered shelf vision,” said Chris Chalkitis, CDO at Pricer. “Both companies share a belief in the digitalization of the physical store. Pricer has been a pioneer in dynamic pricing and shelf-edge communication. With Focal Systems, we take the next step, digitizing what’s on the shelf – and what’s not – to drive greater efficiency and performance for retailers.”

Focal Systems’ AI technology transforms retail operations through real-time shelf monitoring and replenishment task optimization.

“Partnering with Pricer, a global leader with groundbreaking ESL technology and innovation, creates tremendous value for retailers,” said Kevin H. Johnson, CEO at Focal Systems. “Together, we deliver an integrated, data-driven solution that reduces operational complexity, automates workflows, and enhances the in-store experience. We look forward to demonstrating this powerful collaboration to retailers and their customers.”

Showcasing the Future at NRF 2025

The collaboration will officially debut at the National Retail Federation (NRF) Big Show in January 2025, where Pricer and Focal Systems will showcase the integrated solution at Pricer’s booth. This marks the beginning of an exciting journey to redefine the shelf edge and set new standards for retail innovation.

For further information, please contact:
Chris Chalkitis, Chief Digital Officer, +46 70 4849812
Finn Wikander, Chief Product Officer, +46 705 233077
info@pricer.com

About Pricer

Pricer is a leading global provider of digital shelf-edge solutions, helping retailers optimize pricing, improve operational efficiency, and enhance the customer experience. With patented innovations like camera-based product identification by ESL, Pricer continues to set the standard for dynamic, intelligent shelf-edge solutions. For more information, visit www.pricer.com.

About Focal Systems

Focal Systems is a leading provider of AI-powered computer vision solutions, helping retailers automate operations and optimize product availability through real-time shelf monitoring. Its advanced technology delivers actionable insights that drive efficiency and profitability. For more information, visit www.focal.systems.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/pricer/r/pricer-and-focal-systems-announce-strategic-collaboration-to-drive-the-next-step-in-physical-store-d,c4090287

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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

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SOURCE Blue Owl Capital

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