Connect with us

Technology

Global Service Robotics Strategic Research Report 2024: Market to Reach $103.7 Billion by 2030 – Developments in AI, Machine Vision & Machine Learning Remain Critical to Commercialization & Growth

Published

on

DUBLIN, Feb. 23, 2024 /PRNewswire/ — The “Service Robotics – Global Strategic Business Report” report has been added to  ResearchAndMarkets.com’s offering.

Global Service Robotics Market to Reach $103.7 Billion by 2030

The global market for Service Robotics estimated at US$31 Billion in the year 2022, is projected to reach a revised size of US$103.7 Billion by 2030, growing at a CAGR of 16.3% over the analysis period 2022-2030. Hardware, one of the segments analyzed in the report, is projected to record 15.4% CAGR and reach US$71.2 Billion by the end of the analysis period. Growth in the Software segment is estimated at 18.5% CAGR for the next 8-year period.

The report begins with a global economic update, followed by an exploration of how service robots have emerged as critical resources in combating the COVID-19 pandemic. It highlights the increased emphasis on social distancing and cleanliness, which has led to a greater focus on service robots across various sectors.

Specific use cases of service robots during the pandemic are discussed, underscoring their significance in government investments and adoption by industries such as hotels to adapt to socially distanced living. The competitive scenario in the service robotics market is analyzed, along with recent innovations and advancements. The report notes the continued growth in funding for robotics companies and highlights select startups in the service robotics sector.

A comprehensive overview of robots and their types, including personal robots and professional service robots, is provided. The report emphasizes the versatility of service robots across industries and their role as valuable team players. In terms of market outlook, developing countries are expected to drive future growth, leveraging the benefits and technological advances in the professional service robots market. However, challenges confronting the service robotics market are also addressed.

Recent industry activity and the presence of world brands in the service robotics market are highlighted, providing insights into the current landscape and key players shaping the industry.

The U.S. Market is Estimated at $10.8 Billion, While China is Forecast to Grow at 20.3% CAGR

The Service Robotics market in the U.S. is estimated at US$10.8 Billion in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$9.8 Billion by the year 2030 trailing a CAGR of 20.3% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 12.6% and 13.6% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 14.8% CAGR.

MARKET TRENDS & DRIVERS

Artificial Intelligence Brings in a Transformation in Service RoboticsAI & Robotics – The FuturePromising Research AreasService Robots & AI: Bundle of Joy Bearing Symbolic Relationship with Service SectorAI Integration into Service Robotics to be More Rampant Going Forward but Challenges RemainApplications of AI-Powered Service Robots Across IndustriesAI-Powered Robots to Zoom in Both Industrial and Non-Industrial EnvironmentsProliferation of Technologies to Create Job Loss and Lead to Data and Ethical Concerns – Mitigation Methods NeededNeed for More Comprehensive and Balanced Regulations Around AI and RoboticsCollaborative Robots to Drive Growth in the Non-Industrial Robots MarketRobotics-As-A-Service (RaaS) Garners AttentionInnovative RaaS PlatformsManufacturers Focus on Service Robots with Impressive Computing PowerBlossoming of Service Robotics with Unabated Technological AdvancesApproaches to Overcome Technological ChallengesDespite Being Young, Service Robots Market Posts Startling Progress & Entails Lucrative AvenuesCustomer Interactions: Service Robots versus Self-Service & Human StaffCustomer Service Eyes on Big Change with Strides in Service Robot Designs & PerceptionsMedical Applications: An Expanding Market for Professional Service RoboticsService Robots in SurgeriesService Robots Aid in Patient RehabilitationDefense Applications: A Key Market for Professional Service RobotsExoskeleton Robots Set to Register Strong GrowthGovernment Spending on Military & Defense: A Determinant of Growth in Defense Robots MarketField Applications Drive Growth in Professional Service Robotics MarketMilking Systems with Advanced Features to Improve Adoption RatePositive Outlook for Dairy Industry Augurs Well for Robotic Milking SystemsDevelopments in AI, Machine Vision & Machine Learning Remain Critical to Commercialization & GrowthRising Penetration of Robotics in Agricultural Sector Bodes WellWorsening Labor Shortages & Rising Labor Costs Drives Interest in Autonomous/Robotic TractorsAutomated & Robotic Equipment to Foray into Food Service SectorRobot Chefs – Revolutionizing Restaurant OperationsContact-less Machines and Robots Address the Shifting Consumer MindsetLogistics Application Segment to Catalyze Growth of Professional Service Robots MarketGrowing Investments in Warehouse Automation to Drive Increased Spending on Warehouse Robotic SolutionsPackage Delivery Gains Significance amid Rise in e-commerceHumanoid Robots for Personalized & Interactive Experience in BanksRobotics in Hospitality Industry: Promising Future AheadAI-Driven Service Robots for Hospitality Sector to Bring in New Possibilities for Improving Customer Experience and LoyaltyImplications of Service Robotics for Hospitality PlayersPersonal Robots Garner MomentumExpanding Application Possibilities Broadens the MarketAdvanced Service Robots for HomeownersAging Population Lends Traction to Eldercare-Assistive RobotsHome-Help Robots for Retirees: The Next Frontier of Robotic AdvancementsHandicap Assistance Robots: A Key OpportunitySales of Mobile Robots on the RiseRobotic Vacuum Cleaners Market for Home Use: Promising Growth OpportunitiesTelepresence to Revolutionize Service Robots IndustryCustomizable & Networked Robots: Emerging Revenue SpinnersChallenges on the Block for Service Robotic Market that Warrant Attention

FOCUS ON SELECT PLAYERS (Total 188 Featured)

Hitachi Ltd.Denso CorporationOmron CorporationLockheed Martin CorporationToyota Motor CorporationElbit Systems Ltd.Industrial Technology Research Institute (ITRI)

For more information about this report visit https://www.researchandmarkets.com/r/155asc

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com 
 
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
 
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

View original content:https://www.prnewswire.com/news-releases/global-service-robotics-strategic-research-report-2024-market-to-reach-103-7-billion-by-2030—developments-in-ai-machine-vision–machine-learning-remain-critical-to-commercialization–growth-302069839.html

SOURCE Research and Markets

Continue Reading

Technology

Cash or Card? New Upgraded Points Survey Reveals How Travelers Pay Abroad

Published

on

By

AUSTIN, Texas, Oct. 28, 2026 /PRNewswire/ — A new Upgraded Points survey of 1,500 recent international travelers, including 1,000 Americans, finds that travelers use a mix of cash and cards abroad, but exchange rates, fees, and declined transactions can complicate purchases.

“Spending money should be the easy part of a trip abroad,” said Ryan Smith, Director of News at Upgraded Points. “But exchange rates, fees, and payment options can complicate even the simplest purchase. We wanted to learn how travelers prepare, where their plans run into trouble, and what they do when convenience and the best exchange rate move in different directions.”

Study Methodology

Upgraded Points surveyed 1,500 adults who had traveled internationally within the past 12 months, including 1,000 U.S. adults and 500 adults from other countries. Respondents answered questions about payment methods, cash habits, credit card use, airport currency exchanges, and their confidence navigating exchange rates. The results were compared to show how Americans’ payment habits differ from those of other international travelers.

Payment Planning Often Starts Months Before a Trip

Nearly one-third (32%) begin planning how they’ll pay abroad three to six months before departure. U.S. travelers are more likely than non-U.S. travelers to start earlier, with 20% beginning more than six months ahead, compared with 12% of non-U.S. travelers.

Travelers’ Confidence in Exchange Rates Varies

Just 35% of respondents said they feel very confident understanding exchange rates abroad. Confidence also varied by age and gender:

44% of men feel very confident, compared with 26% of women.28% of Gen Z travelers feel very confident, compared with 40% of Gen X travelers and 37% of Baby Boomers.

Cash and Cards Remain Popular Abroad

Cash in the local currency and physical credit cards were nearly tied as the payment methods travelers most often use abroad. Mobile wallets were more popular among younger travelers:

71% use cash in the local currency.69% use a physical credit card.44% use a mobile wallet, including 56% of Gen Z travelers and 22% of travelers age 61 and older.35% use a physical debit card.

Most Travelers Carry Local Currency

More than 8 in 10 travelers (81%) carry cash in the destination’s currency, often for situations where cards may not be accepted:

64% use it at street vendors, markets, or small businesses.55% use it for tips and other customary cash payments.53% carry it for emergencies.

Travelers generally avoid carrying a large amount at once. About 44% exchange enough cash for several days, while 26% exchange enough for the full trip.

Familiar Card Brands Lead Among U.S. Travelers

Among U.S. respondents, Visa was the most commonly used card network, while Chase and Capital One were the most commonly used issuers:

Visa: 24%Chase: 21%Capital One: 19%American Express: 15%

Fees and Declined Cards Can Complicate Purchases

Among all respondents, travelers most often said their bank or card company contacted them about a purchase made abroad. Other issues increased the cost of a purchase or prevented it from going through:

38% were contacted by their bank or card company about a purchase.34% paid more than expected because of the exchange rate.29% were charged an unexpected foreign transaction fee.26% had a card declined.

Find the full study here.

About Upgraded Points LLC

Headquartered in Austin, Texas, Upgraded Points is a travel company that helps to demystify the complex world of travel and credit cards. Launched in 2016 by Alex Miller, Upgraded Points uses targeted research efforts and in-depth studies to help travelers maximize their travel, points, and experiences. Learn more at www.UpgradedPoints.com.

Media Contact:
Alex Miller, Founder
1-214-646-8866
425187@email4pr.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/cash-or-card-new-upgraded-points-survey-reveals-how-travelers-pay-abroad-302922010.html

SOURCE Upgraded Points

Continue Reading

Technology

ESI supplying solar array components to missile defense programs

Published

on

By

SIMI VALLEY, Calif., Oct. 28, 2026 /PRNewswire/ — ESI Motion Inc. is proud to announce that it is supplying the Solar Array Drive Electronics (SADE) to Lockheed Martin for its work on the Space Development Agency’s Proliferated Warfighter Space Architecture (PWSA) programs.

Under the agreement, ESI Motion’s SADE technology will support SDA as the PWSA is developed.

Defending our nation in space is more important than ever. The Space Development Agency’s PWSA programs provide the military with a network of satellites with secure communication, missile tracking and space-based support to make sure our troops have the latest and greatest technology.

The SADE consists of our Space-rated, flight heritage, SuperNova and Pulsar motor controllers. These motion controllers ensure all mission parameters are fulfilled, with high-reliable technology. 

ESI Motion Inc., U.S. Company, is a trusted supplier and partner, supporting mission operations for space, military and industrial customers around the world for over 20 years. Please visit our website; www.esimotion.com

Mitchell Haerterich, mhaerterich@esimotion.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/esi-supplying-solar-array-components-to-missile-defense-programs-302922454.html

SOURCE ESI Motion

Continue Reading

Technology

Envoy AI Launches “Boss of Machines” Program to Develop the Next Generation of Freight Leaders

Published

on

By

New AI Operations Lab will provide college students with hands-on experience in freight technology, operational transformation, and a $2,500 scholarship.

CHATTANOOGA, Tenn., Oct. 28, 2026 /PRNewswire-PRWeb/ — Envoy AI, the AI Native platform behind logistics autonomous agent system and execution layer Ellie, today announced the launch of Boss of Machines: AI Operations Lab, a new internship and scholarship program designed to prepare the next generation of logistics professionals for an industry increasingly shaped by artificial intelligence and digital labor.

The people starting their careers in freight now are going to spend a lot of their day managing agents. Somebody has to be the boss of those machines. We named the program after that job because it’s the one brokerages are going to be hiring for.

The program was introduced by Envoy AI CEO Robby Nathan during his fireside chat at FreightWaves’ F3: Future of Freight Festival on October 27.

“Freight has always been a people business, and that isn’t changing,” said Robby Nathan, Envoy AI CEO. “What is changing is how the work gets done. We want students to understand that shift firsthand. There’s a big difference between learning about AI in a classroom and seeing what it takes to put it to work in a real operation. Our goal is to give them that experience and help prepare them to become the leaders this industry will need.”

Launching in spring 2027, the three-month program will select two college juniors or seniors for an immersive experience working directly with Envoy AI’s product, engineering, and operations teams. Participants will gain firsthand exposure to how AI technology is developed, implemented, and used to solve real operational challenges across the freight industry.

Preparing Students for a Changing Industry

As freight companies adopt AI to automate routine work, improve productivity, and scale operations, the skills future logistics leaders need are evolving.

The Boss of Machines program bridges the gap between classroom education and the practical experience needed to lead technology-enabled operations.

Students will participate in four areas of learning:

Building AI for Operations: Understanding how AI agents are developed and applied to freight workflows.Deploying Digital Labor: Learning how new technology is integrated into existing systems, implemented with customers, and adopted by operational teams.Measuring Operational Performance: Exploring the role of analytics, productivity, and return on investment in evaluating technology initiatives.Leading Modern Freight Operations: Developing an understanding of how people and AI agents work together to manage and execute freight operations.

Investing in the Next Generation

The initiative reflects Envoy AI’s commitment to developing talent and giving students meaningful exposure to the technology and operational practices shaping the future of transportation.

“About 75% of the freight in our live accounts is already booked through Ellie, and that changes the job a new hire walks into,” said Nathan. “The people starting their careers in freight now are going to spend a lot of their day managing agents. That takes someone who can tell when a rate doesn’t make sense for the lane, and who’ll catch a carrier about to fall off before the shipper ever hears about it. Somebody has to be the boss of those machines. We named the program after that job because it’s the one brokerages are going to be hiring for.”

Throughout the program, students will work alongside experienced industry professionals, gaining exposure to product development, customer implementations, operational workflows, and the business decisions involved in deploying AI at scale.

Upon successful completion of the three-month program, each participant will receive a $2,500 scholarship to support their fall 2027 studies.

Applications and Program Timeline

The inaugural Boss of Machines: AI Operations Lab will welcome two students for the spring 2027 semester.

The program is open to college juniors and seniors interested in logistics, supply chain management, technology, engineering, business operations, and related fields.

Applicants will be asked to share their interests, relevant experience, and perspectives on how technology can improve freight operations.

Envoy AI will announce selected participants in January 2027, ahead of the spring program kickoff.

Additional program details and application information will be available through Envoy AI’s website.

About Envoy AI

Envoy AI develops AI-powered digital labor solutions for freight and logistics operations. Through its AI workforce, Ellie, the company helps logistics teams automate operational workflows, improve productivity, and execute freight processes across existing transportation systems. Envoy AI helps transportation organizations scale operations through practical AI applications.

Media Contact

Michelle McBride, Envoy AI, 1 972-821-2012, michelle@tryenvoy.ai, tryenvoy.ai

View original content:https://www.prweb.com/releases/envoy-ai-launches-boss-of-machines-program-to-develop-the-next-generation-of-freight-leaders-302922133.html

SOURCE Envoy AI

Continue Reading

Trending