Hospitality robots market size to grow by USD 341.91 million from 2022 to 2027 | North America will account for 37% of the market growth- Technavio

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Dec 11, 2023, 23:15 ET

NEW YORK, Dec. 11, 2023 /PRNewswire/ -- The global hospitality robots market size is estimated to increase by USD 341.91 million between 2022 and 2027. The market's growth momentum will be progressing at a CAGR of 12.13% during the forecast period. The report provides actionable insights and estimates the contribution of all regions to the growth of the global hospitality robots market. North America will account for 37% of the market growth during the forecast period. The region is the early adopter of sophisticated technologies across many industries. The presence of technologically advanced countries and the strong presence of leading vendors fuel the growth of the regional market. In addition, the demand for hospitality robots increased during the COVID-19 pandemic to ensure social distancing, which led to the adoption of more service robots in the hospitality industry. These factors are driving the growth of the hospitality robots market in North America. Discover some insights on market size historic period (2017 to 2021) and forecast period (2023-2027) before buying the full report - Request a sample report

Technavio has announced its latest market research report titled Global Hospitality Robots Market

Global Hospitality Robots Market – Vendor Analysis

The global hospitality robots market is fragmented due to the presence of numerous global and regional vendors. To expand their customer base and gain a competitive edge, key players have undertaken a number of strategic initiatives, including partnerships, mergers and acquisitions, collaborations, and the development of new products and technologies. New product innovations, partnerships, and acquisitions are some of the other strategies adopted by vendors. In addition, the market is witnessing the emergence of new competitors. However, high product differentiation and high economies of scale of existing vendors have inhibited the entry of new players into the market. Some of the key vendors covered in the report include:

Hyundai Motor Co. - The company offers hospitality robots that are used in various places such as businesses centers, medical care facilities, accommodation places, and restaurants.
Keenon Robotics Co. Ltd. - The company offers dinerbot T8 hospitality robot, which is designed to be used for serving tea and water in offices, sending and receiving express deliveries, and delivering takeaway food.
LG Electronics Inc. - The company offers hospitality robots that are designed for use in housekeeping services in hotels.
Pudu Technology Inc. - The company offers the CLOi servebot hospitality robot, which is inbuilt with a 3D camera and LiDAR sensors. It is designed for use in commercial services in hotels and restaurants.
Connected Robotics Inc.
Jackys Electronic LLC
Pypestream Inc.
Quantum Robotics
Relay Robotics Inc.
Richtech Robotics Inc.
SAR Elektronic GmbH
Shanghai Gaussian Automation Tech. Dev. Co. Ltd.
sliQue Robotics and Technology
SoftBank Robotics Group Corp.
ST Engineering Aethon Inc.
Tailos
Ubtech Robotics Inc
Knightscope Inc.

What's New? -

Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
Global competitiveness and key competitor positions
Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Global Hospitality Robots Market - Segmentation Assessment

Segment Overview

Technavio has segmented the market based on end-user (hotels, restaurants and bars, and travel and tourism industry), distribution channel (online and offline), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

The market growth in the hotels segment will be significant over the forecast period. Hotels are the prime end-users in the market. Many hotels are replacing their human personnel with robots. Multinational hotel corporations such as Marriott and Hilton use robots to increase social distancing. With the increasing number of hotels and the rising adoption of robotic automation technologies, the market will witness strong growth in the segment.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report

Global Hospitality Robots Market – Market Dynamics

Key Driver -

The market is driven by the increasing penetration of AI in the robotics industry. Robots are programmed and are backed with cameras, sensors, and software for rapid movement in a dynamic environment. However, they are unable to use information from sensory devices to make complex decisions. Thus, to improve the efficiency of their operations, robot manufacturers are introducing AI in professional service robots. For instance, Teradyne Inc. is one of the vendors that include AI in their cameras to aid in obstacle detection and navigation. Currently, the use of AI in robots is limited. However, the capability of AI and machine learning in solving complex tasks such as programming will increase their deployment in the hospitality industry, which is expected to drive the growth of the market.

Key Trends –

IoT Integration with robots is identified as the key trend in the market. With the increased internet adoption among consumers, manufacturers are incorporating wireless technologies to enhance customer service delivery. The incorporation of IoT allows vendors to have real-time information about the condition of robots. It also allows end-users to remotely analyze characteristics such as temperature, CPU load, and the number of hours the robot has been operational. This ensures effective planning and scheduling of predictive maintenance. Also, the information gathered through continuous monitoring can be stored on cloud servers for the purposes of backup, reporting, diagnostics, and benchmarking. This trend is expected to positively influence the growth of the market during the forecast period.

Major challenges –

The high investments required in the initial stages will challenge the growth of the market. Modern businesses are adopting novel methods to improve business efficiency. However, they are still focusing on limiting their capital expenditures. Hence, small and medium-sized end-users carefully consider robotics investments prior to making significant financial commitments. Also, many companies in developing and developed countries are unwilling to make large investments in new technologies. Such factors restrict the growth of the market.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this hospitality robots market report?

CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the hospitality robots market between 2023 and 2027
Precise estimation of the size of the hospitality robots market and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the hospitality robots market across North America, Europe, APAC, South America, and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of hospitality robots market vendors

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TOC

Executive Summary
Market Landscape
Market Sizing
Historic Market Size
Five Forces Analysis
Market Segmentation by End-User
Market Segmentaion by Distribution Channel
Customer Landscape
Geographic Landscape
Drivers, Challenges, and Trends
Company Landscape
Company Analysis
Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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.

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SOURCE Technavio