Service Robotics - Saudi Arabia

Saudi Arabia

Revenue in the Service Robotics market is projected to reach US$430.20m in 2024.
Commercial service robotics dominates the market with a projected market volume of US$357.30m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 20.83%, resulting in a market volume of US$1,108.00m by 2029.
In global comparison, most revenue will be generated in the United States (US$8,681.00m in 2024).

Key regions: France, United Kingdom, United States, Canada, South Korea

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Analyst Opinion

The service robotics market in Saudi Arabia has witnessed minimal growth, influenced by factors such as increasing use of digital technologies, growing health awareness among consumers, and the convenience of online health services. This trend can be attributed to the emerging sub-markets of commercial and consumer service robotics.

Customer preferences: The service robotics market in Saudi Arabia is experiencing a significant increase in demand due to the country's growing aging population. This demographic shift has led to a greater need for assistive robots that can aid in elderly care and support independent living. Additionally, cultural values of hospitality and convenience have also contributed to the rise of service robots in the hospitality and retail sectors, where they are utilized for customer service and delivery tasks. As technology continues to advance, we can expect to see a further integration of service robotics in various industries to enhance efficiency and improve customer experience.

Trends in the market: In Saudi Arabia, the Service robotics Market within the Robotics Market is experiencing a surge in demand for automation solutions in various industries such as healthcare, retail, and hospitality. This trend is driven by the country's Vision 2030 initiative, which aims to diversify its economy and reduce its dependence on oil. With a focus on innovation and technology, the adoption of service robots is expected to increase in the coming years. This will not only improve efficiency and productivity but also reduce labor costs and improve customer experience. As a result, industry stakeholders must keep up with this trend to stay competitive and meet the evolving needs of their customers.

Local special circumstances: In Saudi Arabia, the Service robotics Market within the Robotics Market is experiencing growth due to the government's Vision 2030 initiative, which aims to diversify the economy and reduce reliance on oil. Additionally, the country's high demand for automation and advanced technology, coupled with its large oil and gas industry, is driving the market. However, the strict regulations and cultural norms surrounding labor and gender roles may pose challenges for the adoption of service robots in certain industries. In addition, the hot and arid climate in the region may require special design considerations for outdoor service robots, making it a unique factor in the market.

Underlying macroeconomic factors: The Service Robotics Market in Saudi Arabia is greatly impacted by macroeconomic factors such as technological advancements, government initiatives, and investment in research and development. The country's strong economy and supportive government policies have created a favorable environment for the growth of the service robotics market. Additionally, the increasing demand for automation and efficiency in various industries, coupled with the country's high per capita income, has resulted in a high adoption rate of service robotics in Saudi Arabia. Furthermore, the growing aging population and the need for improved healthcare services have also contributed to the demand for service robotics in the country.

Methodology

Data coverage:

The data encompasses B2B and B2C revenues. Figures are based on the country’s demand for robotics in manufacturer prices.

Modeling approach / Market size:

Market sizes are determined through a regional bottom-up approach, and further detailed by a top-down rationale for each market segment. As a basis for evaluating markets, we use trade data of the respective economic sector. Furthermore, we use relevant key market indicators such as level of automation and digitization or the economy composition to estimate each country's specialization in demand and supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarly exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market.

Additional notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.