PUBLISHER: The Business Research Company | PRODUCT CODE: 1499865
PUBLISHER: The Business Research Company | PRODUCT CODE: 1499865
Hospitality robots are automated machines specifically crafted to augment and streamline guest experiences within the hospitality industry. These robots are capable of executing diverse tasks, including welcoming guests, furnishing information about facilities and services, conveying items to guest rooms, and performing cleaning or maintenance duties within hotels, restaurants, or other hospitality venues.
The primary types of hospitality robots include delivery robots, front desk robots, cleaning robots, and various others. Delivery robots are either fully autonomous or semi-autonomous devices engineered to ferry goods from one location to another seamlessly. These robots are distributed through online and offline sales channels, catering to end-users such as hotels, bars, restaurants, travel and tourism establishments, among others.
The hospitality robots market research report is one of a series of new reports from The Business Research Company that provides hospitality robots market statistics, including hospitality robots industry global market size, regional shares, competitors with a hospitality robots market share, detailed hospitality robots market segments, market trends and opportunities, and any further data you may need to thrive in the hospitality robots industry. This hospitality robots market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The hospitality robots market size has grown exponentially in recent years. It will grow from $0.43 billion in 2023 to $0.55 billion in 2024 at a compound annual growth rate (CAGR) of 28.8%. The expansion observed in the historical period can be attributed to several factors, including the advantages of automated work compared to human labor, the continuous improvement of robot capabilities, the enhancement of customer satisfaction through efficient service delivery, and the growing necessity for higher productivity and efficiency in the hospitality industry.
The hospitality robots market size is expected to see exponential growth in the next few years. It will grow to $1.52 billion in 2028 at a compound annual growth rate (CAGR) of 28.9%. The projected growth in the upcoming period is expected to be driven by several factors, including the adoption of robotic automation within the hospitality industry, a rising influx of tourists worldwide, the continuous expansion of the tourism industry, and a decreasing reliance on staff members in hotels due to automation. Key trends anticipated in the forecast period encompass technological advancements in robotics, innovation in robotics technology, the integration of the Internet of Things (IoT) with robots to enhance functionality and connectivity, the introduction of AI-driven solutions to optimize guest experiences and operational efficiency, and the ongoing development of innovative technologies to further enhance the capabilities of hospitality robots.
The expansion of the tourism industry is anticipated to drive the growth of the hospitality robots market in the coming years. The tourism sector encompasses various travel and leisure activities pursued by individuals or groups for recreational, cultural, or business reasons. The demand for the tourism industry is fueled by individuals seeking leisure, cultural immersion, business prospects, and relaxation, contributing to global economic growth, cultural exchange, and personal enrichment. Within the tourism industry, hospitality robots are integrated across different sectors, including customer service, room assistance, cleaning, and entertainment, to enhance guest experiences, operational efficiency, and service quality. For example, data from June 2022, as reported by the US Department of Commerce, indicated that international arrivals for travel and tourism in US states rose to 22.1 million in 2021 from 19.2 million in 2020. Thus, the growth trajectory of the tourism industry is propelling the expansion of the hospitality robot market.
Leading companies in the hospitality robots market are concentrating on developing innovative solutions, such as AI-integrated service robots, to gain a competitive advantage in the industry. These service robots leverage advanced AI and autonomous technology to streamline hospitality processes, enabling staff to focus on more value-added tasks. For instance, in February 2023, Bear Robotics Inc., a US-based engineering and robotics design firm, introduced Servi, a novel service robot designed to transform the food service sector. Servi assists staff by serving drinks and food, clearing tables, and facilitating improved customer service and patient care. Equipped with AI, autonomous capabilities, LiDAR sensors, and multiple cameras for intelligent navigation, Servi autonomously learns table locations and efficiently completes deliveries.
In August 2023, Circus SE, a Germany-based foodtech company, acquired Aitme GmbH in an undisclosed deal. This strategic acquisition enables Circus to access cutting-edge kitchen robotics technology for integration into its micro-kitchen hubs. Aitme GmbH specializes in developing cooking robots that excel in executing intricate preparation tasks with precision and speed, thereby reducing cooking times and food wastage. Aitme GmbH, based in Germany, is renowned for its expertise in hospitality robots and contributes significantly to advancing kitchen automation technology.
Major companies operating in the hospitality robots market are LG Electronics Inc., Panasonic Corporation, Softbank Robotics Group Corp., ABB Ltd., Omron Corporation, Fanuc Corporation, Kuka AG, Boston Dynamics Inc., Aethon Inc., Simbe Robotics Inc., Sarcos Technology and Robotics Corporation, Stanley Robotics, Pypestream Inc., Savioke Inc., Bear Robotics Inc., Blue Frog Robotics, Connected Robotics Inc., Knightscope Inc., PAL Robotics SL, Hyundai Robotics Co. Ltd., RobotLAB Inc., Relay Robotics Inc., Tailos Inc., Hanson Robotics Ltd.
North America was the largest region in the hospitality robots market in 2023. Asia-Pacific is expected to be the fastest growing region in the market. The regions covered in the hospitality robots market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the hospitality robots market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The hospitality robots market consists of revenues earned by entities by providing consultation services, subscription or per-use basis, customizations or integrations of the robots. The market value includes the value of related goods sold by the service provider or included within the service offering. The hospitality robots market also includes sales of additional batteries, specialized attachments, and improved sensors. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Hospitality Robots Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hospitality robots market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hospitality robots? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hospitality robots market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.