the global robotics market is expected to increase dramatically in the next few years.
Investments across consumer-facing industries, such as travel and tourism, are expected to drive the service robotics industry's compound annual growth rate (CAGR) of 21.5% to reach $216 billion in 2030. According to GlobalData, a top provider of data and analytics, the global robotics market is expected to increase from $70 billion in 2022 to $568 billion in 2030.
According to GlobalData's most recent report, "Robotics in Travel and Tourism," companies along the travel and tourism value chain will invest the most in consumer robots, logistics robots, drones, and inspection, cleaning, and maintenance robots.
"Robotics in travel and tourism was considered a gimmick in the past, used as early as 2015 for guest experiences without improving staff efficiency," says Sarah Coop, Analyst at GlobalData. However, as technology advanced, investment started to rise, leading to the development of robots for room service delivery, UV-light cleaning, drone-assisted inspection, language services, and customer service to boost operational effectiveness.
Between 2020 and 2030, consumer and logistics robots are expected to increase at a CAGR of 29% and 21%, respectively. As robotic intelligence and cloud robotics advance, coordinated cleaning fleets and language translation check-in assistants will become more prevalent and practical.
"The COVID-19 pandemic has elevated hygiene to a top priority for travelers," continued Coop. When the hospitality industry is experiencing a global staff shortage, robots can ensure that high-risk areas are kept continuously clean while freeing up staff time. In addition, robots can increase operational effectiveness and margins in less expensive hotels, maintaining low room rates, while Robots in high-end hotels can offer distinctive guest experiences.
Investments in cloud robotics have already begun in some hotels. For instance, Thomas Cook India is automating several manual processes using robotics and AI, which the company claims "increased productivity while lowering expenses."
China's Huazhu Group has introduced AI-powered intelligent robots that, according to the company, "can travel the entire hotel to deliver snacks and toiletries [as well as] greet guests and show them to their rooms."
"Cloud robotics and robotic intelligence are the future, and they will spur investment in robotics from major market players," says Coop. Robots can work together and access vast amounts of data, resulting in intelligent robot fleets that perform tasks together. AI developments will also enhance robotic intelligence by improving facial recognition and translation features.