Delivery Robot market to reach USD 50 million by 2028 with a CAGR of 16.5% during the review period| Valuates Reports
BANGALORE, India, Aug. 5, 2022 /PRNewswire/ -- Delivery Robot Market is segmented By Type(LiDAR Sensors, Control Systems), By Application(Food & Beverages, Retail) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Heavy Machinery Category.
Delivery Robot market size is estimated to be worth USD 20 million in 2022 and is forecast to be a readjusted size of USD 50 million by 2028 with a CAGR of 16.5% during the review period.
Major Factors Driving the Growth of Delivery Robot Market
The increasing need to cut costs in last-mile deliveries and rising use in the hospitality industry will fuel the growth of the market during the forecast period. Furthermore, the expansion of the eCommerce industry will drive the growth of the delivery robot market.
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TRENDS INFLUENCING THE GROWTH OF THE DELIVERY ROBOT MARKET
Delivery robots are bringing forth many advantages to several industry verticals. The use cases are immense from food delivery in restaurants to guidance in hotels, hospitals, nursing homes, etc. The automation of time-consuming and repetitive tasks is helping businesses overcome the challenges of labor shortage. This will boost the growth of the delivery robot market during the forecast period. Robots and automation are the perfect solutions for enabling organizations to serve customers at maximum volume and operate at peak performance.
The onslaught of the covid 19 pandemic gave rise to the preference for contactless delivery systems. Robots add a layer of safety to food handling. Robotic delivery cuts operational costs and reduces congestion and pollution. It is easily trackable via smartphone apps. Their advanced features will bolster the growth of the global delivery robot market in the coming years. Delivery vehicles can get stuck in traffic whereas robots are able to navigate through any area as they come equipped with 360-degree cameras that allow them to quickly scan and overcome any obstacles while delivering the food when it's still warm.
The expansion of the eCommerce industry and rapid digitization are fueling the shift towards robots. Robotic technology enhances the overall shopping experience of customers in the retail industry. They are able to capture more granular data about the products on shelves and buying patterns of consumers. This will push the delivery robot market forward in the forthcoming years. Straightforward jobs like material handling, cleaning, and inventory management reduce the requirement of workers and cut operational expenses. Robots conduct real-time information tracking and gathering allowing business owners to understand the buying patterns. Packages are delivered in a matter of hours.
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DELIVERY ROBOT MARKET SHARE ANALYSIS:
Based on application, the food and beverages segment is expected to dominate in the delivery robot market share as hotels and resorts are rapidly expanding their non-human staff. Robots have become an emerging technology trend due to the need for elevating the customer experience. Automation enables self-service and leads to improvements in terms of speed, cost, and accuracy.
Based on region, North America will witness significant growth due to the presence of key market players, increasing use of robots in several end-user industry verticals, and technological advancements.
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