The Ethics of Service Robotics: Balancing Innovation and Responsibility

The Service Robotics Market is anticipated to achieve a valuation of $192 billion by 2030, demonstrating a Compound Annual Growth Rate (CAGR) of 21% from 2024 to 2030.
The increasing demand for service robotics can be attributed to the widespread adoption of the Internet of Robotic Things (IoRT), facilitating remote access and optimal maintenance of robots. Additionally, the utilization of robots for companionship, assistance to individuals with disabilities, and support for the expanding elderly population is expected to further propel the growth of the service robotics market.
However, challenges such as the substantial initial investment required for integration, procurement, and programming, coupled with the elevated maintenance costs of service robots, are factors that may impede market growth during the forecast period.