Hospitality Robots Market was reported at USD 373.1 million in 2023, predicted to be USD 442.6 million in 2024, and projected to reach USD 1,724.8 million by 2031, growing at a CAGR of 21.45% between 2024 and 2031.
Key Industry Developments :
February 2024 (Partnership): LG Electronics and South Korea’s luxury hotel chain operator, Josun Hotels & Resorts, formed a strategic partnership to develop advanced hospitality robots. This collaboration aims to address the increasing demand for automation in the hospitality sector, enhancing efficiency and productivity by offering a range of hotel services such as housekeeping and butler services.
Browse Full Report Details for Accurate Information : https://www.kingsresearch.com/hospitality-robots-market-767
Using modern technologies like AI, big data, and machine learning to personalize visitor experiences is transforming the hotel business.Using modern technologies like AI, big data, and machine learning to personalize visitor experiences is transforming the hotel business.
List of Key Companies in Hospitality Robots Market:-
- Relay Robotics, Inc.
- RobotLAB Inc.
- LG Electronics
- SoftBank Robotics America, Inc.
- Knightscope, Inc.
- Bear Robotics, Inc.
- HD Hyundai Robotics
- Connected Robotics Inc.
- PAL Robotics
- Tailos
Competitive Landscapes:
The hospitality robots market is fragmented, with key players focusing on strategic initiatives such as partnerships, mergers and acquisitions, and product innovations to enhance their market presence. Notable companies include Relay Robotics, Inc., RobotLAB Inc., SoftBank Robotics America, Inc., and LG Electronics
Key Drivers:
- Operational Efficiency: Robots enhance efficiency by automating routine tasks such as room service, cleaning, and concierge services. This not only reduces labor costs but also ensures consistent service quality and operational precision.
- Guest Experience: AI-powered robots offer personalized services by analyzing guest preferences and behaviors. This leads to customized experiences, such as tailored room settings and activity recommendations, enhancing guest satisfaction and loyalty.
- Sustainability: Robots contribute to sustainability by optimizing energy use and reducing the need for chemical cleaning agents through precision cleaning technologies. This aligns with the growing consumer demand for eco-friendly practices
Market Segmentation:
By Type:
- Front Desk Robots: Used for check-in/check-out processes and guest interactions.
- Delivery Robots: Captured the largest market share (41.25% in 2023) due to their role in contactless delivery solutions in hotels and restaurants (Kings Research).
- Cleaning Robots: Automate cleaning tasks, ensuring hygiene and efficiency.
- Others: Include robots for security and other specific tasks.
By End User:
- Hotels: Leading adopters of robotic solutions for various operational needs.
- Bars & Restaurants: Utilizing robots for serving and delivery.
- Travel & Tourism: Experiencing rapid growth (CAGR of 23.70%) with robots aiding in check-in, luggage handling, and interactive guides (Kings Research).
By Sales Channel
- Offline: Dominated the market in 2023, driven by the preference for in-person evaluations and demonstrations before purchase (Kings Research).
- Online: Growing segment due to the convenience of digital channels.
Regional Insights:
North America:
North America held a 36.16% market share in 2023, driven by early adoption of advanced technologies and significant investments in the hospitality sector. The integration of AI, robotics, and IoT in hospitality businesses has enhanced operational efficiency and guest experiences. Strategic partnerships, like Flagship Facility Services' collaboration with SoftBank Robotics America, are pivotal in driving market growth
Asia-Pacific:
Asia-Pacific is expected to grow at a significant CAGR of 22.72%, fueled by rapid urbanization, economic development, and a booming hospitality industry. The region benefits from a strong manufacturing base and expertise in electronics and robotics, which enable the development of cost-effective and innovative hospitality robots. Government initiatives promoting smart tourism and technological innovation further support this growth
Contact Us:
Kings Research
Website: https://www.kingsresearch.com
E-mail: [email protected]
Phone: (+1) 888 328 2189