Increasing Number of Creative Startups in the Hospitality Robots Industry to Propel the Growth of the Global Hospitality Robots Market

Hospitality robots are robots that are capable of performing conventional tasks in the hospitality sector be it hotels or restaurants in order to enhance the experience of the guests. Significant advances in machine learning, IOT, and artificial intelligence has enabled these robots to meet the instant gratification of people in the hospitality sector. They are extremely cost-effective, and are much more productive and accurate.

Forecast of Global Hospitality Robots Market

Increasing prevalence of robots being utilized in various frontline services in hotels, restaurants, malls, airports, and others is expected to bolster the growth of the market during the forecast period. In addition, its decreased operational costs and enhanced customer experience provided by them is further expected to accelerate the growth of the hospitality robots market during the forecast period. Furthermore, persistent technological advancements in AI, IOT, and machine learning is expected to create massive opportunities for the growth of the market. However, the lack of awareness about hospitality robots in low-income countries is expected to hinder the growth of the hospitality robots market during the forecast period.

According to the report, the global hospitality robots market is expected to garner a revenue of $17,10,879.9 thousand by 2028, growing rapidly at a CAGR of 25.7% during the forecast period 2021-2028. The major players of the market include Awabot, Savioke, Maidbot, Aethon Inc., Connected Robotics, BotsAndUs, Travelmate Robotics, Starship Technologies, Softbank Robotics, Ubtech Robotics Inc., and many more.

Key Developments

The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global hospitality robots market to grow exponentially.

For instance, in July 2021, Zebra Technologies Corporation, a mobile computing company that manufactures and sells marking, tracking, and computer printing technologies, acquired Fetch Robotics, a San Jose, California-based innovative robotics company, in order to accelerate Zebra’s presence in the global hospitality robots market.

In August, 2021, Kiwibots, a creative robotic sidewalk delivery startup, collaborated with Sodexo, a food services and facilities management giant, in order to bring food delivery robots to numerous college campuses in the US.

In January 2020, Softbank Robotics, a Japan-based designer and manufacturer of interactive and friendly robots, invested a whooping $32million in Bear Robotics, an innovative mobile hospitality robot company, in order to maximize its presence in the global hospitality robots market.

Most Profitable Region

The North America region is expected to dominate the global market, and generate a revenue of $6,60,399.6 thousand during the forecast period. Rising adoption of automation and personalization in restaurants and malls in this region is expected to drive the growth of the market. In addition, the presence of prestigious players of the market in this region is further expected to bolster the growth of the regional hospitality robots market during the forecast period.

COVID-19 Impact on the Market

The outbreak of COVID-19 has had a positive impact on the growth of the global hospitality robots market, owing to the prevalence of lockdowns in various countries across the globe. Robots were extensively used during the pandemic in order to disinfect and clean public areas like hotels, airports, railway stations, hospitals, and others. In addition, they provided a hygienic, touch free, 24*7 service to the guests, visiting and travelling customers, which led to their increased demand during the pandemic period.