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The global service robotics market size reached USD 50.50 Billion in 2022 and is expected to register a revenue CAGR of 21.3% during the forecast period, according to latest analysis by Emergen Research. Increasing popularity and rapid adoption of Industry 4.0 technologies and rapid adoption of IoT in robots for predictive maintenance are key factor driving market revenue growth. Service robots can be used in predictive maintenance by using sensors and machine learning algorithms to monitor the performance of equipment and predict when maintenance is needed, helping to reduce downtime, improve efficiency, and prolong the lifespan of equipment.
