by The Robot As A Service Market is estimated to be valued at US$ 19.62 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Robot as a service (RaaS) provides robotic solutions and tasks through cloud-based services. It enables customers to lease and deploy robots for various applications without upfront capital investment. Robots such as mobile manipulators, industrial robotic arms, and autonomous mobile robots are offered as a cloud service through RaaS. The service includes robotic hardware, system integration, application development and deployment, maintenance, and customer support. It is gaining popularity for industrial and logistic applications.
Market Dynamics:
Growing adoption of cloud robotics: With the advancement of cloud computing and 5G technologies, cloud robotics is becoming more viable. It allows robots to access cloud-based data storage, analytics tools and robotics applications remotely. This is increasing the adoption of RaaS as it provides flexibility and scalability to customers.
Rising labor costs: Labor costs have been steadily increasing across industries globally. To curtail costs, companies are adopting automation technologies such as collaborative robots and autonomous mobile robots through RaaS. This provides an affordable approach to automate labor intensive and repetitive tasks. Additionally, the pay per use pricing model of RaaS limits upfront capital requirement and operational risks for companies.
Segment Analysis
The Robot As A Service market is dominanted by the professional service robots segment. This segment currently holds more than 60% share of the overall market owing to proliferation of industrial robots across industries like automotive, electronics, food & beverages and healthcare. Industrial robots as a service helps companies reduce capital expenditure and ensure operational flexibility.
PEST Analysis
Political: Regional governments across the world are increasingly funding initiatives to promote adoption of advanced technologies like robotics. This is positively impacting growth of robot as a service market.
Economic: Cost benefits of robotics as a service over outright purchases is a key factor driving its adoption. It helps organizations optimize costs without large upfront investment.
Social: Growing awareness and acceptance of robotics technologies among consumers and workers is augmenting market growth. Advanced applications in healthcare, education and public sector are well recieved.
Technological: Advancements in AI, machine learning, edge computing etc. are enhancing capabilities of robots. This is expanding applications of robot as a service models across industries.
Key Takeaways
The global Robot as a Service Market Size is expected to witness high growth, exhibiting 15% CAGR over the forecast period, due to increasing need for automation across industries to enhance productivity and reduce costs. The market size for 2023 is estimated at US$ 19.62 Bn.
North America is expected to dominate the global Robot As A Service market over the forecast period. This is attributed to presence of major players and growing focus on industrial automation in the region.
Key players operating in the robot as a service market incorporate iRobot, Softbank, Intuitive Surgical, DeLaval, Daifuku Co., Ltd., CYBERDYNE INC., DJI, KONGSBERG, Northrop Grumman, Neato Robotics, Inc., ecoRobotix Ltd, Starship Technologies, KUKA AG, Parrot, Aethon, Lely, Dematic, Bastian Solutions, LLC, and OMRON Corporation. The market leaders are focusing on technical innovations and strategic partnerships with more industries to drive further adoption of their robot as a service offerings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
