Robot as a Service (RaaS) Market

Robot as a Service (RaaS) Market

Robot as a Service (RaaS) Market to Reach US$ 59.1 Bn by 2032, driven by growing demand for professional robots in a several industries: Global Insight Services

New York, March 2022: According to a new research study by Global Insight Services (GIS), the global Robot as a Service (RaaS) Market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 59.1 Billion by 2032.

Robot as a Service (RaaS) is a cloud services unit that enables the seamless integration of robots and embedded devices into online and cloud computing environments. Customers and robotic enterprises both gain from robots as a service. Robots as a service enable businesses to reap the rewards of robotic process automation (RPA) by licensing robotic gear and utilizing a cloud-based subscription service. The key advantage of employing this technology is that it reduces the need for manual IT support while increasing the efficiency of robotic procedures. The deployment of a robot as a service in an organization is dependent on three factors: first, the use of proper tools to operate the robot as a service; second, determining the precise level of services needed by the company; and third, selecting a vendor to assist the robot as a service.

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The growing need for professional robots in several sectors is predicted to boost the worldwide robot as a service market expansion during the forecast period. This is due to the growing demand for automated operations across a wide range of professional fields. Due to an increase in the impact of human assistance tasks, reduction of work pressure, and support of maximum reliability in repetitive activities in industries, RaaS is gaining popularity. The RaaS market is growing due to high demand for RaaS to monitor, control, and manage other activities in the food and beverages, defense, logistics, and other manufacturing sectors. Increased automation in manufacturing facilities to boost productivity is expected to boost the growth of global RaaS market.

Robot as a Service (RaaS) Market: Restraints & Challenges

Service robots have a high annual maintenance cost, which limits firms’ ability to invest, particularly small and medium-sized businesses. This is anticipated to stifle market expansion shortly. The market’s growth is projected to be limited by organizations’ unwillingness to migrate from manual to automated operations. Companies are using RPA solutions all over the world to optimize business operations. However, a lack of understanding of the technology is preventing RaaS from being adopted. Within the next two to three years, professional service providers plan to use RPA technologies in their organization.

Robot as a Service (RaaS) Market Report Findings

The professional robots segment is likely to hold a dominant Robot as a Service (RaaS) Market share and grow at a substantial CAGR during the forecast period.

By service, the market is divided into personal and professional. The professional robots category has a bigger market share and is predicted to increase at an exponential rate throughout the forecast period. This is mostly due to increased demand for service robots in areas such as defense, construction, medical, logistics, and others.

The logistics segment is anticipated to hold a majority of the Robot as a Service (RaaS) Market size throughout the study period.

By end-user, the market is classified into healthcare, BFSI, food & beverage, IT & telecom, retail, defense, media & entertainment, logistics, and others. Because of the automation brought by the act of moving and storing goods, the logistics segment has the largest stake. In addition, there is a growing need for service robots in order to streamline supply chain procedures across sectors. Medical service robots are expected to develop significantly as people turn toward incorporating robotic solutions for important medical procedures and with the advent of high-tech research facilities.

The Europe region is estimated to exhibit the highest growth rate during the Robot as a Service (RaaS) Market forecast period.

Europe dominates the global robot as a service market, owing to increased demand for personal and professional robots in numerous nations throughout the region. Europe has the highest concentration of manufacturers, at approximately 44 percent, due to rising demand from industries such as defense, medical, logistics, and retail. Following Europe, Asia Pacific held the second-largest share and is expected to grow at the fastest rate.

This is primarily due to increased R&D activity in the industrial robot industry, as well as increased government funding in robotics, automation, artificial intelligence, and other technologies. According to World Robotics 2018, over 35% of service robot manufacturers are present in North America, raising the potential growth of the market.

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Competitive Landscape

The key players in the market are KUKA AG, Parrot SA, Lely International, DJI, Northrop Grumman, Intuitive Surgical, Inc., Aethon Inc., Kongberg Maritime AS, Honda Motor Co. Ltd., and iRobot Corporation., among others.

Recent Developments in the Robot as a Service (RaaS) Market:

  • In July 2021, ABB purchased the ASTI Mobile Robotics Group in order to accelerate the development of flexible automation employing mobility devices. The acquisition strengthens the company’s Robotics and Machine Automation solutions, enabling it to offer a unique automation portfolio and expand into new business areas.
  • In April 2021, Panasonic Corporation has released a systematic model of their Walk Training Robot, which is intended to provide effective and safe walking training for older people. In addition, the company provides a robot-assisted solution to hospitals, institutions, and other organizations.

Robot as a Service (RaaS) Market Report Coverage

  • The report offers a comprehensive quantitative as well as qualitative analysis of the current global Robot as a Service (RaaS) Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
  • A thorough analysis of market trends and restraints is provided.
  • Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
  • The forecasts in this report are made by examining the recent trends along with future Robot as a Service (RaaS) Market potential from 2021 to 2031 in terms of revenue.
  • Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Robot as a Service (RaaS) Market are also analyzed.
  • Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global surface disinfectants industry.

Global Robot as a Service (RaaS) Market Segmentation

By Services

  • Personal
  • Professional Others

By End-user

  • Healthcare
  • BFSI
  • Food & beverage
  • IT & Telecom
  • Retail
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • Rest of World
    • Latin America
    • Middle East
    • Africa

Key Players

  • Parrot SA
  • Lely International
  • DJI
  • Northrop Grumman
  • Intuitive Surgical, Inc.
  • Aethon Inc
  • Kongberg Maritime AS
  • Honda Motor Co. Ltd
  • iRobot Corporation