Selbyville, Delaware, May 16, 2023 (GLOBE NEWSWIRE) -- Robotics as a Service Market valuation will cross USD 8 billion by 2032, cites a recent report by Global Market Insights Inc.
The inclination toward automation in end-use industries is a key driver for industry growth. Many industries such as healthcare, food delivery, automotive, and others are focusing on integrating RaaS technology to streamline their operations. In the healthcare sector, the technology is being used in various applications such as robot-assisted surgery, rehabilitation systems, diagnostic systems, and others. As per the IFR 2021 data, medical robot sales witnessed a 23% spike in the year 2021, with a total shipment of 14,823 units.
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Rising labor costs to fuel demand for professional RaaS technology
Based on type, robotics as a service market size from the professional segment will be more than USD 6 billion by 2032. Growing labor costs, coupled with rising awareness about service robots have encouraged many industries to incorporate RaaS technology. Many market players are focusing on launching high-end RaaS technology to cater to the growing demands of end-use industries. For instance, in March 2022, Berkshire Grey, Inc., an American technology company inked a deal with Swisslog, a leading data-driven robotics solutions provider. The collaboration aims to offer robotic solutions to e-commerce, grocery, and other industries to address labor scarcity.
Convenience of RaaS technology to boost its adoption in assembly tasks
With respect to application, robotics as a service market value from the assembling segment will be over USD 2 billion by 2032. Convenience offered by RaaS solutions in assembly tasks has increased the use of the technology. Additionally, it reduces labor costs, improves traceability, minimizes waste, and helps achieve flexibility in assembling. Many industries such as consumer electronics and automotive are making use of RaaS technology for assembling their components into final products.
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Expansion of large-scale manufacturing industries
In terms of end use, robotics as a service market share from the manufacturing segment will grow at over 20% CAGR from 2023 to 2032. RaaS technology helps in automating the repetitive processes such as burring, polishing, and others to streamline the operations in the manufacturing sector. Rapid expansion of large-scale manufacturing industries is expected to increase the demand for RaaS technology. As per India’s IBEF, the country’s manufacturing exports for FY22 were worth over USD 418 billion.
Asia Pacific to emerge as key growth hub for RaaS market
Asia Pacific robotics as a service market size will be more than USD 2 billion by 2032. Favorable government policies for manufacturing sector are contributing to regional industry expansion. Additionally, investments in initiatives such as Make in India, Make in China, Industry 4.0 are supporting smart factory concepts, which will increase the demand for RaaS technology in the region. Rising penetration of AI and IoT will further hasten the regional industry growth.
Robotics as a Service Market Players
Formic Technologies Inc., Lely International, KUKA AG, Intuitive Surgical, Knightscope, Inc., Hirebotics, Kongberg Maritime AS, and inVia Robotics, Inc., among others.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
