Covina, June 20, 2023 (GLOBE NEWSWIRE) -- “According to the latest research study, the demand of “Robotics as a Service (RaaS) Market accounted for US$ 1.5 billion in 2022 and is estimated to be US$ 6.2 billion by 2032 and is anticipated to register a CAGR of 15.3%.”
Robots have become more important in manufacturing and logistics industries. Adoption of technology and automation in industries has played an important role in market growth. Wide benefits such as lowering cost of implementation, elimination in infrastructure, increase in scalability has driven market growth.
Growing partnerships and acquisitions of companies has become major contribution in market growth. Further, rising demand for streamline of supply chain operations in various industrial segment is expected to fruitful the demand for Robotics as a Service (RaaS) market growth.
What are the recent news in the Robotics as a Service (RaaS) Market?
✧In November 2022, Guardforce AI Co., Limited., Launched new innovative robot advertising model ‘AIoT’ for the companies Robot as a Service business. The new launched AIoT RA model help advertisers for publishing advertisements on Guardforce AI robots.
✧In June 2022, LG Electronics Inc., and Kakao Mobility Corp., has joined a mobility technology partnership to launch an autonomous delivery robot service in which a robot will move independently from its hub of transportation to its final destination.
Report Scope:
| Attribute | Details |
| Base year for estimation | 2022 |
| Forecast period | 2022 – 2032 |
| Accounted in 2022 | US$ 1.5 Billion |
| Estimated to be in 2032 | US$ 6.2 Billion |
| CAGR | 15.3% |
| Market representation | Revenue in USD Billion & CAGR from 2022 to 2032 |
| Market Segmentation | By Type - Personal, Professional By Application - Assembling, Handling, Processing, Dispensing, Welding & Soldering and Others By End-Users - Healthcare, Manufacturing, Food & Beverage, Retail, Automotive, Logistics and Others |
| Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
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What is Prophecy’s Analyst View on Robotics as a Service (RaaS) Market?
Growing investment in robotics technology by major players is likely to propel the demand for Robotics as a Service (RaaS) market growth. Lower cost of robotic operation has driven the demand for market growth. Growing investment in RaaS technology by companies with offering services such as separate pilot by using sidewalk robots and self-driving cars is further, expected to fuel the demand for Robotics as a Service (RaaS) market growth over the forecast period.
What are the emerging trends and opportunities in the Robotics as a Service (RaaS) market?
The Robotics as a Service (RaaS) market is witnessing emerging trends and opportunities. These include industry-specific solutions, collaborative robots (cobots) that work alongside humans, integration of AI and ML for intelligent automation, the adoption of cloud robotics and edge computing, and the availability of subscription-based models. These trends offer customized solutions, enhanced productivity, scalability, real-time decision-making, and cost-effective access to robotics technology. The RaaS market is evolving rapidly, presenting numerous opportunities for businesses across various industries to improve efficiency, productivity, and competitiveness.
What are the challenges faced by Robotics as a Service (RaaS) market?
- High initial costs and return on investment (ROI)
- Integration complexities with existing systems and workflows
- Security and privacy concerns
- Skill gap and potential impact on the workforce
- Regulatory compliance and legal framework
- Technical limitations of robotics technology
- Lack of market awareness and education about RaaS benefits
What are the different types of robots being offered as a service in the Robotics as a Service (RaaS) market?
- Industrial Robots: Used in manufacturing and industrial settings for tasks like assembly and material handling.
- Collaborative Robots (Cobots): Designed to work alongside humans and perform tasks requiring close interaction.
- Autonomous Mobile Robots (AMRs): Mobile robots that operate autonomously for tasks like material transportation in warehouses and logistics operations.
- Service Robots: Interact with humans and provide services in sectors like hospitality, healthcare, and retail.
- Agricultural Robots: Specifically designed for agricultural tasks such as planting, harvesting, and crop monitoring.
- Inspection and Maintenance Robots: Used for inspection and maintenance in industries like oil and gas, energy, and infrastructure.
- Healthcare Robots: Assist in medical and healthcare settings for tasks like patient monitoring and surgical assistance.
Who are the Top Key players operating in the Robotics as a Service (RaaS) Market?
- Starship Technologies
- ABB
- Lely International
- Panasonic Corporation
- Locus Robotics
- Relay Robotics
- Mahajan Automation
- KUKA AG
- Kongberg Maritime AS
- Knightscope Inc.
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What are the future prospects and growth opportunities for the Robotics as a Service (RaaS) market?
- Increasing adoption and demand for automation and robotics solutions across industries.
- Development of industry-specific RaaS solutions addressing unique sector challenges.
- Advancements in robotics, AI, and machine learning driving enhanced capabilities.
- Growing recognition of the benefits of collaborative robots and human-robot collaboration.
- Integration of cloud computing and connectivity enabling advanced analytics and remote monitoring.
- RaaS offering opportunities for SMEs to leverage robotics without heavy upfront investments.
- Expansion into emerging markets as technology becomes more accessible and affordable.
- Partnerships and collaborations driving innovation, specialized solutions, and market expansion.
Conclusion:
In conclusion, the Robotics as a Service (RaaS) market offers significant growth opportunities driven by increasing adoption, industry-specific solutions, technological advancements, collaborative robots, cloud computing, SME accessibility, expansion into emerging markets, and partnerships. The future of RaaS looks promising as businesses recognize the benefits of robotics technology and leverage it to improve productivity, efficiency, and safety across various sectors. Continued innovation and collaboration will play a crucial role in shaping the RaaS market's growth and potential.
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