Newark, May 15, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 1.9 billion robot as a service market will reach USD 9.2 billion by 2033. The market for robotics as a service, which provides robots to companies on a subscription basis, is expanding yearly. It's similar to renting a robot for businesses instead of purchasing one. Many industries are taking notice of this concept since it makes robotics adoption more accessible to companies. From manufacturing to healthcare, advanced robotics is attractive because businesses can access it at a low initial cost. To put it another way, it's similar to renting a car rather than buying one. Businesses don't have to invest in the entire cost of the technology; instead, they pay a fee to use robots for jobs like automation, logistics, and customer support. This strategy enables cost-effectiveness, scalability, and adaptability.
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Key Insight of the Robot as a Service Market
The robot as a service market is anticipated to continue growing globally as more sectors understand the advantages of robotics in increasing productivity and streamlining operations. As a result, it presents a potential opportunity for several markets in the future. The robot-as-a-service market primarily provides maintenance and support services to lower potential risks related to technology maintenance and usability.
North America to account for the largest market size during the forecast period.
Some of the main reasons propelling the market's expansion are the rising use of automation and the growing demand for affordable solutions. Compared to standard robot purchases, this robot has several benefits, including fewer upfront costs, lower risk, and more flexibility. Because of this, they are now appealing choices for small and medium-sized companies that might need more funds to build their robotics infrastructure. Furthermore, technological developments like artificial intelligence and the Internet of Things are anticipated to spur additional market expansion. With the help of these technologies, robots can become increasingly more intelligent, effective, and self-sufficient, increasing their value to companies in various sectors.
The large enterprises segment dominated the market with the most significant revenue of USD 1.08 billion.
The large enterprises segment dominated the market with the most significant revenue of USD 1.08 billion. Large enterprises may now deploy and operate robots with flexibility and scalability without having to pay hefty upfront expenses or hire specialised technical staff owing to the robots. Pay-as-you-go and subscription-based pricing models, which are especially attractive to large organisations with varying demand or because of a temporary or seasonal increase in capacity, are among the numerous pricing models the service providers offer.
The handling segment dominated the market with the most significant revenue of USD 0.47 billion.
The handling segment dominated the market with the most significant revenue of USD 0.47 billion. The growing e-commerce industry has increased demand for efficient material handling systems. Robotic arms, or automated mobile robots, are used for order picking, sorting, packing, and palletising tasks.
The automotive segment dominated the market with the most significant revenue of USD 0.38 billion.
The automotive segment dominated the market with the most significant revenue of USD 0.38 billion. Service providers provide subscription-based industrial robot solutions for assembly, welding, painting, and material handling jobs. The automotive sector significantly depends on automation to boost productivity and optimise manufacturing processes. Without having to make a big upfront investment, automakers may obtain the necessary robotic system, which enables them to grow their production capacity more readily and respond to market demands more readily.
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Market Dynamics:
Driver: Increasing need for automation
The market for robots as a service is driven primarily by the increasing need for automation and the desire for cost reductions and operational efficiency. Automation is a great alternative for businesses trying to streamline processes and stay competitive in a shifting market. Businesses may use robotics flexibly and affordably as a service, enabling them to benefit from cutting-edge technologies without making significant upfront investments. This model allows for scalability, customisation, and risk avoidance.
Restraint: Replacement of human workforce
One of the primary barriers to the market for robotas a service is the potential for firms to be hesitant to adopt new technologies due to concerns about staff disturbance or job displacement. Automation promises cost savings and operational efficiencies, but adoption may be hampered by present employees' fear of losing their jobs.
Some of the major players operating in the robot as a service market are:
● Aethon
● Amazon Web Services Inc.
● Berkshire Grey Inc.
● CYBERDYNE Inc.
● iRobot Corporation
● Kongsberg Maritime
● Locus Robotics
● RedZone Robotics
● Yaskawa Electric Corporation
● Ademco Global
● ABB Group
● Beetl Robotics
● Cobalt Robotics
● Fanuc Corporation
● inVia Robotics
Key Segments cover in the market:
By Enterprise Size:
● Large Enterprises
● Small & Medium Enterprises
By Application:
● Assembling And Disassembling
● Processing
● Handling
● Dispensing
● Welding And Soldering
● Others
By Industry Vertical:
● Défense
● Automotive
● Retail
● Logistics & Transportation
● BFSI
● Healthcare
● Manufacturing
● Telecom & IT
● Others
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About the report:
The global robot as a service market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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