Dublin, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The "Robotics as a Service Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The robotics as a service (RaaS) market is expected to grow at a CAGR of 13.92% from US$1.299 billion in 2021 to US$3.236 billion in 2028.
RaaS refers to subscription-based access to robotic solutions and services. This innovative approach eliminates the need for significant upfront investments, allowing businesses to leverage advanced automation technologies and realize improvements in efficiency and productivity.
The RaaS market encompasses diverse industries, including manufacturing, healthcare, logistics, agriculture, retail, hospitality, and construction. Several drivers fuel the growth of the RaaS market.
These include its cost-effectiveness, scalability, continuous technological advancements, the mitigation of labor shortages, and expedited time-to-market. Notable players include industry leaders such as Boston Dynamics, Fetch Robotics, ABB Ltd., and Universal Robots.
Nevertheless, the RaaS market presents abundant opportunities for businesses to harness the potential of robotics without significant upfront costs.
It empowers them to adapt to evolving operational needs, enhance efficiency, and gain a competitive edge. By embracing RaaS solutions, businesses can access cutting-edge robotics technology while concentrating on their core operations, thus optimizing their resource allocation and driving RaaS market growth.
Growing technological advancements and labor shortage.
The RaaS model addresses labor shortages and workforce challenges faced by businesses. With increasing difficulties in finding skilled labor, robots can be deployed to automate repetitive and labor-intensive tasks. RaaS allows companies to augment their workforce with robots, alleviating the strain on human resources and enhancing overall operational efficiency.
Furthermore, the ongoing advancements in robotics technology, including improved capabilities, increased autonomy, and enhanced artificial intelligence, are driving the demand for RaaS. Businesses are keen to leverage the latest technologies to gain a competitive edge and stay at the forefront of innovation within their industries. RaaS enables companies to access cutting-edge robotics technology without heavy upfront investments, stimulating demand in the market.
Processing is among the key applications.
Industries such as automotive, electronics, pharmaceuticals, and food and beverage are increasingly adopting robotic systems for processing tasks. RaaS offers cost-effective solutions, enabling businesses to access advanced robotics without large upfront investments. Improved efficiency, flexibility, and scalability contribute to market expansion. Technological advancements in AI and machine learning enhance processing capabilities. RaaS in processing provides a competitive advantage, boosting productivity, quality control, and meeting customer demands.
High cost remains a key challenge.
A significant challenge to the growth of this industry relates to the need for an immense amount of programming and training to be provided to robots to perform the necessary tasks. This involves hiring technically skilled programmers and other engineers to ensure that the robots are properly trained and installed to carry out the tasks. Additionally, the robots will need to be upgraded or replaced occasionally as new software or upgraded robots are launched in the market. All these activities translate into significant costs for the organization, making it unaffordable for several small and medium-scale units to use robotics as a service.
Another challenge relates to the complexities of properly equipping the robots to handle real-world tasks, requiring programming of physical, spatial, social, and temporal understanding in the robotic systems. Similarly, the programming customization needed will also differ from industry to industry, business to business, and sometimes from product to product within the same business operation. This increases the difficulty of properly implementing robotics as a service and adds to the operation's high overall costs.
Positive growth in the logistics vertical.
The robotics as a service market can be segmented into the following industry verticals: Logistics, Manufacturing, Automotive, Food & Beverage, Retail, and Others. Of these several verticals, the logistics vertical is expected to experience significant growth owing to the widespread usage of robotic systems in dispensing and handling operations. Warehouses are increasingly adopting robotics as a service to become smarter and more efficient in their workings, with autonomous forklifts, picking robots, etc., being used by warehouse operators for the smooth functioning of operations.
North America accounted for a significant share of the global robotics as a service market.
Based on geography, the robotics as a service market is segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific. The North America RaaS market demonstrates promising potential. The region's advanced manufacturing infrastructure, diverse industry adoption, and favorable regulatory environment contribute to market growth. Technological advancements and innovation in robotics further drive RaaS adoption. The cost-effectiveness and flexibility of RaaS models make them attractive, particularly for small and medium-sized enterprises (SMEs).
North America's strong ecosystem of service providers offers expertise in deploying and maintaining robotic systems. Government support through funding, incentives, and regulations stimulates market expansion. Focusing on collaborative and autonomous robots in various industries enhances safety and productivity.
Companies Mentioned
- KUKA AG
- Berkshire Grey, Inc.
- Locus Robotics
- Exotec
- Knightscope, Inc.
- CYBERDYNE, Inc
- CAJA
- Hirebotics
- Cobalt Robotics
- Relay Robotics
- inVia Robotics
For more information about this report visit https://www.researchandmarkets.com/r/kdsb3w
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