Redding, California, June 20, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Robots-as-a-Service Market by Type (Industrial, Commercial, Domestic), End-user (Agriculture, Healthcare, Hospitality, Search & Rescue, Transportation & Logistics, Gardening, Professional Cleaning, Other End users), and Geography- Global Forecast to 2030,’ the robots-as-a-service market is projected to reach $8.4 billion by 2030, at a CAGR of 16.7% during the forecast period.
The growth of this market is attributed to the rising use of RaaS in healthcare for efficient processes in clinical settings and surgical assistance, growing preference for RaaS over other automation software due to an increase in scalability, & flexibility and reduced cost in the long run, and increasing adoption of RaaS in the manufacturing sector. In addition, increasing automation across various sectors such as hospitality and agriculture, rising focus on reducing human labor, and the emergence of Industry 5.0 are expected to offer significant opportunities for the growth of this market.
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However, lack of mobility and safety issues with robots while working with other industrial systems are a major challenge to the growth of this market.
Growing Preference for RaaS Over Other Automation Software
Robot as a Service (RaaS) has gained preference over other automation software owing to flexibility and scalability, allowing organizations to access robotic systems on a subscription basis and scale their deployments per changing needs. Unlike traditional automation software, RaaS eliminates the high upfront costs and complex integration processes, making it a more accessible option for organizations. This adaptability is particularly beneficial for industries with fluctuating demands.
RaaS provides access to cutting-edge technology without the need for continuous investment in research and development. Organizations can leverage the latest advancements in robotics, benefiting from ongoing innovations. Additionally, RaaS is cost-effective, with subscription or usage-based pricing models that suit various budgets. It also includes expert support and maintenance, ensuring organizations have the necessary assistance in operating and maintaining the robots. RaaS offers flexibility, scalability, access to cutting-edge technology, cost-effectiveness, and expert support, making it an attractive choice for organizations seeking to embrace automation and enhance their productivity and efficiency. All these factors make RaaS a preferred choice by organizations compared to traditional automation software.
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The robots-as-a-service market is segmented by robot type (industrial, commercial, and domestic service robots), end user (agriculture, inspection and maintenance, healthcare, search & rescue, hospitality, professional cleaning, transport & logistics, gardening, and other end users), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on robot type, the robots-as-a-service market is segmented into industrial, commercial, and domestic service robots. In 2023, the industrial service robots segment is expected to account for the largest share and is projected to register the highest CAGR during the forecast period. This segment's large market share and rapid growth are attributed to the significant increase in demand for RaaS across several industries, including logistics, defense, construction & medicine; a surge in deployment of automation and mobility in many industries; rising labor costs; and lack of skilled professionals.
Based on end user, the robots-as-a-service market is segmented into agriculture, inspection and maintenance, healthcare, search & rescue, hospitality, professional cleaning, transport & logistics, gardening, and other end users. In 2023, the transportation & logistics segment is expected to account for the largest share of the robots-as-a-service market. This segment's large market share is attributed to its increased usage in various applications such as picking, packing, & delivery; growing demand for autonomous mobile robots in warehouses to increase efficiency in inventory management; and enhanced safety & risk mitigation. However, healthcare is projected to register the highest CAGR during the forecast period.
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Based on geography, the robots-as-a-service market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the market. The need for robot-as-a-service in the North American region has increased due to rising investments in cutting-edge technology, larger investment in R&D, and adoption of significant technologies such as surgical robots in healthcare, AGVs & AMRs in manufacturing. However, Asia-Pacific is projected to register the highest CAGR during the forecast period.
Some of the major players in this market are Locus Robotics (U.S.), inVia Robotics, Inc. (U.S.), Cobalt Robotics (U.S.), Knightscope, Inc. (U.S.), Aethon Inc. (U.S.), Relay Robotics, Inc. (U.S.), iRobot Corporation (U.S.), KUKA AG (Germany), Intuitive Surgical (U.S.), Daifuku Co., Ltd. (Japan), OMRON Corporation (Japan), Aldebaran & United Robotics Group (Japan), SoftBank Corp. (Japan), EXOTEC (France), and Hirebotics (U.S.).
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Scope of the Report:
Robots-as-a-Service Market, by Robot Type
- Industrial Service Robots
- Commercial Service Robots
- Domestic Service Robots
Robots-as-a-Service Market, by End User
- Agriculture
- Cultivation
- Milking
- Other Farming
- Inspection and Maintenance
- Buildings
- Tanks, Tubes, pipes
- Other Inspection and Maintenance Services
- Healthcare
- Diagnostics
- Surgery
- Rehabilitation
- Laboratory Analysis
- Search & Rescue
- Disaster Relief
- Security Services
- Firefighting
- Hospitality
- Food & Drink Preparation
- Mobile Guidance, Information
- Professional Cleaning
- Window & Floor Cleaning
- Tube & Pipe Cleaning
- Hull Cleaning
- Disinfection
- Transport & Logistics
- Inventory
- AGVs
- Gardening
- Other End users
Robots-as-a-Service Market, by Geography
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia & New Zealand
- Singapore
- Rest of Asia-Pacific
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Switzerland
- Netherlands
- Rest of Europe
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Rest of Middle East & Africa
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