Robot as a Service Market

Robot as a Service Market Analysis (2023 - 2030)

The Robot as a Service Market was worth USD 36.3 billion in 2021 and is set to reach USD 103.3 billion in 2027. The market is set to witness a stellar CAGR growth rate of 23.7% over the forecast period of 2022 – 2027.

Robot as a service, also known as robotics as a service (RaaS), is a component of cloud computing that makes it easy to incorporate robots and embedded devices into Web and cloud computing environments. A RaaS unit includes services for carrying out functions, a service directory for discovery and publication, and service clients for direct user access in terms of service-oriented architecture (SOA). RaaS units and the other cloud computing units can communicate using RESTful and SOAP thanks to the existing RaaS implementation. RaaS implementation is supported by hardware support and standards. Devices Profile for Web Services (DPWS) outlines implementation restrictions to enable secure Web Service messaging, discovery, description, and eventing on devices with limited resources.

Nearly every industry, including infrastructure, transportation, oil and gas, manufacturing, and others, has been profoundly impacted by COVID-19. Most nations instituted a lockdown to tackle the COVID-19 epidemic, and they are currently lifting it phase-by-phase and industry-by-industry. This had a big impact on the industrial industry because factories all around the world had to temporarily close. The COVID-19 epidemic has raised the demand for medical robots in the healthcare sector, though, and this is what is propelling the market's expansion. These robots are employed in a wide range of medical procedures, including prosthetics, physical and mental rehabilitation, surgery, diagnostics, and diagnostic imaging, among others.

Due to advantages like providing precise, high-quality services that reduced operating costs and human errors and enhance usability and dependability, service robotics have become widely accepted in many professional and personal applications. Furthermore, to reduce human error in operations and increase productivity, many businesses have implemented robotic technology as a result of the growth in labor prices and the dearth of trained people. The need for service robots has also increased as people's understanding of the advantages of robots, R&D spending, and the demand for automation in the personal and professional sectors have all increased. However, factors including the rising cost of raw materials and semiconductor chips have had a detrimental effect on the market expansion. Furthermore, the expansion of the service robotics business has been constrained by high initial investment and maintenance costs.

Key Market Insights:

• A significant trend in the robotics sector is "robots as a service," which enables SMEs and large-scale businesses to benefit from this cutting-edge technology without making significant expenditures. These solutions are being used by the retail and manufacturing sectors to replace low-paying employment and free up human workers' time for more capable tasks. For instance, to address the rising need for automation across numerous industries, ABB introduced next-generation collaborative robots in February 2021. This move sped up the company's expansion into high-growth markets like logistics, food & beverage, consumer products, and electronics. A company's entry into high-growth markets like electronics, healthcare, consumer goods, logistics, and food and beverage, among others, is anticipated to happen more quickly thanks to these stronger, faster, and more capable collaborative robots, which will increase demand for automation across numerous industries.
• Professional robots maintained a leading position in the market among types in 2021 and are anticipated to continue dominating during the forecast period. This is due to the rising need for service robots in a variety of sectors, including the construction, logistics, retail, and medical fields. The global market for logistics robots would increase from US$ 4.3 billion in 2021 to US$ 15.8 billion in 2027, with a CAGR of 13.1% over the forecast period of 2022–2027. Additionally, the growing use of mobility and automation in the industrial sector is spurring profitable market expansion potential. Due to rising labor costs, investments in research and development, and more awareness, this market is also expanding.
• Europe generated the most revenue per region in 2021, according to data. Numerous steps are being taken to support the growth of robotics R&D activities in various sectors as a result of increased government investment in the R&D industry. However, due to an increase in automation in developing nations, Asia-Pacific is anticipated to experience the greatest growth during the projection period. Additionally, because of technical improvements and the introduction of new business models, such as the burgeoning retail and e-commerce industries, countries in this region have implemented robotics solutions.

Market Segmentation:

By Type

• Professional
• Personal

By Application

• Domestic
• Industrial/Commercial

By Environment

• Aerial
• Ground
• Marine

By Region

• North America
• Europe
• Asia Pacific
• Rest Of the World

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