Robotics as a service Market Projected to Reach Over USD 6.8 Billion By the End Of 2025
- by KD Market Insights
- Sep, 2021
The global Robotics as a service market was capitalized around USD 1.8 Billion in 2019 and is estimated to reach around USD 6.8 Billion by the end of 2025, developing at a compound annual growth rate (CAGR) of over 6% during the forecast period 2019–2025. Robotics as a Service (RaaS) is a subset of artificial intelligence (AI) that combines cloud computing and shared services. Businesses are increasingly adopting the Robot as a Service (RaaS) platform because to its flexibility, scalability, and cheaper cost when compared to traditional robotics systems. Small and medium-sized organisations can profit from the RaaS platform without making a large initial investment. For example, Honda, a Japanese automobile business, launched a robot as a service (RaaS) platform to provide SMEs and major enterprises with a varied variety of robots and cloud-based data services to allow communication, robotic cooperation, and data sharing.
Some of the key players in the market include iRobot, Softbank, Intuitive Surgical, DeLaval, Daifuku Co., Ltd., CYBERDYNE INC.,DJI, KONGSBERG, Northrop Grumman, Neato Robotics, Inc., ecoRobotix Ltd, Starship Technologies, KUKA AG, Parrot, Aethon, Lely, Dematic, Bastian Solutions, LLC, and OMRON Corporation amongst others.
During the projection period, market expansion will be fuelled by the increasing acceptance of professional robots in a variety of industries.
During the projected period, the market is expected to increase due to rising demand for professional robots in a variety of industries. This can be linked to the increased need for automated solutions in a variety of professional fields. Agricultural robots, inspection robots, humanoid robots, exoskeletons, construction robots, robotic kitchen, laundry robots, unmanned surface vehicles (USVs), autonomous underwater vehicles (AUVs), remotely operated vehicles (ROVs), inspection robots, and telepresence robots are some of the professional applications of RaaS.
The Asia Pacific Region Expected to Witness fastest Growth in the Global Robotics as a service Market
Asia-Pacific is one of the world's fastest expanding regions. It will also have the largest market over the projected period, thanks to the widespread deployment of service robots in countries such as China, Japan, and India.
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Regional governments play an important role in the growth of a regional robotics market. India, for example, intends to invest in military robotics and is planning to deploy advanced robotic soldiers by 2023. The Chinese government has big hopes for the robotics industry in the country. The government has designated the robotics industry, together with AI and automation, as one of the key areas for high-end growth in order to accelerate the industrial industry's transformation and upgrade. This drive is expected to boost Chinese-made robots' global market share.
“Robotics as a service Market - By Type (Professional Service Robots, Personal Service Robots), By End-Use Industry (IT & Telecom, BFSI, Defense, Logistics, Healthcare, Retail, Food & Beverage, Media & Entertainment, Others), and By Region - Global Comprehensive Analysis, Forecast (2019-2025), Industry Perspective.
The global Robotics as a service market is segmented as follows:
- Professional Service Robots
- Personal Service Robots
By End Use Industry:
- IT & Telecom
- Food & Beverage
- Media & Entertainment
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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