Robot As A Service Market to Hit $4.12 Billion By 2030: Grand View Research, Inc.

SAN FRANCISCO, July 18, 2023 /PRNewswire/ -- The global robot as a service market size is estimated to reach USD 4.12 billion by 2030, growing at a CAGR of around 17.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing demand for automation in various industries is driving the market growth. Companies seeking to improve efficiency and productivity are turning to automation technologies like robots. This technology provides an affordable and flexible way for companies to access advanced robotics technology, allowing them to automate their operations without significant upfront investments.

Key Industry Insights & Findings from the report:

• The small and medium enterprises (SMEs) segment is expected to record a significant CAGR of around 19.0% from 2023 to 2030 due to the increasing demand for automation, efficiency, and cost savings in various industries.
• The logistics end-use segment is anticipated to witness the fastest CAGR of over 15.0% from 2023 to 2030. This growth can be attributed to increasing demand for cost-effective and efficient transportation and warehousing solutions.
• Asia Pacific is anticipated to register the highest CAGR over the forecast period. The rapid growth of e-commerce and the subsequent increase in demand for efficient logistics and warehousing solutions have driven the market's growth in the region.
• The major companies operating in the market include KUKA AG, Fanuc Corporation, iRobot Corporation, and Aethon.

Read 140 page market research report, "Robot As A Service Market Size, Share & Trends Analysis Report By Enterprise Size (SME, Large), By Application (Handling, Dispensing, Welding & Soldering), By Industry Vertical, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Robot As A Service Market Growth & Trends

The need to reduce labor costs also fuels the demand for these robots. In many industries, labor costs are high, and companies are looking for ways to reduce these costs without sacrificing productivity. Robots can perform tasks more efficiently and consistently than human workers, making them an attractive option for companies looking to reduce labor costs. The subscription per hour follows a usage-based approach, where customers are charged for the duration of the robot's utilization. This model offers flexibility to businesses as they only pay for the specific period they require the robotic services by aligning costs with actual usage.

The market's growth is due to the increasing adoption of robots in various industries such as healthcare, logistics, retail, and manufacturing. Companies want to automate repetitive and tedious tasks to improve efficiency and productivity. It provides a cost-effective solution for companies to access the benefits of robotics without the high upfront costs. Companies can rent or lease robots which helps them avoid the large expenses associated with purchasing and maintaining robots.

Companies are also receiving venture funding which helped them to drive innovation and accelerate the adoption of robotics. Startups in the market have received significant investments, which has enabled them to develop more advanced and sophisticated robots. For instance, cobots are becoming more popular in the market, as these robots are designed to work alongside humans and can be programmed to perform a wide range of tasks. They are particularly useful in industries such as manufacturing and logistics, where they can help to improve efficiency and safety.

Larger enterprises have been early adopters of robot as a service (RaaS) solutions; however, there is a significant opportunity for their providers to target SMEs. SMEs may need more resources to invest in expensive robotics equipment; however, they could benefit from this technology solution that allows them to access the robots without the high upfront cost.

As the capabilities of robots continue to evolve, new use cases for these robots are likely to emerge. For example, various industries could use robots for cleaning, security, and inspection tasks. The demand for service robots designed to interact with humans will increase during the forecast period. Companies are capitalizing on this trend by offering service robots as part of their offerings. Service providers develop and offer software solutions for robot control and operating systems. These software platforms enable users to monitor and control the robots, manage their movements, coordinate multiple robots, and perform tasks efficiently. The software allows for seamless integration of different hardware components and provides a user-friendly interface for programming and customization.

Robot As A Service Market Report Scope     

Robot As A Service Market Segmentation

Grand View Research has segmented the global robot as a service market based on enterprise size, application, industry vertical, and region:

Robot As A Service (RaaS) Market - Enterprise Size Outlook (Revenue, USD Billion, 2018 - 2030)

• Small & Medium Enterprises
• Large Enterprises

Robot As A Service (RaaS) Market - Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Handling
• Assembling and Disassembling
• Dispensing
• Processing
• Welding and Soldering
• Others

Robot As A Service (RaaS) Industry Vertical Outlook (Revenue, USD Billion, 2018 - 2030)

• BFSI
• Defense
• Healthcare
• Automotive
• Manufacturing
• Retail
• Telecom & IT
• Logistics & Transportation
• Others

Robot As A Service (RaaS) Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• UK
• France
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East and Africa
• UAE
• South Africa
• Rest of the Middle East and Africa

List of Key Players in the Robot As A Service Market

• Ademco Global
• Aethon
• ABB Group
• Amazon Web Services Inc.
• Beetl Robotics
• Berkshire Grey Inc.
• Cobalt Robotics
• CYBERDYNE Inc.
• Fanuc Corporation
• iRobot Corporation
• inVia Robotics
• Kongsberg Maritime
• KUKA AG
• Locus Robotics
• Northrop Grumman
• RedZone Robotics
• Relay Robotics
• Yaskawa Electric Corporation

Check out more related studies published by Grand View Research:

• Educational Robot Market - The global educational robot market size is expected to reach USD 5.55 billion by 2030, growing at a CAGR of 24.8% from 2023 to 2030, according to a new study by Grand View Research, Inc. The growth in the market can be attributed to the increasing preference for interactive learning methods in educational institutions. These robots incorporate real-life educational models to facilitate skill acquisition and offer a wide range of information in subjects like STEAM, computer programming, linguistics, history, and geography. In addition, the incorporation of advanced mechanics, voice control, and gestures keep young students engaged while enhancing their educational experience.
• Warehouse Robotics Market - The global warehouse robotics market size is anticipated to reach USD 17,292.1 million by 2030, exhibiting a CAGR of 19.6% over the forecast period, according to a new report published by Grand View Research, Inc. The expansion of the e-commerce industry, rising labor costs, and the need for greater efficiency and accuracy in warehouse operations fuel the growth of the market.
• Industrial Robotics Market - The global industrial robotics market size is expected to reach USD 60.56 billion by 2030, expanding at a CAGR of 10.5% from 2023 to 2030, according to a new study by Grand View Research, Inc. The increasing trend of mass production, predominantly in the manufacturing of automobiles, electronics, and packaged food, among others, is expected to drive market growth. For instance, in March 2022, Ford Motor Company integrated industrial robots in its factories to operate 3D printers which produced small car parts.

Browse through Grand View Research's  IT Services & Applications Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.