Robot As A Service Market to Reach US$ 41.3 Bn by end of 2028, Says Coherent Market Insights

SEATTLE, Feb. 9, 2022 /PRNewswire/ -- According to Coherent Market Insights, The global Robot as a Service market was valued at US$ 12.6 Bn in 2020 and is expected to reach US$ 41.3 Bn by 2028 at a CAGR of 15.9% between 2021 and 2028.

Robot as a Service (RAS) is the automation of many traditionally in-house applications and business procedures. Robotic system is used for data processing, inventory control, asset tracking, human resource management and customer support services. Robot as a Service is a high-end cloud based system that facilitates the complete integration of embedded device and robot in the enterprise cloud and web environment. The main advantage of using this technology is the decreased investment on manual IT support and increased efficiency of robotic processes. The deployment of the Robot As A Service in an organization depends on three factors: first is the use of appropriate tools to run the Robot As A Service; second is to determine the exact scope of services required by the organization; and third is the selection of a vendor to support the Robot As A Service.

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Market Drivers

High demand for robot as a service for monitor, control, and manage other operations across food and beverage, defense, logistics, and other manufacturing sector is driving growth of the Robot as a Service market. Increasing automation across manufacturing facilities for improving productivity is again projected to foster growth of the market. According to the Oracle, The percentage of companies that have fully automated at least one function, however, has grown more modestly, from 29% in 2018 to 31% in 2020.

Increasing demand for robot across food & beverage industry for reducing humane error is again expected to augment growth of the market. For instance, in January 2021, Hyundai Robotics has announced the launch of food & beverage service robots for the restaurant and catering sector. These robots are used in restaurants in order to increase the restaurant efficiency and reduce employee fatigue.

Market Opportunities

Increasing application of robots in logistic sector is expected to provide lucrative market opportunities to the market players due to expansion of logistic sector. For instance, in October 2021, Geek+, a global AMR marketer has announce the launch of RoboShuttle RS8-DA, an 8-meter high flexible arm robot. The highest in the industry, the new robot will enable customers to maximize the use of their warehouses.

Growing use of advanced technologies such as automation, artificial intelligence, and machine learning for reducing cost is expected to offer potential opportunities in market. U.S. National Library of Medicine estimated that AI applications can cut annual US healthcare costs by USD 150 billion in 2026.  The AI-associated healthcare market is expected to grow rapidly and reach USD 6.6 billion by 2021 corresponding to a 40% compound annual growth rate.

Market Trends

Increasing defence sector for enhancing safety of homeland and soldiers is expected to stimulate growth of the market. Total global military expenditure rose to $1981 billion last year, an increase of 2.6 per cent in real terms from 2019, according to new data published by the Stockholm International Peace Research Institute (SIPRI). The five biggest spenders in 2020, which together accounted for 62 per cent of global military expenditure, were the United States, China, India, Russia and the United Kingdom.

Growing adoption of business strategies such as partnership and agreement among key players is expected to be one of the trend. For instance, in February 2020, Remotec, a subsidiary of Northrop Grumman, has announced a distribution agreement with Kinova for the Kinova Remote Robotic Manipulation System. The agreement will allow Remotec customers to access a small manipulator for use as a tool and accessory on the Remotec's Andros line of mobile robotic systems.

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Competitive Landscape:

Major players operating in the global Robot as a Service 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.

Market segmentation:

Global Robot as a Service Market, By Type:

• Professional Service Robot
• Personal Service Robot

Global Robot as a Service Market, By End use Industry:

• IT & Telecom
• BFSI
• Defense
• Logistics
• Healthcare
• Retail
• Food & Beverage
• Media & Entertainment
• Others

Global Robot as a Service Market, By Region:

• North America
• By Country:
• U.S.
• Canada
  
• Europe
• By Country:
• U.K.
• Germany
• Italy
• France
• Spain
• Russia
• Rest of Europe
  
• Asia Pacific
• By Country:
• China
• India
• Japan
• ASEAN
• Australia
• South Korea
• Rest of Asia Pacific
  
• Latin America
• By Country:
• Brazil
• Mexico
• Argentina
• Rest of Latin America
  
• Middle East & Africa
• By Country:
• GCC Countries
• Israel
• South Africa
• Rest of Middle East & Africa

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Find more related trending reports below:

Logistics Robots Market, by Product Type (Automated Storage and Retrieval Systems (AS/RS), Automated Guided Vehicles (AGVs), Autonomous Mobile Robots (AMRs), Articulated Robotic Arms, and Others), by Application (Pick and Place, Loading and Unloading, Palletizing and De-palletizing, Sorting, Packaging, Shipment and Delivery, and Others), by End-Use Industry (Healthcare, E-Commerce, Logistics & Warehouse, Retail, Agriculture, Automotive, Food & Beverages, Chemical, and Others), by Region (North America, Latin America, Asia Pacific, Europe, Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 – 2028

Professional Service Robots Market, By Application (Logistics, Customer Service, Field Robots, Military & Defense, Healthcare, Inspection & Maintenance, Construction and Demolition, Others), By Type (UAV, Unmanned Ground Based Vehicles, Demining Robots, Defense Robot, Construction Robots, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

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SOURCE Coherent Market Insights