Robotics As A Service (RaaS) Market size to increase by USD 1.50 billion during 2022-2027, Rapid industrialization in developed countries to drive the growth - Technavio

NEW YORK, Sept. 29, 2023 /PRNewswire/ -- The robotics as a service (RaaS) market size is expected to grow by USD 1. 50 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 18.29% during the forecast period. The market is segmented by Type (Professional and Personal), Application (Intralogistics, Medical applications, Surveillance and security, Field robotics, and Others), and Geography (APAC, North America, Europe, South America, and Middle East and Africa). Increased remote services and the adoption of IoT are major market drivers. Providers change the way they provide customer service as the use of the internet increases. They do so by including more online options that rely on using the Internet to interact with customers and solve the problems they face. remote players are informed in real-time about the status of robots and devices with the help of IoT by monitoring parameters such as temperature, CPU load, and hours the robot has been active, thereby ensuring effective predictive maintenance planning. Hence, such factors drive the growth of the RaaS market during the forecast period. Technavio provides detailed market analysis. View a Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the robotics as a service (RaaS) market: Ademco Security Group Pte Ltd., Caja Elastic Dynamic Solutions Ltd., Cobalt Robotics Inc., Exotec SAS, Field Group AS, HAHN Group GmbH, Harvest Automation, inVia Robotics Inc., Irobot Corp., Knightscope Inc., Kraken Robotics Inc., Locus Robotics Corp., Marks and Spencer Group plc, OhmniLabs Inc., Rapyuta Robotics Co. Ltd., RedZone Robotics Inc., Relay Robotics Inc., Sarcos Technology and Robotics Corp., Singapore Technologies Engineering Ltd., and Zebra Technologies Corp.
• Robotics as a Service (RaaS) Market is fragmented in nature.
• Market to observe 17.09% YOY growth in 2023.

Market Dynamics:

Trend

• The adoption of operational intelligence and data analytics is an emerging RaaS market trend.
• Drone innovations are coupled with significant improvements in operational intelligence and data analytics software solutions for automating /image analysis.
• Consequently, the market players work tirelessly to ensure improved real-time operational information and data are available to different teams of experts performing analysis.
• Hence, such trends fuel the growth of the RaaS market during the forecast period.

Challenge

• Lack of awareness and acceptance challenges the growth of the RaaS market growth.
• Robots provide significant labor cost savings.
• However, potential end users are not fully aware of this cost reduction, which is a major drag on the robotics as a service market, especially in the labor-intensive economies of APAC. In APAC, human resources are abundant at low costs.
• The market will also face challenges related to robot adoption.
• The low adoption can be attributed to a lack of confidence in the use of advanced technologies in the healthcare and medicine sectors, as well as a lack of knowledge.
• Hence, such challenges impede the growth of the RaaS market during the forecast period.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing the report

Keg Segments:

The professional segment is significant during the forecast period. Companies growingly use RaaS to access advanced automation technologies without incurring significant upfront costs. The capabilities of RaaS are extended with the evolution of cloud-based platforms and AI-driven analytics. This further allows businesses to optimize operations and increase productivity. Hence, such factors fuel the professional segment of the RaaS market during the forecast period. Get a glance at the market contribution of the segments, Request a free Sample

Related Reports:

The platform-as-a-service (PaaS) market size is estimated to grow at a CAGR of 26.42% between 2022 and 2027. The market size is forecast to increase by USD 80.82 billion.

The Car-as-a-Service (CaaS) Market size is estimated to grow by USD 306.31 billion between 2022 and 2027 accelerating at a CAGR of 18.09%. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio