The Robot as a Service Market is estimated to be valued at US$ 19.62 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Robot as a Service (RaaS) involves using cloud-based shared robotics and artificial intelligence. Under the RaaS model, robotics service providers handle hardware, software, and support while customers access robots on a fee basis via cloud interfaces. These robots are remotely monitored and managed through cloud technologies. This model offers flexibility and scalability as per customer requirements without upfront investment and maintenance costs.
Market key trends:
The growing adoption of industrial automation and cloud technologies are expected to drive the growth of Robot as a Service market over the forecast period. Rising demand for automation across industries such as healthcare, logistic, and manufacturing is expected to propel the market growth. Furthermore, the advantages of RaaS model such as low upfront costs, easy integration, on-demand scalability, and flexibility are increasing its adoption across various end-use industries. Also, rapid technological advancements in robotics, artificial intelligence, and cloud-based services are supporting the implementation of robot as a service. The use of advanced technologies like machine learning, data analytics, in cloud-based robots is further augmenting the market growth.
Porter's Analysis
Threat of new entrants: The threat of new entrants in low as significant capital investment is required for R&D, manufacturing, and marketing of robots. Bargaining power of buyers: The bargaining power of buyers is moderate as there are a large number of established players providing robot as a service. Bargaining power of suppliers: The bargaining power of suppliers is low as raw materials and components required for manufacturing robots are available from numerous global suppliers. Threat of new substitutes: The threat of new substitutes is low as robotics provide unique value proposition compared to alternatives. Competitive rivalry: The competitive rivalry is high among the key established players in the market.
SWOT Analysis
Strength: Robot as a Service (RaaS) reduces upfront costs and provides operational flexibility to users. Weakness: Initial awareness and adoption of new technologies tends to be low among potential customers. Opportunity: Growing demand from healthcare, defense, transport and logistics industries drive the market growth. Threats: Job losses due to increased automation and replacement of human workforce by robots raise various socio-economic concerns.
Key Takeaways
The global Robot as a Service Market Size is expected to witness high growth, exhibiting a CAGR of 15% over the forecast period, due to increasing demand for automation across industries. North America is expected to dominate the global market over the forecast period owing to presence of major players and early adoption of advanced technologies in the region.
The Robot as a Service market size for 2023 is US$ 19.62 Bn. Key players operating in the robot as a service market are 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.
Read More: https://www.rapidwebwire.com/robot-as-a-service-market-demand-growth-and-regional-outlook/
