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Global Robot As A Service Market Size To Reach Around USD 44 Billion By 2028

10-Mar-2022 | Facts and Factors

The global robot as a service market was valued at roughly USD 14.5 billion in 2021 and is expected to reach USD 44 billion by 2028 at a CAGR of 16.5% during the forecast period 2022-2028.

Robot as a Service (RaaS) is a cloud services unit that enables the seamless integration of robots and embedded devices into online and cloud computing environments. Customers and robotic enterprises both gain from robots as a service. Robots as a service enable businesses to reap the rewards of robotic process automation (RPA) by licensing robotic gear and utilizing a cloud-based subscription service. The key advantage of employing this technology is that it reduces the need for manual IT support while increasing the efficiency of robotic procedures. The deployment of a robot as a service in an organization is dependent on three factors: first, the use of proper tools to operate the robot as a service; second, determining the precise level of services needed by the company; and third, selecting a vendor to assist the robot as a service.

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During the projected period, the growing demand for professional robots in a variety of industries is expected to fuel the global robot as a service market expansion. This is due to the increased need for automated processes in a variety of professional sectors. Robot as a service is gaining popularity due to an increase in the impact of human assistance jobs, the reduction of work pressure, and the support of maximum reliability in repetitive operations in industries. However, the annual maintenance cost of service robots is very high and this limits the ability of businesses, particularly small and medium-sized businesses, to invest. This is likely to hamper the market growth during the coming period.

Browse the full “Robot as a Service Market By Service Type (Personal and Professional), By End-User (Healthcare, BFSI, Food & Beverage, IT & Telecom, Retail, Defense, Media & Entertainment, Logistics, and Others), and By Region-Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022–2028”  report at https://www.fnfresearch.com/robot-as-a-service-market

The global robot as a service market is segregated on the basis of service type, end-user, and region. By service type, the market is divided into personal and professional. The professional robots category has a bigger market share and is predicted to increase at an exponential rate throughout the forecast period. This is mostly due to increased demand for service robots in areas such as defense, construction, medical, logistics, and others. By end-user, the market is classified into healthcare, BFSI, food & beverage, IT & telecom, retail, defense, media & entertainment, logistics, and others. Because of the automation brought by the act of moving and storing goods, the logistics segment has the largest stake. In addition, there is a growing need for service robots in order to streamline supply chain procedures across sectors. Medical service robots are expected to develop significantly as people turn toward incorporating robotic solutions for important medical procedures and with the advent of high-tech research facilities.

Europe dominates the global robot as a service market, owing to increased demand for personal and professional robots in numerous nations throughout the region. Europe has the highest concentration of manufacturers, at approximately 44 percent, due to rising demand from industries such as defense, medical, logistics, and retail. Following Europe, Asia Pacific held the second-largest share and is expected to grow at the fastest rate. This is primarily due to increased R&D activity in the industrial robot industry, as well as increased government funding in robotics, automation, artificial intelligence, and other technologies. According to World Robotics 2018, over 35% of service robot manufacturers are present in North America, raising the potential growth of the market.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 14.5 Billion

Projected Market Size in 2028

USD 44 Billion

CAGR Growth Rate

16.5% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

KUKA AG, Parrot SA, Lely International, DJI, Northrop Grumman, Intuitive Surgical, Inc., Aethon Inc., Kongberg Maritime AS, Honda Motor Co. Ltd., and iRobot Corporation., among others

Key Segment

By Service Type, By End-User, and By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

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Some of the main competitors dominating the global robot as a service market are KUKA AG, Parrot SA, Lely International, DJI, Northrop Grumman, Intuitive Surgical, Inc., Aethon Inc., Kongberg Maritime AS, Honda Motor Co. Ltd., and iRobot Corporation.

Recent Developments

  • July 2021: ABB purchased the ASTI Mobile Robotics Group in order to accelerate the development of flexible automation employing mobility devices. The acquisition strengthens the company's Robotics and Machine Automation solutions, enabling it to offer a unique automation portfolio and expand into new business areas.
  • April 2021: Panasonic Corporation has released a systematic model of their Walk Training Robot, which is intended to provide effective and safe walking training for older people. In addition, the company provides a robot-assisted solution to hospitals, institutions, and other organizations.

The global robot as a service market is segmented as follows:

By Service Type

  • Personal
  • Professional

By End-User

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

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic countries
      • Denmark
      • Finland
      • Iceland
      • Sweden
      • Norway
    • Benelux Reunion
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Southeast Asia
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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