February 25, 2024

Robot As A Service Market Is Expected To Be Flourished By Growing Adoption Of Cloud Robotics And Artificial Intelligence

Robot as a service or RaaS refers to a business model where robots are leased on a pay-per-use basis rather than requiring significant upfront capital investment. RaaS allows companies to deploy capable robot systems without high up-front costs, lowering the barriers to adoption. Various robots such as autonomous mobile robots, robotic arms, and exoskeletons are offered as a service by cloud robotics providers. These robots are used for applications such as pick and place, palletizing, packaging, assembly, quality inspection and material handling across industries such as manufacturing, healthcare, agriculture, retail and logistics.

The global 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 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The growing adoption of cloud robotics and artificial intelligence is expected to flourish the robot as a service market during the forecast period. Cloud robotics is an emerging field where robotic processes are shifted from local robotic controllers to centralized, shared cloud resources that can be leveraged simultaneously by many robots. This enables robot systems to access more computational power, data storage, algorithms and intelligence from the cloud which can substantially enhance their capabilities. With artificial intelligence and machine learning getting integrated into robots, cloud robotics help robotic systems become more flexible, autonomous and intelligent as they gain aggregated data-driven knowledge from cloud. The availability of capable robots on a subscription basis through RaaS eliminates high upfront investment barriers and allows flexible deployment of robots to meet changing business needs. These factors are expected to drive increasing adoption of robot as a service during the forecast period.

Segment Analysis
The robot as a service market is segmented on the basis of type into industrial robots and service robots. Among these, the industrial robots dominate the market as they are used across industries like automotive, electrical & electronics, metal and machinery, plastics and chemicals among others. They are witnessing increased demand as robotic installations are taking over repetitive and hazardous tasks from the human workforce across industries.

PEST Analysis
Political: The robot as a service market is positively impacted by various government initiatives and investments supporting automation and robotics across industries. This promotes higher adoption of robots.
Economic: The rising labor costs and shortage of skilled workforce is prompting industries to adopt automated solutions like robots to optimize productivity and reduce costs. This augurs well for the growth of the robot as a service market.
Social: Robots are helping improve efficiency and quality in various applications while reducing risks to human lives from hazardous environments. This increases their social acceptance.
Technological: Advances in technologies like artificial intelligence, machine learning, IoT are enhancing the capabilities of robots. This is supporting their deployment across new applications and industries.

Key Takeaways
The Global Robot As A Service Market Trend is expected to witness high growth during the forecast period of 2023 to 2030. Regional analysis comprises North America dominates the robot as a service market currently owing to rapid technological adoption and presence of major players in the region. Europe is another major market.

Key players operating in the robot as a service market are RETAL Industries Ltd., Plastipak Holdings, Inc., ALPLA Werke Alwin Lehner GmbH & Co KG, and Resilux NV. Key players are focusing on expanding their service capabilities and industry expertise to capitalize on the opportunities.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it