April 12, 2024
Robot as a Service Market

Robot as a Service Market Expected to be Flourished by Emergence of New Applications

Robot as a service is an emerging business model of robotics, where capabilities of robots are offered as a service. Robot as a service model provides robots, robot operating systems, and robot information systems through cloud and as web services on a subscription basis. Robot as a service is being adopted across industries such as healthcare, agriculture, logistics, and others for automation of various tasks. Adoption of robot as a service is increasing due to emergence of innovative applications of robots. For instance, in healthcare industry robots are being utilized for telehealth, pharmaceutical robots, robotic surgery, and more. In logistics and warehouse management, cobots or collaborative robots are being used for picking, sorting, and packaging tasks.

The global Robot as a Service Market is estimated to be valued at US$ 22.61 Mn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The emergence of new applications is driving growth of the robot as a service market. With continuous innovations, wider range of applications of robots are emerging across industries. For instance, pharmaceutical companies are utilizing robotic systems for automation of drug manufacturing processes. Similarly, farms are adopting agricultural robots for crop harvesting, animal care, and soil management. These new applications are inducing adoption of robot as a service model, thereby fueling growth of the market. In addition, emergence of cobots or collaborative robots is also propelling the market growth. Cobots can work alongside humans as they have additional safety features enabling collaboration, thus widening scope of work automation. Several industries are adopting cobots under robot as a service offerings to enhance productivity.

Segment Analysis
The global robot as a service market is dominated by professional service robots sub segment, which holds around 60% market share. Professional service robots comprise medical robots, field robots, telepresence robots, and exoskeletons which are widely used across industries for operational efficiency. These robots offer increased versatility and scalability over time without major upfront capital investment which has boosted their adoption over consumer service robots.

PEST Analysis
Political: Regulations around robot ethics and safety are still evolving.However, favorable government policies to promote automation is supporting market growth.

Economic: Robot as a service model offers opportunities for improved productivity and reduced operational costs for enterprises. Lower upfront investment barriers compared to outright purchase is a key attraction.

Social: Rising acceptance of robotics and new technologies. Demand from remote healthcare and education during pandemic has boosted social acceptance of robots.

Technological: Advancements in AI, machine learning, cloud computing, 5G connectivity etc. are enabling development of smarter, affordable robots. Data insights from connected fleets of robots is facilitating continual improvements.

Key Takeaways
The Global Robot As A Service Market Size is estimated to be valued at US$ 22.61 Mn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031.

Regional analysis
The North America robot as a service market is projected to grow at over 45% during the forecast period driven by increasing investment in automation by companies across industries such as healthcare, manufacturing, logistics in the US and Canada. The region also has a strong presence of leading robotics companies and startups actively focused on driving innovations.

Key players related content
Key players operating in the robot as a service market are Pfizer Inc., F. Hoffmann-La Roche Ltd. Key players are focusing on partnerships and collaborations with enterprises to strengthen their service capabilities and market presence.

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