July 19, 2024
Robot As A Service Market
Ict

Rise In Cloud Robotics Expected To Boost The Growth Of Robot As A Service Market

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 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) utilizes cloud-based technologies to offer robot systems on a subscription basis. It allows businesses to access robotic automation without incurring high upfront costs involved in purchasing and maintaining robots. Through RaaS, robots are deployed, monitored, maintained and upgraded remotely using cloud infrastructure. Businesses thus get access to advanced robotic technologies without the technical complexities and costs associated with ownership. This model helps make robotics solutions more affordable and accessible for small and medium businesses.

Market key trends:

One of the key trends in the robot as a service market is the rise of cloud robotics. This refers to the interconnectivity of robots and cloud infrastructure which facilitates remote access, monitoring and control of robots using internet. Cloud robotics helps make robots more intelligent, flexible and scalable. It allows software and computing capabilities of robots to expand through cloud based storage, computing power and analytics. Cloud integration also facilitates over-the-air programming of robots for continuous upgrades and improvements. This makes robots more interactive, autonomous and responsive to business needs through constant connectivity to cloud infrastructure. Such technologies are expected to drive greater adoption of robotics in the form of robot as a service.

Porter’s Analysis

Threat of new entrants: The threat of new entrants to the robot as a service market is low as significant capital investment is required to set up manufacturing facilities and infrastructure for robot as a service. Additionally, established players enjoy advantages of economies of scale and brand loyalty.

Bargaining power of buyers: The bargaining power of buyers in the robot as a service market is moderate as buyers have moderate to high switching costs making it expensive to switch from one vendor to another. However, availability of several options provides buyers leverage to negotiate on pricing.

Bargaining power of suppliers: The bargaining power of suppliers in robot as a service market is low as robot manufacturers act as suppliers and there are several manufacturers catering to this niche market, thereby limiting the influence of any single supplier on pricing.

Threat of new substitutes: The threat of substitutes is low as robot as a service offers unique benefits over conventional methods that cannot be easily replicated by alternative solutions. However, advancements in AI and automation pose a moderate threat.

Competitive rivalry: High as the market is dominated by global companies.

Key Takeaways

The global Robot as a Service Market Size is expected to witness high growth, exhibiting CAGR of 15% over the forecast period 2023 to 2030, due to increasing demand for automation in various industrial verticals and surging adoption of robots as a solution for human risks in hazardous work environments.

Regional analysis: North America dominates the Robot As A Service Market and is expected to continue its dominance over the forecast period as well, owing to high adoption of automation technologies across industries. Asia Pacific is expected to grow at the fastest pace attributed to growing industrialization, increasing labor costs, and presence of manufacturing hubs in the region.

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 . Key players are investing in R&D to develop advanced capabilities to strengthen their market presence.

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