5 Key Takeaways From The Robotics As A Service (RaaS) Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Robotics As A Service (RaaS) Global Market Report 2023, the robotics as a service (RaaS) market is expected to show significant growth in the forecast period.
Key insights from the robotics as a service (RaaS) market forecast include:
- Market Size
The global robotics as a service (RaaS) market is expected to grow from $16.66 billion in 2022 to $19.77 billion in 2023 at a compound annual growth rate (CAGR) of 18.7%. The robotics as a service (RaaS) market is expected to reach $38.81 billion in 2027 at a CAGR of 18.4%.
- Major Driver
The increasing demand for automation is expected to propel the growth of robotics as a service (RaaS) market going forward. Automation refers to using technology, machinery, or systems to perform tasks and processes with minimal or no human intervention. For instance, in February 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, 23,000 industrial robots were operating in UK factories in 2021, an increase of 6% from 2020. Therefore, the increasing demand for automation drives the growth of the robotics as a service (RaaS) market.
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- Key Trend
Technological innovations are a key trend gaining popularity in the robotics as a service (RaaS) market. Major companies operating in the robotics as a service (RaaS) market are adopting new technologies to sustain their position in the market. For instance, in April 2021, Panasonic Holdings Corporation, a Japan-based electrical, appliance, and electronics manufacturing company, launched a mass-production model of its walk-training robot, which is intended to provide safe and efficient walk training for older persons who are afraid to walk due to physical depression or previous falls. With mass-production technology, Panasonic offers a service utilizing the robot for care homes, hospitals, and other institutions to assist with constant walking training for the elderly.
- Major Players
Major players in the robotics as a service (RaaS) market are Zimmer Biomet Holdings Inc., Lely Industries N.V., Kongberg Maritime AS, GreyOrange Pte Ltd., Locus Robotics Corp., 6 River Systems Inc., Avidbots Corporation, Sarcos Technology and Robotics Corporation, Mobile Industrial Robots A/S, Omron Adept Technology Inc., Seegrid Corporation, Soft Robotics Inc., DroneDeploy Inc., Nuro Inc., Kiwibot Inc., Northrop Grumman Corporation, Fetch Robotics Inc., inVia Robotics Inc., AutoX, Aethon Inc., Starship Technologies Inc., Cyberdyne Inc., Udelv, Cobalt Robotics Inc., CRG Automation, Memic Innovative Surgery Ltd., FANUC Corp., Intuitive Surgical Inc., Knightscope Inc., and Relay Robotics Inc.
- Top Market Segments
The global robotics as a service (RaaS) market is segmented –
1) By Type: Professional, Personal
2) By Application: Handling, Assembling, Dispensing, Processing, Welding And Soldering, Other Applications
3) By End User: Agriculture, Inspection And Maintenance, Healthcare, Search And Rescue, Hospitality, Professional Cleaning, Gardening, Transport And Logistics, Other End Users
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The Robotics As A Service (RaaS) Global Market Report 2023 provides an in-depth analysis on the robotics as a service (RaaS) market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the robotics as a service (RaaS) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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