Robot as a Service (RaaS) Market Analysis And Forecast To 2032: By Service (Analytics & Market Research, Engineering & Design, Financial Process Outsourcing, Legal Process Outsourcing, Publishing Outsourcing, Research & Development Outsourcing, Others), B

Robot as a Service (RaaS) Market Analysis And Forecast To 2032: By Service (Analytics & Market Research, Engineering & Design, Financial Process Outsourcing, Legal Process Outsourcing, Publishing Outsourcing, Research & Development Outsourcing, Others), By Application (BFSI, Healthcare, IT & Telecom, Manufacturing, Pharmaceutical, Retail, Others), And By Region

The global Robot as a Service (RaaS) market was valued at USD 14.5 Billion in 2022 and it is anticipated to grow up to USD 59.1 Billion by 2032, at a CAGR of 15.1% during the forecast period.

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.

Global Robot as a Service (RaaS) Market Scope and Report Structure

Market Trends and Drivers

The growing need for professional robots in several sectors is predicted to boost the worldwide robot as a service market expansion during the forecast period. This is due to the growing demand for automated operations across a wide range of professional fields. Due to an increase in the impact of human assistance tasks, reduction of work pressure, and support of maximum reliability in repetitive activities in industries, RaaS is gaining popularity. The RaaS market is growing due to high demand for RaaS to monitor, control, and manage other activities in the food and beverages, defense, logistics, and other manufacturing sectors. Increased automation in manufacturing facilities to boost productivity is expected to boost the growth of global RaaS market.

Market Restraints and Challenges

Service robots have a high annual maintenance cost, which limits firms' ability to invest, particularly small and medium-sized businesses. This is anticipated to stifle market expansion shortly. The market's growth is projected to be limited by organizations’ unwillingness to migrate from manual to automated operations. Companies are using RPA solutions all over the world to optimize business operations. However, a lack of understanding of the technology is preventing RaaS from being adopted. Within the next two to three years, professional service providers plan to use RPA technologies in their organization.

Global Robot as a Service (RaaS) Market Segmental Overview

The report analyses the global Robot as a Service (RaaS) market based on service, end-user, and region

Global Robot as a Service (RaaS) Market by Service

By service, 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.

Global Robot as a Service (RaaS) Market by End-use

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.

Geographical Analysis of Global Robot as a Service (RaaS) Market

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.

Major Players in the Global Robot as a Service (RaaS) Market

The key players in the 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., among others.

COVID-19 Impact:

The spread of the COVID-19 pandemic had a massive economic impact, affecting manufacturing and a variety of other businesses. China's primary industrial hub is dramatically delaying many global corporate operations, with regional and global value chains feeling the effects. ABB, for example, is facing losses in a variety of businesses. The robotics and discrete automation businesses have seen a considerable year-over-year loss of more than 20%. During the COVID-19 phase, however, medical robots are gradually gained high demand

Recent Developments:

In 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.

In 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.



Frequently Asked Questions

Q1. How big is the Robot as a Service (RaaS) Market?

Ans. The global Robot as a Service (RaaS) market was valued at USD xx million in 2022 and it is anticipated to grow up to USD xx million by 231.4, at a CAGR of xx% during the forecast period.

Q2. What is the Robot as a Service (RaaS) Market growth rate?

Ans. The growth rate of the Robot as a Service (RaaS) Market is xx%

Q3. Which region holds a major market share for the market?

Ans. North America holds a major market share of the Robot as a Service (RaaS) Market in 2022.

Q4. Which segment accounted for the largest Robot as a Service (RaaS) Market share?

Ans. By service, the xx segment accounted for the largest Robot as a Service (RaaS) Market share.

Q5. Who are the key players in the Robot as a Service (RaaS) Market?

Ans. The global Robot as a Service (RaaS) Market report includes players 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., among others.

Q6. What are the factors driving the Robot as a Service (RaaS) Market growth?

Ans. The major factors driving the growth of the market are xxx.

Q7. What are the key growth strategies of Robot as a Service (RaaS) Market players?

Ans. The key growth strategies of Robot as a Service (RaaS) Market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the Robot as a Service (RaaS) Market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the Robot as a Service (RaaS) Market during the forecast period.

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