The global Robot as a Service market was valued at $12.6 billion in 2020 and is expected to surpass $41.3 billion by 2028, registering a compound annual growth rate of 15.9 percent during the forecast period (2021-2028), as highlighted in a report published by Coherent Market Insights.
The ongoing advancement in technologies is propelling the market growth during the forecast period.
The growing adoption of advanced technologies such as automation, artificial intelligence, machine learning, Robot as a Service (RaaS), and many other technologies are expected to drive market growth during the forecast period.
For instance, in June 2020, Qualcomm, a US-based semiconductor manufacture company, launched its first 5G and AI-enabled robotics platform for consumer, enterprise, defense, industrial, and professional service sectors.
For instance, according to the International Federation of Robotics (IFR), a Germany-based non-profit organization, the annual installation of robots reached 422 thousand in 2018 from 250 thousand in 2015.
Furthermore, the growth of robotics is expected to propel the productivity and economic expansion in the developing countries.
The robot as a service platform can create tremendous opportunities across various industrial sectors in underdeveloped economies.
Moreover, the era of automation and robotics represent opportunities for residential sectors as well.
Impact of the coronavirus pandemic
Globally, most of the countries are affected by Covid-19 pandemic and have announced lockdown. There is a significant impact of the pandemic on the Robot as a Service market as well.
The Covid-19 pandemic has increased the demand for robot-as-a-service platform in logistics, food and beverage, and many other industries, which is driving the market growth.
Most of the logistics companies such as DHL logistics have also implemented contactless operations such as parcel lockers, autonomous delivery robots, and in-app signature software in order to minimize the pandemic risks in the market.
For instance, in September 2020, Alibaba, a China based multinational e-commerce company launched logistics robots for deliveries, owing to the rising industrial automation in the market.
Furthermore, logistics sector are using robotics and automation in order toavoid social distancing and to contain the spread of coronavirus.
Key trends and analysis of the global Robot as a Service market
North America held dominant position in the global Robot as a Service market in 2020 and is expected to retain its dominance throughout the forecast period.
This is attributed to increasing investments in advanced technologies, higher investment in research and development, and adoption of major technologies in North America region have increased the demand for services robotics in North America region.
Moreover, significant rise in the adoption of surgical robots in the healthcare industry in the region has led to the higher market share of the region.
For instance, according to Coherent Market Insight analysis, global medical robots market is expected to reach $12.6 billion by 2025 from an estimated $5.9 billion in 2020 at a CAGR of 16.5 percent during the forecast period.
Asia Pacific is expected to show significant growth over the forecast period, owing to growing adoption of services robots in China, Japan, India, and many others. Regional governments also play a major factor for the development of regional robotics demand in the market.
For instance, India plans to invest in military robotics, and the country is preparing for deploying advanced robotic soldiers by 2023.
Among type, professional robots segment held a dominant position in the market in 2020 and is expected to retain its dominance during the forecast period. This is owing to the increasing demand for service robots across many industries such as medical, logistics, retail, construction, and many others.
For instance, according to Coherent Market Insight analysis, global logistics robots market is projected to grow from $4.3 billion in 2021 to $15.8 billion in 2028 at a CAGR of 13.1 percent in forecast period 2021-2028.
Furthermore, the increasing adoption of mobility and automation across industrial sector is also creating lucrative growth opportunities in the market.
The growth of this segment is also increasing owing to the rising labor cost, investment in research & development, and growing awareness regarding service robot and automation.
Major players operating in the global Robot as a Service market include iRobot, Softbank, Intuitive Surgical, DeLaval, Daifuku, Cyberdyne, DJI, Kongsberg, Northrop Grumman, Neato Robotics, ecoRobotix, Starship Technologies, Kuka, Parrot, Aethon, Lely, Dematic, Bastian Solutions, and Omron.