5G & AI Drive Robot-as-a-Service Market Size to Treble Crossing $43 Billion by 2028
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Global Robot as a Service (RaaS) market is projected to expand at a robust growth rate due to a spurring high demand for robotic process automation (RPA) services from enterprises across the world, advancements in edge artificial intelligence, and increasing adoption of 5G telecommunication services.???
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Global Robot as a Service (RaaS) market size at USD 13.27 billion in 2021. During the forecast period between 2022 and 2028, BlueWeave expects the global?Robot as a Service (RaaS) market ?size to expand at a high CAGR of 18.4% reaching a value of USD 43.16 billion by 2028. Major growth factors for the booming global RaaS include a continuous high demand for robotic process automation (RPA) services from companies around the world, technology advancements in edge artificial intelligence (AI), and estimated increasing adoption of 5G telecommunication services.
Global Robot as a Service (RaaS) Market - Overview
Robot as a Service (RaaS) is a cloud services unit that allows robots and embedded devices to be seamlessly integrated into online and cloud computing environments. RaaS benefits both customers and robotic companies. By licensing robotic equipment and using a cloud-based subscription service, organizations can reap the benefits of RPA. The main benefit of using RPA technology is that it minimizes the need for manual IT assistance while enhancing the efficiency of robotic procedures. Three elements influence the implementation of a RaaS in an organization are the use of appropriate tools for robot operation as a service, establishing the exact degree of services that the organization needs, and selecting a service provider to assist the robot.
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Global Robot as a Service (RaaS) Market – Technology Advancements
In the coming years, the market will rise due to ongoing technology advancements in automation, artificial intelligence (AI), machine learning (ML), RaaS, and many other technologies. Qualcomm, a US-based leading global manufacturer of semiconductors, unveiled its first 5G and AI-enabled robotics platform for the consumer, enterprise, defense, industrial, and professional service sectors in June 2020. Annual robot installations increased to 422,000 in 2018 from 250 thousand in 2015, according to the International Federation of Robotics (IFR), a non-profit organization based in Germany. Furthermore, robotics development is predicted to boost productivity and economic growth across the countries. In developing economies, the RaaS platform has the potential to provide enormous opportunities in a variety of industries. Furthermore, the era of automation and robots offers potential in the home sector.
Global Robot as a Service (RaaS) Market
Growth Drivers
Increasing demand for automation and robotics
Global RaaS market is expanding because of the growing requirement to monitor, control, and manage many processes in logistics, food and beverages, defense, and domestic sectors, as well as rising labor costs. Due to an increase in demand for human assistance jobs, as well as to alleviate work pressure and promote high efficiency in repetitive operations in businesses, robots as a service are gaining popularity. For instance, Hyundai Robotics, a provider of comprehensive robotics solutions and is a wholly owned subsidiary of Hyundai Heavy Industries (HHI) Holdings, introduced food and beverage service robots for the restaurant and catering industries in January 2021.
Global Robot as a Service (RaaS) Market - Regional Insights
Europe dominates the global RaaS industry due to rising demand for personal and professional robots in European countries. Europe has the highest concentration of manufacturers, at over 44%, due to increased demand from sectors such as defense, medical, logistics, and retail. After Europe, Asia Pacific was the second-largest market, and it is expected to grow at the fastest rate. This is due to increased R&D efforts for industrial robots, as well as increased government funding for robotics, automation, AI, and other technologies.
According to World Robotics 2018, North America is home to more than 35% of service robot manufacturers, indicating that there is still room for growth in the market. Due to the increased adoption of services robots in China, Japan, India, and other countries, Asia Pacific is predicted to grow significantly throughout the period in analysis. Regional governments are also important in the development of regional robotics demand. For example, India plans to invest in military robotics and deploy advanced robotic soldiers by 2023.
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Impact of Covid-19 pandemic on Global Robot as a Service (RaaS) Market
Many countries worldwide were hit by COVID-19 pandemic and declared a state of emergency. The pandemic had a huge influence on the RaaS market as well. The COVID-19 pandemic boosted demand for RaaS platforms in logistics, food and beverages, and a variety of other industries, propelling the market forward. To reduce pandemic impact on the market, most logistics companies, such as DHL Logistics, have developed contactless operations, such as parcel lockers, autonomous delivery robots, and in-app signature software. Due to the increasing industrial automation in the industry, Alibaba, a China-based multinational e-commerce corporation, debuted logistics robots for deliveries in September 2020. Furthermore, the logistics industry is employing robotics and automation to reduce social isolation and coronavirus propagation.
Competitive Landscape
Aethon, Savioke, KnightScope, inVia Robotics, Locus Robotics, Cobalt Robotics, Beetl Robotics, Ronavi Robotics, Hirerobotics, HAHN RobShare, Doosan Robotics, and Cyberdyne are some of the prominent players in global robot as a service (RaaS) market. ABB Limited and Covariant announced a collaboration to bring AI-enabled robotics solutions to market, starting with a completely autonomous warehouse order fulfilment solution. The partnership brings the two companies together with a common vision for robotics enabled by AI, where intelligent robots work alongside humans in dynamic environments, collectively learning and improving with each task completed. SoftBank Robotics Group and Bear Robotics, a robotics and artificial intelligence startup, teamed up to develop SERVI, a new robot for the foodservice and hospitality industries.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Robot as a Service (RaaS) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Robot as a Service (RaaS) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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