Robot as a service (RaaS) refers to robotics-based services that help organizations automate their operations. The RaaS model allows organizations to access and deploy robotics capabilities in their operations without having to invest heavily in owning the physical robots. Under RaaS, robotic vendors or system integrators assume responsibility for robots, allowing clients to focus on their core operations. RaaS helps in tasks ranging from inspection, material handling and logistics to security, cleaning and disinfection. Usage-based pricing of RaaS allows organizations across industries to leverage advanced robotics without significant upfront capital requirements.
The global robot as a service (RaaS) Market is estimated to be valued at US$ 19.62 Bn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing adoption of advanced automation technologies across industries is driving the robot as a service market. Industrial robots are increasingly being deployed for tasks such as material handling and movement, assembly, packaging, picking and palletizing, and inspection. The rising labor costs combined with benefits such as improved productivity, accuracy and reduced errors have boosted adoption of robotics. The RaaS model helps organizations easily access advanced robotics capabilities at asset-light operational expenditure costs. This has boosted the attractiveness of the RaaS model versus traditional robot integration. Additionally, the growing need for remote monitoring, support and upgrades of industrial robots further complements the adoption of RaaS. Vendors are developing advanced cloud-based platforms for remote management, upgrades and diagnostics of robots, enabling predictive maintenance and maximizing equipment uptime. These factors are expected to continue fueling demand for RaaS over the forecast period.
Segment Analysis
The Robot as a Service Market is dominating by service segment. The service segment accounts for nearly 60% market share owing to high demand for professional services such as installation, training, and maintenance. The service segment is dominating as installation, training, and maintenance services are essential during deployment of robots to ensure smooth operations.
PEST Analysis
Political: Governments across regions are encouraging adoption of robotics technology through favorable regulations and policies to enhance productivity. Some countries have defined regulatory guidelines for deployment of robots in public places ensuring safety.
Economic: High initial investment in robot deployment is a restraint. However, cost savings through efficiency gains and reduced labor dependence is driving adoption. Significant technological advancements are reducing costs.
Social: Robots aid in performing tasks safely and efficiently reducing human errors. However, some fear job losses. Social acceptance is increasing with growing awareness of benefits.
Technological: Advancements in artificial intelligence, machine learning, sensors, and cloud technologies have enhanced capabilities of robots. Integration of these technologies has enabled development of collaborative robots supporting complex tasks.
Key Takeaways
The Global Robot as a Service Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The market size for 2024 is estimated to be US$ 19.62 Bn registering a CAGR of 4.4%.
Regional analysis: North America accounts for over 35% of the global market share driven by significant technology adoption. Presence of major players and strong economic conditions support market growth. Asia Pacific is expected to witness fastest growth owing to expanding manufacturing industry and government initiatives to increase robot deployments. China and Japan are major robot markets in the region.
Key players: Key players operating in the robot as a service market are Pfizer Inc., F. Hoffmann-La Roche Ltd, Mylan N.V. (Viatris Inc.), Fresenius Kabi AG, Hikma Pharmaceuticals PLC, Novartis AG, Teva Pharmaceutical Industries Ltd., GlaxoSmithKline plc, Sun Pharmaceutical Industries Ltd.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
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