Robotics As A Service (RaaS)
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What Is the Expected CAGR for the Robotics As A Service (RaaS) Market Through 2025?
The market size of Robotics as a Service (RaaS) has been expanding quickly over the last few years. It is expected to inflate from $22.96 billion in 2024 to $26.93 billion in 2025, with a compound annual growth rate (CAGR) of 17.3%. The growth experienced in the historical period is credited to factors such as the adoption of industrial automation, curtailed labor costs, heightened demand for efficiency and productivity, expansion in e-commerce and logistics, and an increased understanding of robotics applications.
What’s the Projected Size of the Global Robotics As A Service (RaaS) Market by 2029?
In the coming years, an enormous expansion is anticipated in the robotics as a service (RaaS) market, with projections suggesting it will reach a size of $56.88 billion by 2029, growing at a compound annual growth rate (CAGR) of 20.6%. This growth during the projected period can be credited to factors such as the spread of Industry 4.0, the escalating requirement for flexible and scalable automation solutions, growth witnessed in the healthcare industry, the implementation of robotics in farming, and the rising demand for collaborative robots (cobots). Key trends during this period are predicted to include advancements or innovations in technology, the growth of robot-as-a-service business models, the application of artificial intelligence in robotics, the growing use of robotics in client service, and a concentrated effort on collaboration between humans and robots.
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Top Growth Drivers in the Robotics As A Service (RaaS) Industry: What’s Accelerating the Market?
The acceleration in the need for automation is anticipated to boost the expansion of the robotics as a service (RaaS) market in the future. Automation represents the utilization of machinery, technology, or systems to carry out tasks and processes with little to no human interaction. Automation plays a vital part in robotics-as-a-service (RaaS), facilitating efficient and smooth operation of robotic systems in a myriad of industries. RaaS providers can deliver economical, scalable, and superior robotic solutions customized to the individual requirements of their customers by making use of automation. For instance, data from the International Federation of Robotics, a non-profit organization based in Germany, stated that in May 2023, there was a 12% overall increase in industrial robot installations in manufacturing, reaching 41,624 units in 2022. The key adopters were the automotive industries, primarily from the US, Canada, and Mexico, with 20,391 units installed, a surge of 30% from 2021. Consequently, the escalating demand for automation is fuelling the growth of the robotics as a service (RaaS) market.
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What Trends Will Shape the Robotics As A Service (RaaS) Market Through 2029 and Beyond?
Leading companies in the robotics-as-a-service (RaaS) market are prioritizing investments to improve operational efficiency, cut down initial expenses for customers, and deliver solutions that can be adjusted to meet specific industry requirements. The investment in Robotics as a Service (RaaS) includes financing or purchasing services where robots are offered on a subscription or pay-per-use model, enabling companies to expand their automation requirements without the expensive initial costs of robot ownership, and can be adapted to different industries. For example, in July 2023, Amazon Industrial Innovation Fund led a $3.2M fundraising round for Instock, a US-based company offering robotic-as-a-service. This funding from the Amazon Industrial Innovation Fund is especially significant as it mirrors a greater trend towards automation in storage and fulfillment procedures, spurred by the exponential growth of eCommerce.
What Are the Main Segments in the Robotics As A Service (RaaS) Market?
The robotics as a service (RaaS) market covered in this report 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
Subsegments:
1) By Professional: Industrial Robots, Commercial Service Robots, Logistics And Warehouse Robots, Medical Robots, Agricultural Robots
2) By Personal: Domestic Service Robots, Companion Robots, Educational Robots, Entertainment Robots, Healthcare Support Robots
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Which Top Companies are Driving Growth in the Robotics As A Service (RaaS) Market?
Major companies operating in the robotics as a service (RaaS) market include 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, FANUC Corp., Knightscope Inc., Relay Robotics Inc.
Which Regions Will Dominate the Robotics As A Service (RaaS) Market Through 2029?
Asia-Pacific was the largest region in the robotics as a service (RaaS) market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the robotics as a service (RaaS) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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