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Global Robot as a Service Market is estimated to account for US$ 12.6 Bn by end of 2028, Says Coherent Market Insights (CMI)

/EIN News/ -- SEATTLE, July 23, 2021 (GLOBE NEWSWIRE) -- The Robot as a Service market was valued at US$ 12.6 Billion in 2020 and is estimated to account for 41.3 Billion in terms of value by the end of 2028

Robotics as a Service (RaaS) is a unit that integrates artificial intelligence (AI) with cloud computing and shared services. Robot as a service (RaaS) is gaining popularity, as businesses are increasingly adopting RaaS platform owing to its flexibility, scalability, and lower cost as compared to the traditional robotics platforms. The RaaS platform allows small- and medium-sized businesses to get benefit from the platform without high initial investment. For instance, Honda, a Japan based automobile company introduced robot as a service (RaaS) platform in order to provide diverse range of robots and cloud-based data services to SMEs and large enterprises to support communication, robotic cooperation, and data sharing.

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Market Drivers

  1. The growing adoption of professional robots in many sectors is expected to drive market growth during the forecast period.

The increasing demand for professional robots in many sectors is expected to drive market growth during the forecast period. This is attributed to growing need for automated solutions across various professional sectors. Professional applications of RaaS include agricultural robots, inspection robots, humanoid robots, exoskeletons, construction robots, robotic kitchen, laundry robots, unmanned surface vehicles (USVs), autonomous underwater vehicles (AUVs), remotely operated vehicles (ROVs), inspection robots, and telepresence robots. For instance, according to the data of IFR (International Federation of Robotics), a Germany based non-profit organization, the sales of professional service robots had reached US$ 5,200 million in 2017. These robots are incorporated with advanced technologies such as artificial intelligence to further enhance their capabilities in defense and logistics sectors. These service robots are used in logistics sectors for operations such as handling, transport, sorting, packaging, delivery, and many others.

Market Opportunities

  1. The increasing demand of robot as a service in healthcare, food beverage and many industries is driving the market growth

The growing need to monitor, control, and manage several operations in the logistics, food and beverage defense, and household sectors along with the increasing labor cost is driving the market growth. The robot as a service is gaining popularity due to increasing demand for human assistance tasks, to reduce work pressure, and to facilitate high efficiency in repetitive tasks in the industries. For instance, in January 2021, Hyundai Robotics, a Denmark-based company, which is a wholly-owned subsidiary of Hyundai Heavy Industries (HHI) Holdings that offers comprehensive robotics solutions, launched food & beverage service robots for the restaurant and catering sector.

Market Trends

  1. The growing adoption of advanced technologies such as automation, artificial intelligence and machine learning

The ongoing advancement in technologies is propelling the market growth during the forecast period. For instance, in June 2020, Qualcomm, a U.S.-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.

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Competitive Landscape:

Major companies involved in the global contactless payments market are iRobot, Softbank, Intuitive Surgical, DeLaval, Daifuku Co., Ltd., CYBERDYNE INC.,DJI, KONGSBERG, Northrop Grumman, Neato Robotics, Inc., ecoRobotix Ltd, Starship Technologies, KUKA AG, Parrot, Aethon, Lely, Dematic, Bastian Solutions, LLC, and OMRON Corporation

For instance, in January 2021, Hyundai Robotics, a Denmark-based company, which is a wholly-owned subsidiary of Hyundai Heavy Industries (HHI) Holdings that offers comprehensive robotics solutions, launched food & beverage service robots for the restaurant and catering sector.

Market segmentation:

  • By Type:
    • Professional Service Robots
    • Personal Service Robots
  • By End use Industry:
    • IT & Telecom
    • BFSI
    • Defense
    • Logistics
    • Healthcare
    • Retail
    • Food & Beverage
    • Media & Entertainment
    • Others
  • Region:
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East
    • Africa

Related Market Intelligence Reports:

Retail Robots Market, by Type (Mobile Robotics, Stationary Robotics, and Semi-Autonomous), by Application (Inventory Management, Delivery Management, In-Store Services, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028

Read more: https://www.coherentmarketinsights.com/market-insight/retail-robots-market-4535

Hydro Turbine Generator Unit Market, By Component (Turbine and Generator), By Turbine Type (Pelton Turbine, Francis Turbine, Kaplan Turbine, Turgo Turbine, Bulb Turbine, Crossflow Turbine, and Others), by Generating Unit Capacity (< 50MW (Small Hydro), 50 - 100MW (Medium Hydro), and > 100MW (Large Hydro)), By Technology (Impulse Turbines and Reaction Turbines), Product Type (Refurbished and New), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027

Read more: https://www.coherentmarketinsights.com/market-insight/hydro-turbine-generator-unit-market-4432

About Us:

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.

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                    Mr. Shah
                    Senior Client Partner – Business Development
                    Coherent Market Insights
                    
                    Phone:
                    US: +1-206-701-6702
                    UK: +44-020-8133-4027
                    Japan: +81-050-5539-1737
                    India: +91-848-285-0837
                    Email: sales@coherentmarketinsights.com
                    Website: https://www.coherentmarketinsights.com

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