Global Robot As A Service Market Is Estimated To Witness High Growth Oswing To Rising Adoption Of 5G Telecom Services And Growing Demand For Professional Robots In Several Sectors

 

Overview:

Robot as a Service (RaaS) is an automation business model that allows companies to lease robots and equipment instead of purchasing them outright. A company pays a monthly or yearly subscription fee to use robotic equipment. RaaS has the potential to accelerate adoption of robotics across a wide range of industries. While currently most of the deployments are in warehouse automation and other manufacturing areas, it will likely spread to many more sectors as the technology improves and robotic integrators gain experience. These include healthcare, security, delivery, and other industries. These businesses are already starting to realize the advantages of robots and RaaS is lowering the barrier to entry for them to try it out.

Market Dynamics:

Growing product launches are estimated to augment growth of the global Robot as a Service Market over the forecast period.  For instance, a pilot food delivery services was launched by Uber Technologies Inc., in May 2022, in two cities in California. They have declared a food delivery service using a separate pilot and autonomous cars. Moreover, rising maintenance costs are anticipated to restrain growth of the global robot as a service market over the forecast period.

Impact of COVID-19:

 

COVID-19 had a significant impact on many nations. It was first reported in 2019 in China and transmitted to other nations. To avoid the transmission of the disease social distancing was followed. Many strict restrictions were imposed by several government authorities. People were working remotely from to avoid the transmission of the disease. Many manufacturing units were hit down owing to shortage of labor. This led to increased demand for using robots as a service. Robots could be used in several sectors like healthcare, manufacturing and for carrying out physical rehabilitation.  Thus, the pandemic had a positive impact on the growth of the global robot as a service market.

Key Takeaways:

The global robot as a service market is expected to witness high growth, exhibiting CAGR of 6.3 % over the forecast period, due to growing acquisitions. For instance, the ASTI Mobile Robotics Group was acquired by ABB in July 2021. This acquisition will strengthen the Robotics and Machine Automation solutions of ABB and also help in expansion of their business.

Europe is anticipated to witness significant growth in the global robot as a service market over the forecast period, owing to rising demand for professional robots.

Major players operating in the global robot as a service market are iRobot Corporation, KUKA AG, Honda Motor Co. Ltd., Parrot SA, Kongberg Maritime AS, Lely International, Aethon Inc., DJI, Intuitive Surgical Inc., and Northrop Grumman.