The global Robot as a Service market encompasses robotic solutions offered on a pay-per-use model. Robotics-as-a-service entails robots for tasks such as material handling, packaging, and inspection, which can increase operational efficiency and productivity for businesses. The services reduce upfront costs and eliminate maintenance responsibilities associated with robot ownership.
The global Robot as a Service Market is estimated to be valued at US$ 19.62 Billion in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the Robot as a Service market is the growing adoption of collaborative robots. Collaborative robots, also known as cobots, are designed to safely interact and work alongside humans in a shared workspace. They have built-in safety features and sensors to make contact without harming humans. Companies are increasingly deploying cobots for warehouse operations, material handling, and manufacturing due to their flexibility and affordability. Collaborative robots reduce operating costs while improving factory safety. Their integration with cloud robotics platforms is also enabling remote monitoring and predictive maintenance capabilities. This is expected to drive increasing demand for collaborative robots in the Robot as a Service market over the forecast period.
Threat of new entrants: The Robot as a Service Market has moderate threat of new entrants as it requires large capital investment, technical skills and competitive parity for operational viability.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of options and ease of switching for high quality products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as this market consists of technology giants as key players limiting supplier dominance.
Threat of new substitutes: The threat of new substitutes is low as robotics technology has limited substitutes and switching cost is high for alternatives.
Competitive rivalry: Competition is high among technology firms to gain market share through differentiated products and service offerings.
The Global Robot As A Service Market Trend is expected to witness high growth. Regional analysis related content comprises North America dominates the Robot as a Service Market currently and is expected to maintain its leading position over the forecast period as well owing to increasing adoption in various industries like healthcare, manufacturing, and logistics in countries like US and Canada. European market is expected to hold a substantial share during the forecast period due to high adoption of robotics and automation technologies in UK, Germany, and France.
Key players operating in the Robot as a Service Market are RETAL Industries Ltd., Plastipak Holdings, Inc., ALPLA Werke Alwin Lehner GmbH & Co KG, and Resilux NV. The Robot as a Service Market offers opportunities for companies to enhance productivity, reduce cost and risks through flexible on-demand robot solutions. The demand for Robot as a Service is growing across industries due to compelling value proposition over capital-intensive models.
1. Source: Coherent Market Insights, Public sources, Desk research
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