Robot as a service (RaaS) involves delivery of robotic capabilities to external customers on a pay-per-use subscription model which allows businesses to use robotic automation without large upfront investments. Robots play vital roles in enhancing productivity by automating repetitive tasks in various industries like packaging, material handling, assembling, and welding. RaaS helps companies reduce costs and improve return on investment without purchasing expensive robotic machinery. It also gives access to cutting-edge robotics technologies that may be beyond the budget of small and medium enterprises.
The global Robot as a Service Market is estimated to be valued at US$ 22.61 Mn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of Industry 4.0 technologies across industries is a major trend driving the growth of robot as a service market. Modern manufacturing is increasingly focusing on automation and robotics to improve production processes and remain competitive. Adoption of collaborative robots which can safely work alongside humans is making it easier for SMEs to automate tasks. Cloud robotics which allows remote monitoring and control of robots over the internet is another emerging trend that will boost the market. 5G networks with lower latency will facilitate deployment of more cloud-based RaaS solutions. Growing demand for autonomous mobile robots for tasks like transportation, handling, and inspection across warehouses and distribution centers is another key trend supporting market expansion till 2031.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to the presence of established players and the high initial costs associated with R&D. However, new technology startups can disrupt the market.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitution and transparency in pricing among existing vendors.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many component manufacturers and technology providers.
Threat of new substitutes: The threat of substitutes is moderate as new business models like cloud robotics can replace conventional RaaS models.
Competitive rivalry: The competitive rivalry is high among existing vendors to gain market share through new innovations and service offerings.
Key Takeaways
The Global Robot As A Service Market Size is expected to witness high growth over the forecast period. The global Robot as a Service Market is estimated to be valued at US$ 22.61 Mn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031.
The Robot as a Service market in North America is dominating currently due to technology advancements and the presence of major players in the region. The Asia Pacific region is expected to grow at the fastest pace during the forecast period owing to the increasing adoption of automation in industries across China, Japan, and India.
Key players
Key players operating in the Robot as a Service market are Pfizer Inc., F. Hoffmann-La Roche Ltd. Pfizer and Roche are focusing on acquisitions and partnerships to strengthen their position in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it