Covina, Aug. 14, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global robotics as a service (Raas) market size and share is projected to grow from USD 1.5 Billion in 2022 and is forecasted to reach USD 6.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.3% during the forecast period (2022 – 2032).
Robotics as a Service (RaaS) Market Report Overview
Robotics as a Service (RaaS) is an innovative business model that provides companies with the ability to utilize robotic solutions without the need for significant upfront investment in hardware or software. Much like software as a service robotics as a service allows businesses to access robotic technologies through a subscription or leasing model, enabling them to deploy, manage, and scale robotic operations more flexibly and cost-effectively.
Robotics as a service is transforming industries such as manufacturing, logistics, healthcare, and retail by offering robots for tasks like automation of repetitive processes, warehouse management, customer service, and even complex surgeries.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Robotics as a Service (RaaS) Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Starship Technologies
- ABB
- Lely International
- Panasonic Corporation
- Locus Robotics
- Relay Robotics
- Mahajan Automation
- KUKA AG
- Kongberg Maritime AS
- Knightscope Inc.
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Analyst View:
The market for Robotics as a Service (RaaS) is gaining significant traction as businesses across multiple industries increasingly recognize the value of flexible, cost-effective automation solutions. As robotics as a service model dramatically lowers the capital expenditure needed for automation, companies of all sizes find it to be an attractive option.
Market Dynamics:
Drivers:
Growing Demand for Automation
- Across industries such as manufacturing, logistics, healthcare, and retail there is a rising demand for automation to improve efficiency, reduce errors and lower labor costs. RaaS meets this demand by offering an accessible way to implement robotics driving adoption across sectors.
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Market Trends:
Vertical-Specific RaaS Solutions
- A growing trend in the RaaS market is the development of industry-specific robotics solutions. For example, in the healthcare sector, RaaS is being tailored to offer robotic surgery assistance, patient care, and hospital logistics. In retail, RaaS is being used for inventory management and customer services. These vertical-specific solutions are helping companies address unique industry challenges driving deeper penetration of RaaS in various sectors.
Segmentation:
Robotics as a Service (RaaS) Market is segmented based on Type, Application, End-Users, and Region.
Type Insights
- This sector includes Personal and Professional. The professional segment is expected to dominate the target market growth as this segment includes robotic solutions provided as a service to businesses and organizations across various industries such as manufacturing, logistics, healthcare, and retail.
Application Insights
- In the target market handling is the most dominant segment as this handling encompasses various tasks such as picking, placing, sorting, and moving objects within manufacturing and warehousing environments.
End-Users Insights
- In the target market manufacturing is the most dominant segment as these industries are increasingly adopting RaaS to enhance automation, improve efficiency, and reduce operational costs. The need for flexibility, scalability, and the ability to adapt quickly to changing production demands makes RaaS particularly appealing in manufacturing.
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Recent Development:
- In December 2022, ARO announced a RaaS partnership program designed to solve organizational issues and lower customers’ barriers to adoption. ARO can extend the capital to the robotics OEM through a new program. The ARO business model is one in which, it owns the fleet of robots (assets), and essentially preserves all the benefits of a manufacturer-backed RaaS go-to-market.
Regional Insights
- North America: RaaS solutions are being adopted by the North American healthcare industry more frequently for activities including patient care, surgery support, and hospital logistics which is driving market expansion.
- Asia Pacific: the need for RaaS in logistics and warehousing where robots are used for jobs like sorting, packing, and delivery is being driven by the region's expanding e-commerce industry.
Browse Detail Report on "Robotics as a Service (RaaS) Market Size, Share, By Type (Personal, Professional), By Application (Assembling, Handling, Processing, Dispensing, Welding & Soldering, and Others), By End-Users (Healthcare, Manufacturing, Food & Beverage, Retail, Automotive, Logistics and Others), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/Robotics-as-a-Service-(RaaS)-Market-5119
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