The global Robot as a Service market was valued at US$ 12.6 Billion in 2020 and is expected to surpass US$ 41.3 Billion by 2028, registering a CAGR of 15.9% during the forecast period (2021-2028), according to the Global Robot as a Service Market Report, by Type (Profession Service Robot and Personal Service Robot), By End use Industry (IT & Telecom, BFSI, Defense, Logistics, Healthcare, Retail, Food & Beverage, Media & Entertainment, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
The ongoing advancement in technologies is propelling the market growth during the forecast period. The growing adoption of advanced technologies such as automation, artificial intelligence, machine learning, Robot as a Service (RaaS), and many other technologies are expected to drive 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.
Global Robot as a Service Market - Impact of Coronavirus (Covid-19) Pandemic
Globally, most of the countries are affected by COVID-19 pandemic and have announced lockdown. There is a significant impact of the pandemic on the Robot as a Service market as well. The COVID-19 pandemic has increased the demand for robot-as-a-service platform in logistics, food & beverage, and many other industries, which is driving the market growth. Most of the logistics companies such as DHL logistics have also implemented contactless operations such as parcel lockers, autonomous delivery robots, and in-app signature software in order to minimize the pandemic risks in the market. For instance, in September 2020, Alibaba, a China based multinational e-commerce company launched logistics robots for deliveries, owing to the rising industrial automation in the market. Furthermore, logistics sector are using robotics and automation in order to avoid social distancing and to contain the spread of coronavirus.
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Key Trends and Analysis of the Global Robot as a Service Market:
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