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The robotics as a service (RaaS) market size is estimated to grow at a CAGR of 18.29% between 2022 and 2027. The market size is forecast to increase by USD 1,497.76 million. The growth of the market depends on several factors such as the rapid industrialization in developed countries, the remote services and the IoT, and the growth in industrial automation. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
This report extensively covers market segmentation by type (professional and personal), application (intralogistics, medical applications, surveillance and security, field robotics, and others), and geography (APAC, North America, Europe, South America, and the Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
Robotics as a Service (RaaS) Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
With the increasing use of the Internet, providers are changing the way they provide customer service by including more online options that rely on using the Internet to interact with customers and solve the problems they face. IoT ensures that remote players are informed in real-time about the status of robots and devices by monitoring parameters such as temperature, CPU load, and hours the robot has been active, thereby ensuring effective predictive maintenance planning.
Furthermore, to capitalize on this trend, robotics as a service (RaaS) market players are mainly focusing on changing their business models to ensure that they meet the standards for interoperability and device-to-network connectivity security and data models that collect real-time information that responds to triggers and send alerts to the service staff. This will ensure that RaaS services are more proactive in diagnosing and resolving issues before serious problems arise. Hence, increasing adoption of remote services and IoT will drive the growth of the global RaaS market during the forecast period.
In addition to drone innovations, there are also significant improvements in operational intelligence and data analytics software solutions for automating /image analysis. Robotics as a service market player is working tirelessly to ensure improved real-time operational information and data are available to different teams of experts performing analysis.
Moreover, along with improvements in features related to artificial intelligence (AI), robotics as a service market players will also focus on improving real-time data analytics. They will focus on improved and seamless integration of data collected over time from disparate sources, allowing data validation between experts in different locations to work on shared data. Hence, the adoption of operational intelligence and data analytics will drive the growth of the global RaaS market during the forecast period.
Although robots provide significant labor cost savings, potential end users are not fully aware of this cost reduction. This is a major drag on the robotics as a service market, especially in the labor-intensive economies of APAC, where human resources are abundant at low costs. It is essential that market players adopt comprehensive marketing campaigns and conduct cost-benefit analyses for end-users to help them assess the feasibility of deploying mobile robots.
Furthermore, the market will also face challenges related to robot adoption, because of a lack of confidence in the use of advanced technologies in the healthcare and medicine sectors, as well as a lack of knowledge. knowledge about the use of these technologies. In some cases, patients refuse to accept robots because they prefer human contact (i.e. humans or medical staff) over robots. Hence, the lack of awareness will be a major challenge that will impede the growth of the global RaaS market during the forecast period.
The professional segment will account for a major share of the market's growth during the forecast period.?Companies are increasingly using RaaS to access advanced automation technologies without incurring significant upfront costs. This trend can be seen in sectors such as manufacturing, healthcare, and logistics, where robots perform tasks such as assembly, surgery, and warehouse management.
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The professional segment was valued at USD 641.83 million in 2017 and continued to grow until 2021.?Collaborative robots or cobots are gaining popularity due to their adaptability and ease of integration. The evolution of cloud-based platforms and AI-driven analytics expands the capabilities of RaaS, allowing businesses to optimize operations and increase productivity. As RaaS gains traction by reducing costs and increasing productivity, the professional robotics market will grow significantly during the forecast period.
Based on application, the market has been segmented into intralogistics, medical applications, surveillance and security, field robotics, and others. The intralogistics?segment will account for the largest share of this segment.?The retail industry has a great need for robots to ensure good logistics management. Most of this demand comes from e-commerce merchants, whose greatest value proposition is based on on-time order fulfillment, requiring the use of automation and robotics to meet business challenges. Market players integrate additional features such as biometrics to enhance security. Furthermore, hospitals and other healthcare facilities that employ a concierge or room service model to care for patients' families will greatly benefit from the use of such robots. Hence, increasing adoption of RaaS for intralogistics applications in retail, warehousing, and healthcare will drive the growth of the intralogistics segment of the RaaS market during the forecast period.
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APAC is estimated to contribute 37% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The market in APAC is expected to grow due to the increase in government initiatives to fund innovations in the robotics sector, along with the growing interest of international companies in entering markets such as China, Japan, South Korea, Australia, Taiwan, India, and Hong Kong.
Japan has witnessed increased adoption of robots over the years, owing to the rise in the aging population in the country, which has, in turn, created the demand for robots to substitute human personnel in sectors such as healthcare, hospitality, and tourism. In countries such as South Korea and Singapore, the availability of a qualified labor force will be an important factor for this market. While initiatives to improve the delivery of healthcare will help propel the market toward growth, the lack of awareness, low purchasing power, and the preference for traditional modes of treatment will restrain market growth to a considerable extent.
In 2020, the outbreak of the COVID-19 pandemic negatively affected the APAC RaaS market. Despite the global recession, the adoption of RaaS in the region is driven by a surge of automation to ensure business continuity, especially in industries such as healthcare, transportation, and manufacturing. Additionally, lockdown restrictions will be lifted in 2021 with the start of a large-scale vaccination campaign, leading to the resumption of supply chain activities. In addition, rising labor costs, the need for smooth operations, and the development of robotics technology are expected to drive future expansion of the regional market. Due to these reasons and the heavy spending on automation in this region, the APAC RaaS market is expected to grow significantly during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Caja Elastic Dynamic Solutions Ltd., Cobalt Robotics Inc., Exotec SAS, Field Group AS, HAHN Group GmbH, Harvest Automation, inVia Robotics Inc., Irobot Corp., Knightscope Inc., Kraken Robotics Inc., Locus Robotics Corp., Marks and Spencer Group plc, OhmniLabs Inc., Rapyuta Robotics Co. Ltd., RedZone Robotics Inc., Relay Robotics Inc., Sarcos Technology and Robotics Corp., Singapore Technologies Engineering Ltd., and Zebra Technologies Corp.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The robotics as a service (RaaS) market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Robotics As A Service (RaaS) Market Scope |
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Report Coverage |
Details |
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Page number |
169 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 18.29% |
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Market growth 2023-2027 |
USD 1,497.76 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
17.09 |
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Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
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Performing market contribution |
APAC at 37% |
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Key countries |
US, China, Japan, South Korea, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Ademco Security Group Pte Ltd., Caja Elastic Dynamic Solutions Ltd., Cobalt Robotics Inc., Exotec SAS, Field Group AS, HAHN Group GmbH, Harvest Automation, inVia Robotics Inc., Irobot Corp., Knightscope Inc., Kraken Robotics Inc., Locus Robotics Corp., Marks and Spencer Group plc, OhmniLabs Inc., Rapyuta Robotics Co. Ltd., RedZone Robotics Inc., Relay Robotics Inc., Sarcos Technology and Robotics Corp., Singapore Technologies Engineering Ltd., and Zebra Technologies Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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