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Robotics-as-a-Service Market Poised for Growth

    • 1378 posts
    July 15, 2022 7:35 AM EDT

    Robotics-as-a-Service (RaaS) is gaining favor as a way to support intelligence automation by leveraging the compute power of cloud instances. It has use in many Internet of Things (IoT), autonomous vehicles and equipment, and robotic process automation applications.To get more news about Robotics as a Service, you can visit official website.

    The cloud robotics market, which includes RaaS and Software-as-a-Service, for robotics operations will grow from $3.3 billion in 2019 to $157.8 billion in 2030, according to ABI Research. That segment accounts for 30 percent of the robotic industry’s total worth.Some of the main use cases for RaaS include delivery, cleaning, and hospitality robots, as well as use in factory automation, warehouse automation, security, agriculture, hospital assistant, and more.

    RaaS is part of the much broader cloud robotics market. Some of the benefits of cloud robotics include:In addition to RaaS, interest in robotics (in general) and robotic process automation is growing in a variety of fields and markets.

    Revenues for robotic process automation are forecast to grow by 61 percent year-on-year to 2024, according to UK-based market research firm Technavio, adding $750 million in value.

    The market is still heavily fragmented, with multiple operators offering similar solutions. This fragmentation will decelerate in the next few years, according to Technavio, as large vendors acquire smaller and less successful vendors pull out of the market.

    Within the broad robotics market, there are many smaller segments that are experiencing large growth. For example, the worldwide sales of robotic lawnmowers, pegged at $1.3 billion this year, are expected to grow at a 12 percent compound annual growth rate through 2025. As noted in a Research and Markets study noted that the market demand for medium-sized mowers is growing slowly across the world as some have “adopted commercial robotic mowers in a bid to reduce dependence on manual labor and traditional lawnmowers.