Press release
Steady Expansion Forecast for Robotics As A Service (RaaS) Market, Projected to Reach $56.03 Billion by 2029
Robotics As A Service (RaaS) Market
Robotics As A Service (RaaS) Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for robotics as a service (raas) has seen a swift expansion in the past few years. It is anticipated to escalate from $22.96 billion in 2024 to $26.72 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 16.4%. The significant growth in the historic period is ascribed to the embracement of industrial automation, the curtailment of labor costs, the surging need for efficiency and productivity, the expansion of e-commerce and logistics, and the increasing cognizance of applications of robotics.
Robotics As A Service (RaaS) Market Size Forecast: What's the Projected Valuation by 2029?
In the forthcoming years, the market size of Robotics as a Service (raas) is anticipated to witness a substantial rise, expanding to $56.03 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 20.3%. This significant growth during the forecast years is ascribed to the advancement of Industry 4.0, escalating needs for adaptable and scalable automation solutions, growth witnessed in the healthcare sector, adoption of robotics in farming, and surge in demand for collaborative robots (cobots). Important trends observed during the forecast period entails technologic breakthroughs or innovations, conception of robot-as-a-service business models, incorporation of artificial intelligence in robotics, escalated usage of robots in customer service, and emphasis on human-robot cooperation.
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What Are the Drivers Transforming the Robotics As A Service (RaaS) Market?
The rising need for automation is projected to fuel the expansion of the robotics as a service (RaaS) market in the future. Automation, consisting of the use of technology, equipment, or systems to conduct tasks and processes with little to no human involvement, is integral to the functioning of robotics-as-a-service (RaaS). This capability in RaaS allows for the smooth and efficient operation of robotic systems across various industries. Thanks to automation, RaaS providers can deliver affordable, scalable, and technologically advanced robotic solutions that meet the unique requirements of their clientele. For instance, as per the International Federation of Robotics, a non-profit organization based in Germany, there was a 12% increase overall in manufacturing industrial robot installations in 2022, reaching a total of 41,624 units. The automotive industry, largely composed of US, Canadian, and Mexican companies, led the way with an installation of 20,391 units - a 30% increase from the previous year. As a result, the escalating need for automation substantially contributes to the growth of the robotics as a service (RaaS) market.
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What Long-Term Trends Will Define the Future of the Robotics As A Service (RaaS) Market?
Prominent firms in the robotics-as-a-service market are concentrating their efforts on investing in RaaS. This allows them to improve operational efficiency, lower initial costs for customers, and deliver scalable solutions that can be adjusted according to the specifics of various industries. The investment in RaaS typically implies financing or obtaining services where robots are rented on a subscription or pay-as-you-go basis. This allows companies to adapt their automation requirements without the considerable initial expenses of robot ownership and the service can be tailored to specific industries. For example, Instock, a US-based firm that offers robotic-as-a-service, secured $3.2M in fresh funding in July 2023, courtesy of the Amazon Industrial Innovation Fund. The investment from Amazon Industrial Innovation Fund is significant as it signifies a wider trend towards automation in warehousing and order fulfillment, propelled by the exponential growth of eCommerce.
Which Segments in the Robotics As A Service (RaaS) Market Offer the Most Profit Potential?
The robotics as a service (raas)market covered in this report is segmented -
1) By Type: Professional, Personal
2) By Application: Handling, Assembling, Dispensing, Processing, Welding And Soldering, Other Applications
3) By End User: Agriculture, Inspection And Maintenance, Healthcare, Search And Rescue, Hospitality, Professional Cleaning, Gardening, Transport And Logistics, Other End Users
Subsegments:
1) By Professional: Industrial Robots, Commercial Service Robots, Logistics And Warehouse Robots, Medical Robots, Agricultural Robots
2) By Personal: Domestic Service Robots, Companion Robots, Educational Robots, Entertainment Robots, Healthcare Support Robots
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Which Firms Dominate the Robotics As A Service (RaaS) Market by Market Share and Revenue in 2025?
Major companies operating in the robotics as a service (RaaS) market include Lely Industries N.V., Kongberg Maritime AS, GreyOrange Pte Ltd., Locus Robotics Corp., 6 River Systems Inc., Avidbots Corporation, Sarcos Technology and Robotics Corporation, Mobile Industrial Robots A/S, Omron Adept Technology Inc., Seegrid Corporation, Soft Robotics Inc., DroneDeploy Inc., Nuro Inc., Kiwibot Inc., Northrop Grumman Corporation, Fetch Robotics Inc., inVia Robotics Inc., AutoX, Aethon Inc., Starship Technologies Inc., Cyberdyne Inc., Udelv, Cobalt Robotics Inc., CRG Automation, FANUC Corp., Knightscope Inc., Relay Robotics Inc.
Which Regions Offer the Highest Growth Potential in the Robotics As A Service (RaaS) Market?
Asia-Pacific was the largest region in the robotics as a service (RaaS) market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the robotics as a service (RaaS) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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