Robotics As A Service (RaaS) Market Growth Trajectory Through 2024-2033|AGC Chemicals, BASF SE, Chevron Phillips Chemical Company, China National Petroleum Corp. (CNPC), China Petrochemical Corporation

The Robotics As A Service (RaaS) Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Robotics As A Service (RaaS) Global Market Report 2024, The robotics as a service (raas) market size has grown rapidly in recent years. It will grow from $19.77 billion in 2023 to $23.45 billion in 2024 at a compound annual growth rate (CAGR) of 18.6%. The growth in the historic period can be attributed to industrial automation adoption, labor cost reduction, increasing demand for efficiency and productivity, growth in e-commerce and logistics, rising awareness of robotics applications.

The robotics as a service (raas) market size is expected to see rapid growth in the next few years. It will grow to $46.51 billion in 2028 at a compound annual growth rate (CAGR) of 18.7%. The growth in the forecast period can be attributed to expansion of industry 4.0, rising need for flexible and scalable automation solutions, growth in the healthcare sector, adoption of robotics in agriculture, increasing demand for collaborative robots (cobots). Major trends in the forecast period include technological advancements/innovations, development of robot-as-a-service business models, integration of artificial intelligence in robotics, increased use of robotics in customer service, focus on human-robot collaboration.

The increasing demand for automation is expected to propel the growth of robotics as a service (RaaS) market going forward. Automation refers to using technology, machinery, or systems to perform tasks and processes with minimal or no human intervention. Automation plays a crucial role in robotics-as-a-service (RaaS) by enabling efficient and seamless operations of robotic systems in various industries. By leveraging automation, robotics-as-a-service (RaaS) providers can offer cost-effective, scalable, and advanced robotic solutions tailored to the specific needs of their clients. For instance, in February 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, 23,000 industrial robots were operating in UK factories in 2021. Therefore, the increasing demand for automation drives the growth of the robotics as a service (RaaS) market.

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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

Technological innovations are a key trend gaining popularity in the robotics as a service (RaaS) market. Major companies operating in the robotics as a service (RaaS) market are adopting new technologies to sustain their position in the market. For instance, in April 2021, Panasonic Holdings Corporation, a Japan-based electrical, appliance, and electronics manufacturing company, launched a mass-production model of its walk-training robot, which is intended to provide safe and efficient walk training for older persons who are afraid to walk due to physical depression or previous falls. With mass-production technology, Panasonic offers a service utilizing the robot for care homes, hospitals, and other institutions to assist with constant walking training for the elderly.

The robotics as a service (raas) market report table of contents includes: