The global Robot as a Service market was valued at US$ 12.6 Bn in 2020 and is expected to reach US$ 41.3 Bn by 2028 at a CAGR of 15.9% between 2021 and 2028, according to a report by Coherent Market Insights. The growing need to monitor, control, and manage several operations in the logistics, food and beverage defense, and household sectors along with the increasing labor cost is driving the market growth.
The growing need to monitor, control, and manage several operations in the logistics, food and beverage defense, and household sectors along with the increasing labor cost is driving the market growth. The difficulties in managing day-to-day tasks, workloads, and intensive operations are also increasing the demand for these service robots, owing to their high operational efficiency features.
According to Coherent Market Insight analysis, the installed base for Robot-as-a-Service (RaaS) is expected to increase from 4,441 units in 2016 to 1.2 million by 2026. The robot as a service is gaining popularity due to increasing demand for human assistance tasks, to reduce work pressure, and to facilitate high efficiency in repetitive tasks in the industries. For instance, in January 2021, Hyundai Robotics, a Denmark-based company, which is a wholly-owned subsidiary of Hyundai Heavy Industries (HHI) Holdings that offers comprehensive robotics solutions, launched food & beverage service robots for the restaurant and catering sector.
These robots are used in restaurants in order to increase the restaurant efficiency and reduce employee fatigue. Furthermore, government initiatives and several companies’ innovations are expected to enhance the usage of automated and robotics systems, which thus creates lucrative opportunities in the market.
COVID-19 has significantly disrupted almost all the industries including infrastructure, transportation, oil and gas, manufacturing, and others. To combat COVID-19 pandemic, most of the countries implemented lockdown and are now easing it phase-wise and industry wise. This has significantly impacted manufacturing sector, as the facilities across the globe were temporarily shut down. However, the COVID-19 pandemic has increased the demand for medical robots in the healthcare industry, which is driving the market growth.
North America is expected to account for the largest market share during the forecast period. The growing demand from healthcare sector for rehabilitation, increasing adoption of surgical robots in hospital, availability of technological advanced robots are the key factors increasing the demand for robot as a service market. Rapid increase in industrialization and development of production capacities in the North America region are likely to accelerate the growth of the service robotics market.
You can find the report here