Robotics as a Service Market worth $4.0 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 22, 2023 /PRNewswire/ -- The global Robotics as a Service Market size is projected to grow from USD 1.8 billion in 2023 to USD 4.0 billion by 2028; it is expected to grow at a CAGR of 17.4% from 2023 to 2028, according to a new report by MarketsandMarkets™. The key factors contributing to the growth robotics as a service market growing adoption of industry 4.0 and rising demand of collaborative robots across industries. However, lack of interaction between human workforce and robots is hindering the growth of robotics as a service market. Safety concerns related to industrial robotics systems possesses a huge challenge to the industry. However, emergence if industry 5.0 is biggest opportunity in the market space during the forecast period.

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Increasing demand for palletizing robots to drive market for handling application

Material handling includes picking, placing, palletizing, packaging, and loading and unloading (or machine tending). Factors such as payload, speed, and factory layout help select robots for such tasks. Material handling generally requires a higher payload capacity than other applications by adopting automation and robot applications for material handling tasks, thereby improving productivity and efficiency and reducing costs.

Healthcare vertical to hold second largest CAGR during the forecast period

Robots are used in various applications in the healthcare industry, from research and development to manufacturing. Proven Robotics has deployed the PRoMS system to manage duties related to reception, including greeting and scheduling meetings and appointments. PRoMS offers a welcoming alternative to patients. It offers a contact-free option with the ability to answer questions, schedule appointments, book meetings, and check basic health information from patients. It can be used as a first-step triage system to alleviate long waiting times.

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Europe to witness second highest CAGR during the forecast period

Europe accounted for the second-largest market share in 2022. Robotics as a service is incorporated mostly in medium and small industries in Europe. Germany is the largest market for robotics as a service in the region. With the advent of electric and hybrid vehicles, robotics is being introduced in the automotive industry. SMEs in Europe are increasingly considering the deployment of robotics to perform messy and dangerous jobs.

The key players operating in the robotics as a service market are KUKA AG (Germany), Berkshire Grey, Inc. (US), Locus Robotics (US), Exotec (France), Knightscope, Inc. (US), CYBERDYNE, Inc. (Japan), CAJA (Israel), Hirebotics (US), Cobalt Robotics (US), Relay Robotics (US), and inVia Robotics (US). These players in this market have adopted various strategies to expand their global presence and increase their market shares.

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