The global Robot as a Service Market is estimated to be valued at US$ 19.62 Bn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Robot as a service offers robotic solutions to various business applications that can be managed remotely. Robots provide enterprises with advanced technology to automate tasks, increase productivity, and reduce operational costs. Robot as a service enhance flexibility and scalability of robotic solutions by eliminating upfront investments and reducing operational and maintenance costs.
Market key trends:
The growth of the Robot as a Service Market is accelerated by increasing adoption of cloud-based technologies. Many Robot as a Service providers are focusing on offering cloud-based robotic solutions that provide scalability, flexibility, and cost-effectiveness to their customers. Cloud technology enables robots to be accessed remotely through web or mobile applications and facilitates easy integration of robotic capabilities within existing IT infrastructure. It allows storage of large data generated by robots in remote servers which can then be analyzed to gain actionable insights. Hence, increasing use of cloud platforms is expected to drive the growth of the global Robot as a Service Market over the forecast period.
Segment Analysis
The global Robot as a Service market is dominated by the professional service segment. This segment accounts for around 60% of the total market share as organizations are increasingly adopting robots as a service model and outsourcing robot maintenance, as well as upgrades to third party vendors. This helps companies focus on their core business activities while robotic services can be taken care of by professional vendors in the market.
Key Takeaways
The Global Robot as a Service Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 19.62 Bn by 2024.
Regional analysis: North America region currently dominates the global Robot as a Service market owing to large presence of major robotic service providers in the US and Canada. The region accounts for around 35% of the total market share. However, Asia Pacific region is expected to grow at the fastest pace during the forecast period due to increasing investments by major companies to tap into the growth opportunities in developing countries of China and India.
Key players operating in the Robot as a Service market are Pfizer Inc., F. Hoffmann-La Roche Ltd, Mylan N.V. (Viatris Inc.), Fresenius Kabi AG, Hikma Pharmaceuticals PLC, Novartis AG, Teva Pharmaceutical Industries Ltd., GlaxoSmithKline plc, Sun Pharmaceutical Industries Ltd, Ligand Pharmaceuticals Incorporated, Paras Biopharmaceuticals Finland Oy, Eli Lilly and Company, TRANSCENTA HOLDING, Amgen, Gedeon Richter Plc. Enzene Biosciences, Samsung BioepisL Radius Health, Inc., Alvotech, and AryoGen Pharmed.
For More Insights, Read: https://www.newswirestats.com/robot-as-a-service-market-size-share-and-growth-forecast-2023-2030/
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