February 24, 2024
Robot as a Service Market

Robot as a Service Market propelled by Increased Adoption for Automating Business Processes

The Robot as a Service (RaaS) market is witnessing significant growth owing to increasing demand for automation across industries to enhance productivity and reduce costs. RaaS allows companies to deploy robotic capabilities on an hourly or task completion basis without large upfront investments. The growing popularity of RaaS is empowering businesses to leverage robotic automation for tasks such as material handling, assembly, packaging, inspection, and predictive maintenance. The global Robot as a Service Market is estimated to be valued at US$ 19.62 Bn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increased adoption for automating business processes is a major trend fueling the growth of the Robot as a Service market. Many companies are embracing RaaS solutions as robotics technology continues to become more accessible, affordable and intelligent. Robots can perform repetitive and potentially dangerous tasks more efficiently than humans, allowing businesses to optimize workflows. They also provide greater accuracy and consistency compared to manual operations. With RaaS, organizations can deploy robotic capabilities on demand for tasks like inventory management, order fulfillment and quality checks. This enables companies to boost productivity while reducing operational costs. The pay-per-use billing model of RaaS removes upfront capital requirements and lowers the financial barriers to robotic automation.

SWOT Analysis

Strength: Robot as a service model provides flexibility and reduces upfront capital costs for organizations. It allows companies to deploy robotic capabilities without heavily investing in infrastructure.
Weakness: Security and privacy concerns related to data processing and storage on external cloud platforms. System integration challenges of robots procured from different vendors.
Opportunity: Adoption of robot as a service model across industries such as healthcare, retail, manufacturing is expected to drive future growth. Increasing focus on automation to enhance workflow efficiency also presents opportunities.
Threats: High dependence on technology providers for system maintenance and upgrades. Competition from in-house robotic systems deployed by large enterprises.

Key Takeaways

The Global Robot as a Service Market Size is expected to witness high growth.

Regional analysis: North America is currently the largest market for Robot as a Service owing to early adoption of advanced technologies across industries. Robot as a Service is also gaining significant traction in Asia Pacific region, especially in countries like China, India and Japan, driven by growing focus on factory automation to enhance productivity.

Key players: 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. These players are focusing on new product launches and partnerships to expand their offerings and global footprint.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it