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Global Robot as a Service (RaaS) Market Size

Global Robot as a Service (RaaS) Market Size

According to Facts and Factors, the Global Robot as a Service (RaaS) Market size is expected to surpass around USD 44 billion by 2028, expanding at a CAGR of 16.5% between 2022 and 2028. The key market players are listed in the report with their revenues, sales and strategies are KUKA AG, Parrot SA, Lely International, DJI, Northrop Grumman, Intuitive Surgical, Inc., Aethon Inc., Kongberg Maritime AS, Honda Motor Co. Ltd., iRobot Corporation., and others.To get more news about RaaS, you can visit official website.
“According to the latest research study, the demand of global Robot as a Service Market size & share was valued at roughly USD 14.5 billion in 2021 and is expected to reach USD 44 billion by 2028, at a compound annual growth rate (CAGR) of about 16.5% during the forecast period 2022 to 2028.”

The report explores the robot as a service (RaaS) market’s drivers, restraints, and challenges and the effect they have on the demands during the projection period. Furthermore, the report explores upcoming opportunities in the robot as a service market.
Robot as a Service (RaaS) is a cloud services unit that enables the seamless integration of robots and embedded devices into online and cloud computing environments. Customers and robotic enterprises both gain from robots as a service. Robots as a service enable businesses to reap the rewards of robotic process automation (RPA) by licensing robotic gear and utilizing a cloud-based subscription service. The key advantage of employing this technology is that it reduces the need for manual IT support while increasing the efficiency of robotic procedures. The deployment of a robot as a service in an organization is dependent on three factors: first, the use of proper tools to operate the robot as a service; second, determining the precise level of services needed by the company; and third, selecting a vendor to assist the robot as a service.

According to our primary respondents' research, the Robot as a Service market is predicted to grow at a CAGR of roughly 16.5% during the forecast period.
The Robot as a Service market was estimated to be worth roughly USD 14.5 billion in 2021 and is expected to reach USD 44 billion by 2028; based on primary research.
Based on the service type segment, the Professional Robots category is predicted to increase at an exponential rate throughout the forecast period.
On the basis of region, Europe is projected to dominate the worldwide robot as a service market.
During the projected period, the growing demand for professional robots in a variety of industries is expected to fuel the global robot as a service market expansion. This is due to the increased need for automated processes in a variety of professional sectors. Robot as a service is gaining popularity due to an increase in the impact of human assistance jobs, the reduction of work pressure, and the support of maximum reliability in repetitive operations in industries. However, the annual maintenance cost of service robots is very high and this limits the ability of businesses, particularly small and medium-sized businesses, to invest. This is likely to hamper the market growth during the coming period.

By service type, the market is divided into personal and professional. The professional robots category has a bigger market share and is predicted to increase at an exponential rate throughout the forecast period. This is mostly due to increased demand for service robots in areas such as defense, construction, medical, logistics, and others.

By end-user, the market is classified into healthcare, BFSI, food & beverage, IT & telecom, retail, defense, media & entertainment, logistics, and others. Because of the automation brought by the act of moving and storing goods, the logistics segment has the largest stake. In addition, there is a growing need for service robots in order to streamline supply chain procedures across sectors. Medical service robots are expected to develop significantly as people turn toward incorporating robotic solutions for important medical procedures and with the advent of high-tech research facilities.

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