RoboInd market brief: Robotics as a Service Market is estimated at USD 1.8 billion in 2023. The report cites a CAGR of 17.4% over 2023–2028.
Market snapshot
- USD 1.8 billion in 2023
- USD 4 billion in 2028
Stated compound annual growth rate: 17.4% (2023–2028).
Market overview
The global Robotics as a Service Market is expected to grow from USD 1.8 billion in 2023 to USD 4.0 billion by 2028, at a compound annual growth rate (CAGR) of 17.4% during the forecast period.The key players 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).
Market drivers and constraints
- Anticipated skilled labor shortage in manufacturing industries: As a result of increasing labor costs and limited availability of labor, robotics as a service has been deemed to be the future of automation as robotics as a service has the ability to scale as needs change, operators can now take control of their business and deliver high levels of productivity and throughput today, as well as in the future, with the ability to gain control over their business as needs change, thus driving the…
- Lack of interaction between robots and the human workforce: Hiring professionals; expert engineers and programmers from overseas for robotic installations is a time taking task. The limited interaction between unskilled labor and robots acts a restraint in market hindering market growth. The complexity of challenging regular tasks requires robotics systems with the temporal, spatial, physical, and social understanding that a broad range of methodologies and tools can best address.
- Emergence of Industry 5.0: Industry 5.0 provides a vision of a sector that aims beyond efficiency and productivity as the sole goals and reinforces the role and contribution of industry to society. It places the worker's well-being at the center of the production process. It uses new technologies to provide prosperity beyond jobs and growth while respecting the production limits of the planet. Industry 5.0 complements the Industry 4.0 approach by specifically putting research and innovation at…
- Safety concerns related to industrial robotics systems: Numerous safety issues are associated with industrial robots . Some robots, notably those in a traditional industrial environment, are fast and powerful. This increases the potential for injury as one swing from a robotic arm, for instance, could cause serious bodily harm. There are additional risks when a robot malfunctions or requires maintenance. A malfunctioning robot is typically unpredictable and can cause injury to workers, acting…
Competitive landscape
Public report coverage names Relay Robotics, and inVia Robotics. The list reflects participants identified by the source and is not a ranking.
Reading the figures: Values follow the market definition and forecast period stated in the source report. Estimates using different scopes should not be combined without normalization.