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(IT-NEWSWIRE.COM, March 06, 2023 ) The Robotics as a service market is valued at USD 1.8 billion in 2023 and is anticipated to USD 4.0 billion by 2028; growing at a CAGR of 17.4% from 2023 to 2028. The growth can be attributed to lower costs in long run and anticipated shortage of skilled labor in manufacturing sector.
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Robotics as a service market based on application has been segmented into Handling, Assembling & Disassembling Dispensing, Processing, Welding & Soldering and Others. The handling application held the largest share of the robotics as a service market in 2022 due to the high adoption rate of robotics as a service in the logistics vertical. Handling activities such as pick and place, palletizing, packaging, and loading and unloading are common and applicable to most industries.
The robotics as a service market has been segmented on the basis of vertical has been fragmented into Manufacturing, Automotive, Aerospace & Defense, Logistics, Healthcare, Retail, Food & Beverage, Media & Entertainment and Others. The logistics vertical accounted for the largest market share for robotics as a service market in 2022 due to the high rate of robotics as a service adoption for handling and dispensing in the logistics vertical.
Asia Pacific dominated the robotics as a service market and is expected to maintain the position through the forecast period. The growth of the robotics as a service market in region can be attributed to use of automation which has not yet reached maturity, representing an opportunity for the growth of robotics as a service market. Large e-retailers may use robots for warehousing on a large scale in the coming years. In Asia Pacific, China remains the largest market for robotics as a service, whereas the market in India is expected to grow at the highest rate during the forecast period.
News Also Covered: https://www.prnewswire.com/news-releases/robotics-as-a-service-market-worth-4-0-billion-by-2028---exclusive-report-by-marketsandmarkets-301752823.html
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