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The Robotics as a Service (RaaS) Market is projected to grow by USD 2.49 Billion (2024-2028), driven by rapid industrialization and AI’s role in redefining the market landscape – Technavio

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NEW YORK, Oct. 9, 2024 /PRNewswire/ — Report with market evolution powered by AI – The Global Robotics as a Service (RaaS) Market size is estimated to grow by USD 2.49 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 23.47% during the forecast period. Rapid industrialization in developed countries is driving market growth, with a trend towards adoption of operational intelligence and data analytics. However, need for technical expertise poses a challenge – Key market players include Ademco Security Group Pte Ltd., Caja Elastic Dynamic Solutions Ltd., Cobalt Robotics Inc., Exotec SAS, Field Group AS, HAHN Group GmbH, Harvest Automation, inVia Robotics Inc., Irobot Corp., Knightscope Inc., Kraken Robotics Inc., Locus Robotics Corp., Marks and Spencer Group plc, OhmniLabs Inc., Rapyuta Robotics Co. Ltd., RedZone Robotics Inc., Relay Robotics Inc., Sarcos Technology and Robotics Corp., Singapore Technologies Engineering Ltd., and Zebra Technologies Corp.

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Forecast period

2024-2028

Base Year

2023

Historic Data

2017 – 2021

Segment Covered

Type (Professional and Personal), Application (Intralogistics, Medical applications, Surveillance and security, Field robotics, and Others), and Geography (APAC, North America, Europe, South America, and Middle East and Africa)

Region Covered

APAC, North America, Europe, South America, and Middle East and Africa

Key companies profiled

Ademco Security Group Pte Ltd., Caja Elastic Dynamic Solutions Ltd., Cobalt Robotics Inc., Exotec SAS, Field Group AS, HAHN Group GmbH, Harvest Automation, inVia Robotics Inc., Irobot Corp., Knightscope Inc., Kraken Robotics Inc., Locus Robotics Corp., Marks and Spencer Group plc, OhmniLabs Inc., Rapyuta Robotics Co. Ltd., RedZone Robotics Inc., Relay Robotics Inc., Sarcos Technology and Robotics Corp., Singapore Technologies Engineering Ltd., and Zebra Technologies Corp.

Key Market Trends Fueling Growth

The Robotics as a Service (RaaS) market is experiencing notable advancements, particularly in operational intelligence and data analytics software solutions. Vendors are prioritizing real-time operational intelligence improvements and ensuring data accessibility for expert teams. AI functionalities are also undergoing enhancements. Vendors aim to seamlessly integrate data from various sources, enabling simultaneous analysis by experts in different locations. This data collaboration leads to informed decisions regarding robot and drone operation and maintenance. The adoption of operational intelligence and data analytics is crucial for the growth of the global RaaS market. 

Robotics as a Service (RaaS) market is experiencing significant growth as businesses adopt automation to streamline operations and enhance efficiency. Food delivery giants are integrating RaaS technology for last-mile delivery through self-driving cars and sidewalk robots. RaaS enables procuring, coding, and accessorizing robots without the need for large capital expenditure. However, challenges such as insufficient production, slow ROI, and high operating costs persist. Logistics end-use segment, including supply chain operations, is a major adopter of RaaS. Robotics service partners offer software upgrades, sensor replacements, and part replacements. The healthcare sector uses RaaS for surgical robots and personal assistance robots. Sales strategy and geographical footprint expansion are key focus areas for RaaS providers. Automation in Manufacturing, Retail, Logistics, and the Healthcare sector, along with the Automotive and BFSI industries, are embracing RaaS. Cloud-based robotics platforms, IoT, AI, and the subscription model are driving the RaaS market. 

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Market Challenges

The Robotics as a Service (RaaS) market in APAC faces challenges due to the lack of technical expertise among end-users. End-users need to understand robot functioning and periodic servicing to ensure smooth operations. This knowledge gap results in reluctance to adopt robots due to perceived downtime during maintenance. Vendors can address this issue by providing comprehensive training and consultation services. The absence of skilled operators and proper training hinders the widespread adoption of robotic automation through the RaaS model. In APAC, end-users’ reluctance to learn new technologies further impedes market growth. To succeed, vendors must invest in training programs and offer ongoing support to end-users with limited technological familiarity.Robotics as a Service (RaaS) is revolutionizing industries by offering flexible and cost-effective automation solutions. However, some challenges persist. Slow return on investment (ROI) and revenue generation are common concerns. Low-cost alternatives and the logistics end-use segment require special attention. Robotics service partners play a crucial role in handling applications like seamless material handling and warehouse automation. Operating costs, particularly in sectors like manufacturing, healthcare, retail, and logistics, remain a challenge. Capital expenditure for purchasing and maintaining robots can be high. RaaS addresses this by offering a subscription model. Sectors like healthcare, with surgical robots and personal assistance robots, and the automotive and BFSI industries, are prime targets. RaaS is also expanding into new areas like autonomous security business and geographical footprint. Cloud-based robotics platforms, IoT, and AI are integral to RaaS. Automation in manufacturing, handling applications, and supply chain operations are key areas of growth. Sales strategy and partnerships are essential for success.

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Segment Overview 

This robotics as a service (RaaS) market report extensively covers market segmentation by

Type 1.1 Professional1.2 PersonalApplication 2.1 Intralogistics2.2 Medical applications2.3 Surveillance and security2.4 Field robotics2.5 OthersGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 Professional- The Robotics as a Service (RaaS) market refers to the provision of robotics solutions on a subscription basis. Businesses can access advanced robotics technology without the need for large upfront investments. RaaS offers flexibility, scalability, and cost savings. It enables companies to automate repetitive tasks, improve productivity, and enhance operational efficiency. RaaS providers offer customized solutions tailored to specific industry requirements. This business model is gaining popularity due to its affordability and ability to deliver quick returns on investment.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2017 – 2021) 

Research Analysis

The Robotics as a Service (RaaS) market is experiencing rapid growth as businesses across various sectors adopt robotics technology to streamline operations and enhance efficiency. RaaS technology is revolutionizing industries such as food delivery services, where self-driving cars and sidewalk robots are transforming last-mile delivery. In the healthcare sector, personal assistance robots are improving patient care and increasing autonomy. Manufacturing, Retail, Logistics, and the Automotive industry are also embracing RaaS for automation and cost savings. Cloud-based robotics platforms, IoT, AI, and a subscription model are driving the adoption of RaaS in Large Enterprises. The geographical footprint of RaaS is expanding, with applications in the BFSI industry and the autonomous security business. The sales strategy for RaaS providers involves offering customized solutions to meet the unique needs of each industry. RaaS is set to revolutionize the way we work and live, with endless possibilities for innovation and growth.

Market Research Overview

The Robotics as a Service (RaaS) market is experiencing significant growth due to the adoption of robotics in various industries, including food delivery services and logistics. RaaS technology enables food delivery giants to integrate self-driving cars, sidewalk robots, and other robotic solutions for last-mile delivery, offering a more efficient and cost-effective alternative to traditional delivery methods. RaaS allows procuring, coding, accessorizing robots, and managing software upgrades, sensor replacements, and part replacements, reducing the need for capital expenditure. However, challenges such as insufficient production, slow ROI, and high operating costs can hinder the market’s growth. The logistics end-use segment, including supply chain operations, is a significant contributor to the RaaS market, with robotics service partners offering seamless material handling and warehouse automation solutions. The healthcare sector also benefits from RaaS through the use of surgical robots and personal assistance robots. The manufacturing, retail, automotive, BFSI industries, and automation sectors are also adopting RaaS for handling applications. Cloud-based robotics platforms, IoT, AI, and a subscription model are driving innovation in the RaaS market, with large enterprises and geographical footprint expansion being key sales strategies for market players.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeProfessionalPersonalApplicationIntralogisticsMedical ApplicationsSurveillance And SecurityField RoboticsOthersGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Turing AI Fellow Jeff Dalton Joins Valence as Head of AI and Chief Scientist

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October 10, 2024

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Jeff Dalton has authored 100+ AI research papers and spent 20 years making search and assistants smarter. Now, he is joining Valence to oversee development of their AI-powered leadership coach—building deeper memory and context for hyper-personalized support that democratizes learning and development.

NEW YORK, Oct. 9, 2024 /PRNewswire-PRWeb/ — Valence, creator of the most widely deployed AI leadership coach for enterprise, today announced the appointment of Dr. Jeff Dalton as Head of AI and Chief Scientist. Jeff will lead ongoing development of Valence’s AI coach Nadia, which is already deployed in dozens of Fortune 500 companies and used by tens of thousands of corporate leaders.

“If we do this right, Nadia will evolve into a personalized AI coach that you can’t work without.”

There are just a handful of people in the world with as much experience as Jeff when it comes to building conversational AI for complex problems. He is the author of more than 100 research papers and holds multiple patents in search, natural language understanding, and question answering. He played a key role on the Knowledge Discovery and Assistant teams at Google, developing language understanding capabilities for the Google Assistant and building next-generation knowledge graphs for Google search. At the University of Glasgow, he led the TREC Conversational Assistance Track (CAsT), which, in partnership with the US National Institute of Standards and Technology, created one of the world’s first benchmarks of conversational search quality.

Today, Jeff holds a UKRI Turing AI Acceleration Fellowship on Neural Conversational Assistants and has received research awards from Google, Amazon, and Bloomberg. He is an Associate Professor in AI at the University of Edinburgh in the School of Informatics, where he leads the Generalized Representation and Information Learning Lab (GRILL).

“The conversational agents we have today aren’t really personal and don’t really adapt to us over the long term,” Jeff explained. “LLMs are amazing technology, but still largely used for simple tasks like writing email or Q&A. How do we create next-generation AI agents that know us well enough to proactively help us with all of our tasks?”

Context is critical, and it’s what sets Valence’s Nadia apart as the only high-context AI work coach. Nadia has extensive context about each employee and the company and uses that to tailor expert guidance to individual employees and situations. At Valence, Jeff will lead development with a focus on building even deeper context and stronger memory for Nadia.

“What I love about Jeff’s background is that his experience is very practical. It’s about taking the research and delivering something valuable for users both immediately and for years down the road. Everyone deserves a great coach, and Jeff will help us deliver personalized, AI-powered support and guidance that creates better leaders and better companies,” said Valence CEO Parker Mitchell.

“Where are you in your career? Where do you want to get to next? What career skills have you learned recently? Context like this will allow Valence’s AI coach to learn about you with each interaction, become a seamless part of workflows, and provide world-class guidance that helps leaders grow. If we do this right, Nadia will evolve into a personalized AI coach that you can’t work without,” said Jeff.

ABOUT VALENCE

Valence is on a mission to unlock human potential across the entire workforce of any organization. Founded in 2018, the company began by offering software to support managers to improve team performance and help teams work better together. In 2022, Valence recognized the potential of LLMs to unlock the ultimate goal of personalized support at scale. They began offering an AI-powered leadership coach that provides individuals with guidance and support unique to their needs, and is affordable enough to scale to every single employee.

Two years on, Valence’s AI coach, Nadia, is the most widely deployed AI leadership coach for enterprise. Nadia integrates seamlessly with company values and leadership frameworks and builds context about each individual employee for personalized learning and development at scale for every career stage. It is technology that puts the world’s best executive coach in the pocket of every leader, manager, and employee.

The company raised its Series A in May 2022, led by Insight Partners.

Media Contact

Kira Luscher, Valence, 1 4154072994, kira@valence.co, https://www.valence.co/

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SOURCE Valence

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Hyundai Motor Celebrates Production Milestone of 100 Million Vehicles with ‘One step further’ Exhibition

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October 10, 2024

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Exhibition showcases driving forces behind achieving global production of 100 million vehicles and thanks customers for their unwavering supportJourney begins with first model ‘Cortina Mark 2’ and the Pony, Hyundai Motor’s first independently developed modelThree iconic models ‒ SONATA, ELANTRA and Scoupe – highlight Hyundai’s drive to go ‘one step further’ in design, production and engineeringModern SUV and EV lineups reinforce Hyundai Motor’s transformation from traditional automaker to smart mobility solutions provider

SEOUL, South Korea, Oct. 9, 2024 /CNW/ — Hyundai Motor Company is marking its historic achievement of producing 100 million vehicles worldwide with the grand opening of its ‘One step further’ exhibition at Hyundai Motorstudio Seoul. The exhibition showcases the driving forces behind the 100-million-unit production milestone and conveys Hyundai’s gratitude to those customers who have been part of the journey.

This exhibition is a continuation of the 100 million production celebration held at Hyundai Motor’s Ulsan Plant on September 30. At that event, the company delivered the 100 million and first vehicle, an IONIQ 5, to its new owner, representing the brand’s gratitude to its customers for their unwavering support.

“It takes thousands of parts and pieces to build a car, with combined efforts of millions of people involved in R&D, design and manufacturing over many years,” said Sungwon Jee, Senior Vice President and Global Chief Marketing Officer at Hyundai Motor Company. “We wanted to shed light on these behind-the-scenes efforts that went into producing 100 million vehicles and tell the story of Hyundai Motor’s transformation from a traditional automaker to a leading smart mobility solutions provider.”

Spanning five floors, the exhibition begins on the first floor by introducing the Cortina Mark 2, Hyundai Motor’s first production model; and the Pony, Hyundai Motor’s first independently developed model. The exhibition continues on the second floor where the history of major Hyundai Motor plants is showcased.

The third floor highlights key drivers in achieving the 100 million production milestone, focusing on three iconic models: the first-generation SONATA, the first-generation ELANTRA and Scoupe.

The fourth and fifth floors feature the brand’s modern SUV lineup – SANTA FE, KONA and INSTER; and electric vehicle (EV) lineup – IONIQ 5, IONIQ 5 N and IONIQ 6, looking ahead to Hyundai Motor’s future as it moves forward from a traditional automaker to a smart mobility solutions provider.

Visit Hyundai Newsroom for more information

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SOURCE Hyundai Motor Company

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Acer Medical: VeriOsteo OP Obtains Medical Device Approval from Indonesia’s Ministry of Health

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October 10, 2024

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TAIPEI, Oct. 10, 2024 /PRNewswire/ — Acer Medical announced that its AI-assisted bone mineral density abnormalities screening software, VeriOsteo OP, has obtained a medical device certificate from Indonesia’s Ministry of Health. This marks the second product to receive registration approval, following the certification of the VeriSee DR, an AI-assisted diagnostic solution for diabetic retinopathy VeriSee DR.

VeriOsteo OP analyzes bone mineral density (BMD) through X-ray images, calculates the bone mineral density (BMD) and to predict T-score and assists doctors in assessing potential BMD abnormalities. The software offers both medical professionals and patients with quick results and appropriate treatment options.

Indonesia has a population of more than 200 million, making it the fourth-largest country in the world. Their elderly population of approximately 16 million is susceptible to abnormal bone density. Due to low awareness of the disease, many forego or delay seeking medical treatment, missing the critical period for early intervention.

Acer Medical, a subsidiary of the Acer Group, specializes in leveraging artificial intelligence (AI) and software development to produce medical imaging devices for early and preventive disease detection. The company is dedicated to developing smart medical software and hardware solutions based on AI-driven medical imaging technologies to enhance the diagnostic process. To date, Acer Medical’s AI medical imaging products have obtained 12 medical device certifications in Taiwan and have been successfully implemented in over 300 medical institutions.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/acer-medical-veriosteo-op-obtains-medical-device-approval-from-indonesias-ministry-of-health-302269784.html

SOURCE Acer Medical Inc.; Acer

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