Connect with us

Technology

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

Published

on

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.

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now

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. 

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

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.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

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/

View original content to download multimedia:https://www.prnewswire.com/news-releases/the-robotics-as-a-service-raas-market-is-projected-to-grow-by-usd-2-49-billion-2024-2028-driven-by-rapid-industrialization-and-ais-role-in-redefining-the-market-landscape–technavio-302271120.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

TESSAN Showcased New Charging Products at CES 2025, Enhancing Its Role in Modern Life and Travel

Published

on

By

LAS VEGAS, Jan. 11, 2025 /PRNewswire/ — At CES 2025, TESSAN showcased its relentless pursuit of technological innovation and enhanced user experience, engaging with a diverse audience to reinforce its commitment to being a dependable companion in users’ lives and travels. The event was a vibrant platform for interaction, where TESSAN not only presented its latest advancements but also connected with media, social influencers, and attendees through various engaging activities.

The exhibition garnered substantial media attention, with TESSAN being interviewed by various outlets. In acknowledgment of its innovative contributions, TESSAN received an award from SlashGear, a leading technology media platform known for its in-depth reviews and news on tech, cars, gaming, and science since 2005. The event’s excitement was further amplified by social media influencers, who explored the exhibition and shared their experiences with their followers, significantly enhancing the reach and impact of TESSAN’s innovations.

A highlight of the event was the interactive “What’s Your Next Journey?” activity, which invited attendees to participate for a chance to win an exclusive poster of the American singer-songwriter Rachael Yamagata, who recently partnered with TESSAN to inspire travelers.

Central to the exhibition were TESSAN’s latest products that underscored the brand’s commitment to innovation and user-centric design. The Travel Adapters, with its lightweight, compact, and multifunctional design, was a standout. Designed for global use, it caters to frequent travelers, ensuring seamless connectivity across different countries. The 140W Universal Travel Adapter, in particular, captured significant attention as an essential tool for global connectivity.

The Charging Station was another focal point, offering multi-device charging capabilities, rapid charging technology, and safety features. Suitable for both home and office environments, it meets the needs of users with multiple devices. The 100W Charging Station, a 9-in-1 powerhouse, exemplifies this by charging multiple gadgets simultaneously at lightning speed, appealing to busy individuals and tech enthusiasts alike.

Additionally, the Smart EV Charger demonstrated TESSAN’s commitment to sustainable and efficient solutions. Compatible with various electric vehicle models, it provides a convenient and eco-friendly charging option for EV users.

TESSAN’s diverse product range embodies the brand’s vision and core values, aiming to be a reliable companion in both daily life and travel. By prioritizing simplicity and convenience, TESSAN designs products that eliminate complexity and meet modern efficiency needs. Innovation is key, with advanced technologies like GaN (Gallium Nitride) enhancing performance and compatibility. Sustainability is also central to TESSAN’s mission, as demonstrated by eco-friendly practices and partnerships with ClimatePartner and One Tree Planted. Notably, TESSAN has launched an initiative to plant 10,000 trees across the U.S. and beyond, reinforcing its commitment to environmental sustainability and climate action.

Beyond product innovation, TESSAN enhances its impact through strategic collaborations. A notable partnership with globe-acclaimed photographer and adventurer Mattias Klum underscores the brand’s reliability. Additionally, TESSAN has teamed up with Rachael Yamagata to launch a global initiative aimed at uncovering travelers’ stories and inspiring exploration of the unknown.

As TESSAN continues to innovate and expand its product offerings, it remains dedicated to meeting the evolving needs of users worldwide. The brand invites everyone to join in its journey of exploration and discovery, promising more high-quality products that enhance connectivity and enrich lives.

About TESSAN

TESSAN, a trusted partner in charging solutions, is committed to enriching experiences both at home and during travel. The brand offers a wide array of products, including multifunctional power strips, travel adapters, wall extenders, and smart home devices. Supported by a robust R&D and production team, TESSAN develops innovative socket products for users across the globe. With the trust of over 20 million users, TESSAN empowers their journeys from home to every destination, promoting environmentally conscious electricity usage.

For more information, visit www.tessan.com or the TESSAN Amazon store, and follow TESSAN on Facebook, Instagram, and YouTube.

CONTACT: Derien Lin, derien@tessan.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/tessan-showcased-new-charging-products-at-ces-2025-enhancing-its-role-in-modern-life-and-travel-302347816.html

SOURCE TESSAN

Continue Reading

Technology

Docking Drawer to Revolutionize Appliance Garage Safety at KBIS 2025

Published

on

By

Docking Drawer, the leader in in-drawer outlet solutions, is set to showcase its newly configured Safety Interlock Outlets for appliance garages at the Kitchen & Bath Industry Show (KBIS) in Las Vegas this February 2025.

SAN RAMON, Calif., Jan. 11, 2025 /PRNewswire-PRWeb/ — Docking Drawer’s Unwavering Dedication to Safety

“At Docking Drawer, we’re not just creating products; we’re setting new standards for safety and functionality.”

When it comes to safety, no one in the industry matches the focus and innovation of Docking Drawer. Their Safety Interlock Outlets for appliance garages bring a unique, forward-thinking solution to an often-overlooked area in kitchen design. These safety outlets automatically de-energize an appliance garage power source when the cabinet door is closed, ensuring that appliances are safely powered off when contained inside the cabinet.

Docking Drawer is also the only company dedicated to creating in-cabinet electrical solutions that meet the strict code requirements of the Canadian marketplace. Their Safety Interlock Outlets are designed to make in-cabinet electricity compliant in Canada while offering consumers in all regions an additional layer of safety for in-cabinet power.

Advanced Limit Switch Technology

Docking Drawer’s Safety Interlock Outlets for appliance garages utilize an advanced Limit Switch system, designed to work seamlessly with power outlets concealed by a cabinet door. This intuitive feature detects when the cabinet door is closed, instantly cutting power to the connected outlet and all powered appliances.

Now Compatible with Any Appliance Garage Door

An updated Limit Switch feature now offers different switch options to accommodate all appliance garage door types, including traditional cabinet doors, pocket door setups, and more. The newly designed Limit Switch now offers two functions to choose from:

Power Off When Limit Switch is Depressed: This state is ideal for traditional cabinet doors, where closing the door depresses the switch to cut power safely.Power On When Limit Switch is Depressed: This state is perfect for pocket doors, where the door being pushed back upon opening activates the switch, turning the power on.

Customizable Connectivity

The flexibility of Docking Drawer’s solutions also allows for connecting multiple limit switches to a single safety outlet or vice versa, offering customization options to adapt to the unique demands of any project.

“At Docking Drawer, we’re not just creating products; we’re setting new standards for safety and functionality,” states Scott Dickey, founder of Docking Drawer. “Our Safety Interlock Outlets represent the culmination of our dedication to innovation and empowering homeowners and professionals with safer, more organized spaces—even beyond the kitchen and bathroom.”

Join Us at KBIS 2025

Don’t miss the opportunity to experience the future of kitchen safety. Visit Docking Drawer at KBIS 2025 in Las Vegas this February to see firsthand how their Safety Interlock Outlets are revolutionizing appliance garage safety.

About Docking Drawer:

Founded in 2014, Docking Drawer offers a full array of ETL Listed electrical solutions. From our core in-drawer outlets developed specifically for use inside the drawer to our family of safety interlock outlets which add peace of mind to in-cabinet electrical setups, our products are designed to create more organized, functional and safer spaces.

Media Contact

Paul Hostelley, Docking Drawer, 1 530-362-5055, paul@dockingdrawer.com, dockingdrawer.com

View original content:https://www.prweb.com/releases/docking-drawer-to-revolutionize-appliance-garage-safety-at-kbis-2025-302347293.html

SOURCE Docking Drawer

Continue Reading

Technology

More than 85 Governments to Gather in Riyadh to Lead Global Action on Minerals at Fourth Future Minerals Forum

Published

on

By

RIYADH, Saudi Arabia, Jan. 11, 2025 /PRNewswire/ — Over 85 governments from key mineral-producing and consumer nations, including 16 countries from the leading G20 economies, and 50 ministers and 13 vice ministers – have confirmed they will join the 2025 FMF Ministerial Roundtable on January 14, 2025.

The Ministerial Roundtable, a multi-stakeholder, government-led initiative, is the traditional opener of FMF, spurring international action to increase investment in mineral supply and build capacity in the Super Region of Africa, Western and Central Asia, and other supply regions. It is set to be the largest and most senior gathering of mineral resources officials in the world

Discussion will cover progress made over the past year on the three Ministerial Roundtable initiatives:

Development of an International Critical Minerals FrameworkEstablishment of Centers of Excellence to build capacity in sustainability (Morocco), talent development (South Africa), and technology innovation (Saudi Arabia).Advancements in Certification Systems to ensure responsible mineral sourcing.

His Excellency Khalid Al-Mudaifer, the Vice-Minister for Mining Affairs of Saudi Arabia’s Ministry of Industry and Mineral Resources, emphasizes that, “The meeting is an important step towards achieving sustainable development in the minerals sector globally. It is an ideal platform for delivering solutions, developing legislation on best practices in the field of sustainable mining, and exploring ways to invest in mining projects to achieve economic and social development in producing countries.”

Joining him are high-profile leaders, including ministers from supplier and financing like Brazil, South Africa, DRC, India, Egypt, Italy, Nigeria, Qatar, Pakistan, Kazakhstan, Uzbekistan, Malaysia, Thailand, Morocco, Indonesia, France, USA and the United Kingdom, discussing opportunities for global cooperation.

 “This year, discussions will seek to enhance collaboration between governments, industry, and communities to drive more investment in minerals, and development through value addition in supplier countries. We want to support the pressing need for sustainable mining practices, resilient supply chains, and value-driven partnerships in the minerals industry.”

Importantly, the outcomes of the Ministerial Roundtable are not confined to the event itself but form an ongoing, year-round program. Regional Coordination Groups will continue to drive the implementation of key initiatives.

“FMF is emerging as the largest global hub for minerals collaboration and action – no other platform brings together government ministers and senior industry leaders at this scale.” Al-Mudaifer concluded.

 

SOURCE Future Minerals Forum

Continue Reading

Trending