PUBLISHER: The Business Research Company | PRODUCT CODE: 1484861
PUBLISHER: The Business Research Company | PRODUCT CODE: 1484861
Robotic software encompasses technology designed to automate repetitive, rule-based processes by emulating human interactions with digital systems and applications. Its primary objectives include streamlining company operations, enhancing efficiency, reducing human error, and enabling human workers to focus on more complex and strategic tasks.
The main types of robotic software include industrial robots and service robots. Industrial robots are programmable machines capable of executing diverse tasks with precision and efficiency in industrial environments. The software associated with these robots comprises recognition software, simulation software, predictive maintenance software, data management and analysis software, and communication management software. These solutions cater to enterprises of varying sizes, including large enterprises and small and medium enterprises (SMEs), across multiple sectors such as banking, financial services, and insurance (BFSI), retail and e-commerce, government and defense, healthcare and life sciences, transportation and logistics, manufacturing, telecommunications and IT, academia and research, and other verticals.
The robotic software market research report is one of a series of new reports from The Business Research Company that provides robotic software market statistics, including the robotic software industry global market size, regional shares, competitors with robotic software market share, detailed robotic software market segments, market trends, and opportunities, and any further data you may need to thrive in the robotic software industry. This robotic software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The robotic software market size has grown exponentially in recent years. It will grow from $14.34 billion in 2023 to $17.93 billion in 2024 at a compound annual growth rate (CAGR) of 25.0%. The growth observed in the historical period can be credited to several factors, including the expanding adoption of robots across diverse industries, heightened requirements for precision and accuracy particularly in fields such as surgical procedures, advancements in robotics technology such as artificial intelligence and machine learning, the declining costs associated with robot work cells, and the enhanced speed and throughput capabilities of robots.
The robotic software market size is expected to see exponential growth in the next few years. It will grow to $44.31 billion in 2028 at a compound annual growth rate (CAGR) of 25.4%. The anticipated growth in the forecast period can be attributed to several key drivers. These include the escalating demand for automation solutions spanning various industries, facilitated by the integration of cutting-edge robotic solutions empowered by innovative software. Furthermore, the forecasted period predicts the emergence of new application domains for robotics, such as logistics, healthcare, and consumer services, which in turn will drive the demand for specialized software tailored to support these applications. Additionally, there remains a continued emphasis on enhancing human-robot collaboration and safety features within robotic systems. Major trends anticipated in the forecast period include the increased integration of artificial intelligence (AI) and machine learning (ML) technologies, the proliferation of collaborative robots (cobots) equipped with advanced software capabilities, the adoption of robotics-as-a-service (RaaS) models, and a growing emphasis on interoperability and standardization within robot software.
The growing adoption of automation across industries is poised to drive significant growth in the robotic software market. Automation, characterized by minimal human involvement in manufacturing and service provision through technological solutions, is increasingly embraced for its ability to enhance efficiency, reduce operational costs, minimize errors, and optimize resource allocation. Robotic software plays a pivotal role in facilitating automation adoption by providing organizations with scalable, cost-effective, and user-friendly solutions to automate repetitive tasks and processes. This drive towards automation fosters operational efficiency, agility, and competitive advantage in today's digital economy. For example, in January 2022, according to the State of Process Automation Report 2022 by Camunda, a Germany-based open-source platform, over four in five respondents (82%) of the surveyed 600 IT professionals from North America and Europe indicated that process automation is a higher priority for their organization compared to the previous year. Therefore, the increasing adoption of automation across industries is fueling the growth of the robotic software market.
Key players in the robotic software market are concentrating on developing advanced technologies to maintain a competitive edge. Visual servoing technology, a technique combining robotics and computer vision to control robotic system motion using visual feedback from cameras, represents one such innovation. For instance, in April 2022, ABB Robotics introduced High-Speed Alignment software, a groundbreaking solution aimed at enhancing speed and precision in electronics assembly. This software enables manufacturers to boost 6-axis robot velocity by 70% and precision by 50%, significantly reducing time-to-market while elevating accuracy standards. Leveraging Visual Servoing technology, the High-Speed Alignment software empowers robots to achieve target positions for alignment tasks with exceptional accuracy levels ranging from 0.01 to 0.02 millimeters.
In October 2023, Rockwell Automation Inc. bolstered its position in the robotic software market through the acquisition of Clearpath Robotics Inc. This strategic move aims to revolutionize material handling processes across manufacturing facilities by offering a comprehensive production logistics solution. Clearpath Robotics, a Canada-based developer of robotic software, aligns with Rockwell Automation's vision to streamline and enhance manufacturing operations through advanced automation solutions.
Major companies operating in the robotic software market are ABB Ltd., CloudMinds Technology Inc., NVIDIA Corporation, International Business Machines Corporation (IBM), Liquid Robotics Inc., Clearpath Robotics, Universal Robots AS, Dassault Systemes, Aibrain Inc., Furhat Robotics, Energid Technologies Corporation, H2O.ai, Brain Corporation, Rockwell Automation, Anduril Industries, Boston Dynamics, FANUC Corporation, Yaskawa Electric Corporation, Keenon Robotics, Energy Robotics, Vecna Robotics, Rapid Robotics, ANYbotics, FORT Robotics Inc., Wandelbots GmbH
North America was the largest region in the robotic software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the robotic software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the robotic software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The robotic software market includes revenues earned by entities by providing services such as project consulting and engineering services, training, support, feedback loops, control, pathfinding, data filtering, locating and sharing data. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Robotic Software Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on robotic software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for robotic software ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The robotic software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.