Impact of COVID-19: Robot Software Market Size, Share, Investment Opportunities, Top Regions, Growth & Forecast by 2024
The Global Robot Software Market is projected to reach a value of over USD 31.1 Billion by 2027 at a CAGR of around 45%.
Robot Software is a set of coding inputs which given to the robots for performing a specific automated task. Also, it is an artificial intelligence (AI) that runs in a host device rather than the existing machines. Moreover, it includes an expert system, catboats and virtual assistants for performing a task. The software is used for programming robots to instruct the devices for performing automation tasks.
Hence, it is used to perform functions as well as to automate functions will projected to enhance the market growth.
Robot Software Market: Drivers & restraint
Advancement in Automation Technologies
The advancement in automation technologies boosts the software programming techniques which is anticipated to increase the market growth. Also, it is used for analyses the application, find a pattern and for predications by the huge amount of data. Moreover, these technologies are being used in every industry for enhancing the quality, accuracy and speed the process. It also helps the industries to reduced costs, improves operational efficiency and improves the internal processes of the business.
Hence, advancement in automation technologies leads to enhance the demand for market growth in the forecast period.
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Rising Usage of Robot in Manufacturing
The rising usage of robots in manufacturing enhanced the productivity and volume of the industries which boost the market growth. Also, in smart factories where the machine is digitally linked which helps improve work efficiency and reduce the work time. According to the International Federation of Robotics, between 2011 to 2016 the adoption of the robot in the manufacturing industry has been increased by 12% globally.
Therefore, rising usage of robot in manufacturing increases the demand for the robot software market during the forecast period.
High Initial Cost of Investment
Robots required a large initial cost of investment. It is typically the problem for the companies while making an investment in robotic automation as it requires a high cost to install. Moreover, the software and the equipment that need to prepare the robots are high as well as its maintenance and repair cost is also high which may hinder the market growth.
Hence, the initial cost and cost of the repair are projected to be high which hamper the robot software in the forecast period.
Robot Software Market: Key segments
- Based on Robot Type: Industrial Robot, Service Robots, Consumer Robots, Humanoid Robots, and Educational Robots
- Based on Software Type: Predictive Maintenance Software, Simulation Software, Programming Software, and Data Management Software
- Based on Deployment Type: On-Demand and On-premise
- Based on Application: Banking, Financial Services, and Insurance, Healthcare, Manufacturing, Telecommunications and IT, Retail and Ecommerce, Energy & Utilities, Transportation and Logistics, and Others
- Segmentation based on region covers: North America, South America, Europe, Asia-Pacific, and Middle East & Africa with individual country-level analysis
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List of the leading companies operating in the Robot Software Market include:
- IBM Corporation (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- NVIDIA Corporation
- CloudMinds Technology Inc.
- Liquid Robotics, Inc.
- Brain Corporation
- Furhat Robotics
- NEURALA, INC
- Teradyne Inc.
- Other Key Companies
Robot Software Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Robot Software Market, by Robot Type
- Industrial Robot
- Service Robots
- Consumer Robots
- Humanoid Robots
- Educational Robots
Robot Software Market, by Software Type
- Predictive Maintenance Software
- Simulation Software
- Programming Software
- Data management Software
Robot Software Market, by Deployment Mode
- On Demand
Robot Software Market, by End-User
- Banking, Financial Services, and Insurance
- Telecommunications and IT
- Retail and Ecommerce
- Energy & Utilities
- Transportation and Logistics
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Robot Software Market by Region
- Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)
- North America (US, Canada, Mexico)
- Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)
- Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
- South America (Brazil, Argentina, Rest of South America)
Key Questions answered by the report
- What are the important developments affecting the market globally and its growth?
- What will be the impact of the developments in the market on the industry and on the market competitor in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What is the important condition that will affect market growth worldwide during the study period?
- Who are the major players operating in the market across the globe?
- How are the major players leveraging in the present market scenario worldwide?
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