Robot Software Market To Reach USD 31.1 Billion By 2027 | CAGR 45% — Forencis Research
Global Robot Software Market: Key Highlights
- According to the new market research report “Robot Software Market by Robot Type (Industrial Robot, Service Robots, Consumer Robots, Humanoid Robots, and Educational Robots), by Software Type (Predictive Maintenance Software, Simulation Software, Programming Software, and Data Management Software), by Deployment Mode (On-Demand and On-Premise), by End-User (Banking, Financial Services, and Insurance, Healthcare, Manufacturing, Telecommunications and IT, Retail and Ecommerce, Energy & Utilities, Transportation and Logistics, and Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2019 to 2027)”, the global robot software market is estimated to reach USD 31.1 Billion by 2027 at a CAGR of around 45% during the review period.
- The advancement in automation technologies boosts the software programming techniques which is anticipated to increase the market growth.
- However, the high initial cost of investment issues remains a major challenging factor for the growth of the robot software market in the forecast period.
Global Robot Software Market: Key Market Dynamics
- With the rising usage of robot in manufacturing enhanced the productivity and volume of the industries which boost the growth for the market in the projected period.
- Growing adoption of artificial intelligence and machine learning technologies enhances the productivity which boost the market in the forecast period.
- Cybersecurity issues is remaining are restraining factor which will hinder the market growth in the forecast period.
- Automation technologies also helps the industries to reduced cost, improve the operational efficiency and to improve the internal processes of the business
Global Robot Software Market: Regional Overview
According to the National Center for Biotechnology Information, in 2014 China was the leading player for the robot market with a share of 25%. Also as per NITI Aayog, China is enhancing and using Artificial Intelligence (AI) for improving public services by financial support, and international corporation. Moreover, by the Internet of government forum, China invested about USD 2.6 billion in Artificial Intelligence (AI). The region is also focusing on the robot operating system (ROS) into the industrial application which is projected to enhance the market growth.
Hence, the growing technologies and software in the region are anticipated to create a positive impact on the growth of the robot software market in the region.
According to the Library of Congress, in 2017 the European Parliament adopted a legislative initiative resolution in which it recommended a range of legislative and non-legislative initiatives in the field of robotics and AI to the European Commission. Moreover, the European Commission established robotics and artificial intelligence unit which enhance the robotics and artificial intelligence industries to grow its services. Also, improve the autonomous system which includes drones and driverless vehicles to cognitive vision and computing.
Therefore, the growing adoption technology in the region will be projected to lead the demand for the market.
Global Robot Software Market: Key Players Overview
- NVIDIA Corporation:
NVIDIA Corporation is a computer chip manufacturer and technology company. The company designs graphics processing units (GPUs), for the gaming market, as well as system on chips, or SOCs, for the mobile computing and automotive markets. Moreover, NVIDIA Isaac includes SDK Isaac Engine, Isaac GEMs, Isaac Application and Isaac Sim for Navigation. These tools and APIs enhanced the robot development by efficient and by including artificial intelligence (AI) for perception and navigation into robots. Furthermore, in 2018 NVIDIA launches the Isaac robot platform with Jetson Xavier robot processor for enhancing the development and productivity of the business.
- CloudMinds Technology Inc.:
CloudMinds is a world-leading cloud robot and services company which offer end-to-end cloud systems for the global robotics industry. The company is the operator of cloud-based systems for intelligent robots. Moreover, the company operates in smart robots and offers its services worldwide. The end-to-end cloud robotics system combines cloud intelligence architecture and robot bodies to provide cloud robot services to users. In 2019, CloudMinds partners with Sprint to develop a 5G humanoid robot to enhance the performance.
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