Robot Software Market Analysis | 2023-2029

“The Robot Software Market is expected to grow from USD 4.56 billion in 2022 to USD 20.54 billion by 2029 at a CAGR of 24.0% during the forecast period”.

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Market Dynamics

Introduction

Robot software refers to the computer programs and algorithms used to control robots and automate their tasks. Robot software can range from simple scripts to complex software systems that incorporate artificial intelligence and machine learning algorithms. It is used to program robots to perform specific tasks such as welding, painting, or assembly line tasks, as well as more complex tasks like navigating through environments or recognizing and interacting with objects.

Robot software also includes software for managing the communication between the robot and other systems, such as the user interface or other machines on the factory floor. Additionally, robot software can provide tools for monitoring and optimizing robot performance, such as real-time monitoring of sensors and diagnostics.

Market Drivers

As the field of robotics continues to advance, robot software is becoming increasingly sophisticated, enabling robots to operate autonomously and adapt to changing environments. Robot software plays a crucial role in the operation and control of robots, making it an essential component of modern robotics technology.

The robotics software market is primarily propelled by several significant factors, including the uptake of artificial intelligence, speed improvement, quality enhancement, labor cost reduction, accuracy increase, and production scalability. Adopting robots in various end-user industries, such as manufacturing, electrical and electronics, automotive, food & beverage, and process controls, is seen as the key growth driver for the market of robotic software platforms. The increasing use of robots in diverse end-user industries not only caters to the demand for customization but also helps to reduce labor costs.

Furthermore, the increasing implementation of robots in various industries positively influences the market's growth, as it presents an opportunity to optimize business processes. Robots offer a scalable platform that can operate with maximum efficiency throughout the day and provide considerable flexibility.

The fundamental growth drivers for the robotics software platforms market in the forecast period are the growing adoption of robotics in various end-user industries such as food & beverage, manufacturing, electrical and electronics, automotive, and process controls. With increasing automation in the manufacturing and healthcare sectors, numerous opportunities arise for collaborative robots and their integration in all industries.

Nevertheless, the growth of the market is hampered by concerns over data security and the rising incidence of cyberattacks. Additionally, the increasing occurrence of robot crimes is obstructing the adoption of robots in various sectors, thus reducing prospects for the adoption of robot software. Another significant restraining factor for this market is the lack of skilled expertise.

COVID-19 Impact

However, COVID-19 has acted as a catalyst in expanding the usage of robot software and advancing robotics research. During the pandemic, many companies have deployed robots to disinfect areas and deliver food to quarantined individuals. Some companies have also developed robot software to help people monitor the spread of COVID-19 in their communities.

Recent Developments

• In February 2023, Universal Robots and Yaskawa Motoman partnered with a Robotics as a Service (RaaS) company, Rapid Robotics, to deliver innovations in robotic automation and enable speedy deployment of robots across the U.S.
• In December 2022, ABB Robot Studio takes to the Cloud with new powerful functionalities that enable real-time collaboration.

Segments Analysis

By Robot Type

“Industrial robots are expected to hold the majority share during the forecast period”.

The market is segmented into Industrial Robots and Service Robots. Industrial Robots have the majority share during the forecast period. The adoption of industrial robots is on the rise in the manufacturing industries, thanks to technologies like the Industrial Internet of Things (IIoT) that are vital to the smart factory concept and Industry 4.0. Industrial robots are typically used to perform dangerous or repetitive tasks with high accuracy, replacing human laborers.

For the efficient performance of robots, it is essential to use robot software that can operate them according to the manufacturers' needs. This software is an extension of human capability, reflecting the increasing sharpness of human vision with each generation and technological advancement. As the use of robotics continues to grow in the industrial sector, there is a significant increase in the demand for robotic software.

According to the Association for Advancing Automation, North America saw an increase in industrial robot orders in 2021, with 39,708 units ordered, up 14% from the previous high in 2017. Furthermore, the widespread adoption of automated technology is driving the demand for robots in the automotive industry. In Q4 2021, customers in the automotive industry accounted for 39% of the total orders, as reported by the Association for Advancing Automation.

The growth of the robot software market is primarily driven by several significant factors, including the adoption of artificial intelligence, labor cost reduction, increased accuracy, improved speed, enhanced quality, and production scalability. The robot software market is expected to offer significant opportunities in small, medium, and large-scale industries.

Accenture made a significant acquisition in March 2021 by acquiring Pollux, a provider of industrial robotics and automation solutions based in Joinville, Brazil. This acquisition will enhance Accenture's capabilities in serving clients in the consumer goods, pharmaceutical, and automotive industries that aim to improve the productivity, safety, and sustainability of their factories, plants, and supply chains.

Regional Analysis

“Asia-Pacific is projected to experience considerable growth opportunities during the forecast period”.

The market is broken down geographically into areas, namely North America, Europe, Asia-Pacific, and the Rest of the World (RoW). During the forecast period, the Asia-Pacific is anticipated to experience substantial growth opportunities. The economies that will primarily contribute to the expansion of the robot software market in this region include Japan, South Korea, Singapore, China, and India. The countries in this region are progressively embracing robotics across various industries.

China is predicted to increase its spending on artificial intelligence and robotics due to its dedicated focus on these areas outlined in its 13th five-year plans. In line with this, China's National Development and Reform Commission has introduced a three-year implementation program for artificial intelligence, expected to hasten the adoption of advanced technologies, to make the country a superpower by 2030.

Governments in these areas are offering simple loan options to small and medium-sized businesses (SMEs) and larger enterprises that promote a start-up mentality. Additionally, the growth of the manufacturing industry in emerging economies like China and India, which are producing goods and exporting them globally at a lower cost, is contributing to the rise of industrial robots in the area. This, in turn, is predicted to boost the market for robot software in the region.

To stay competitive in the market, businesses in the area are seeking to create inventive solutions. For example, in May 2022, Amazon declared its intention to establish a new center for consumer robotics software development in India, to develop solutions for global use. The India-based center will assist Amazon's international robotics division, which introduced its initial robot, Astro, in 2021.

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Key Players

The following are the key players in the Robot Software Market (arranged alphabetically)

• ABB
• Aibrain
• Brain Corp
• Cloudminds
• Energid Technologies
• Furhat Robotics
• Ho.AI
• IBM
• Liquid Robotics
• NVIDIA
• Neurala
• Oxbotica

Note: The above list does not necessarily include all the top players in the market.

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Report Features

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Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

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