01-Feb-2021 | Zion Market Research
As per analysts at Zion Market Research, the global robot software market was capitalized at USD 1.65 billion in 2019 and is projected to attain USD 14.72 billion by 2025 witnessing growth with 44.68% CAGR during the forecasted period 2019–2025. The surging adoption of robots for industrial and commercial applications, advancing AI (artificial intelligence) and IoT (Internet of Things) technologies, and rising demand for advanced solutions by producers to offer high-quality products at reasonable prices are some of the key driving aspects of the robot software market. Nevertheless, the lack of skillful expertise is one of the major limiting aspects of this market. The rising implementation of robotics by SMEs (small and medium-sized enterprises) and development in industry 4.0 are some of the major trends that are likely to offer beneficial opportunities for shareholders in the worldwide robot software market.
Some of the key players in the market are ABB Ltd., IBM Corporation, Cloudminds, Nvidia Corporation, Aibrain, Brain Corporation, Neurala, Furhat Robotics, iRobot, Microsoft Corporation, Epson Robotics, Oxbotica, and Energid technologies.
Augmenting Industry 4.0 To Stimulate The Global Robot Software Market
The use of machine learning, AI, and other cognitive technologies presents opportunities for robots to carry out functions, like planning, learning, logic, reasoning, and perception, to efficiently process enormous quantities of data. The AI facilitates robots to hold an interleaved set of abilities, which consist of self-awareness, creativity plus emotional knowledge. The use of AI in robotics enhances human potential by augmenting productivity and is registering a transition from simple analysis to more human-like cerebral abilities. Currently, the technology is witnessing surging penetration in areas of applications such as healthcare, manufacturing, energy, financial services, government, transport, with management consulting agencies. The robot software market will be compelled by industry 4.0 since the manufacturing segment makes a changeover to smart factories. As per a report by the IFR (International Federation of Robotics), the robot sales surged by 30% in 2017.
The global robot software market is bifurcated on the basis of type, robot type, vertical, and regional analysis. Based on the type, the market is divided into simulation software, recognition software, data management software, predictive maintenance software, and communication management software. Based on the robot type, the market is divided into service, industrial, smartphones, and collaborative. Based on the vertical, the market is divided into BFSI, government, retail, logistics, healthcare, IT & telecommunication, and manufacturing.
The Asia Pacific Region Estimated To Witness Massive Growth In The Global Robot Software Market
Based on the geographical analysis, the global robot software market is divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. The Asia Pacific region is anticipated to rule the robot software market due to the presence of the giant manufacturing segment. South Korea holds the maximum robot density in the production sector owing to the set up of a large number of robots chiefly in electronics & electrical and automotive industries. Singapore will also have a noteworthy impact on the industry across the Asia Pacific region as the country had 90% of robots in the electronics industry.
Browse the full “Robot Software Market: By Type (Service Robots And Industrial Robots), By Application (Residential, Commercial, And Industrial) By End Use (Manufacturing, Retail And Ecommerce, Telecom And IT, Government And Defense, Transportation And Logistics, And Others): Global Industry Perspective, Comprehensive Analysis And Forecast, 2018-2025..” Report at https://www.zionmarketresearch.com/report/robot-software-industry
The global robot software market is segmented as follows:
By robot type:
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