Dublin, March 16, 2021 (GLOBE NEWSWIRE) -- The "Robot Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Robot Software market is expected to register a CAGR of 45.5% during the forecast period (2021 - 2026). Robot software is an AI-enabled system used to guide the functions the robot performs. It is a set of coded instructions which executes the functions of a robot.
Robot software enables functions for enhanced intelligence, motion, safety, and productivity, and give the power to make the robots see, feel, learn, and maintain security. These features and benefits allow users to quickly and easily get their robots up and running at maximum productivity.
The major factors driving the growth of the robot software market are the adoption of artificial intelligence, reduction of labor cost, increased accuracy, enhanced speed, improved quality, and scalability of production. The robot software market has huge opportunities in the small, medium, and large-scale industries.
Growing adoption of robots across various end-user industries such as manufacturing, electrical and electronics, food & beverage, automotive and process controls are seen as primary growth drivers for the robotics software platforms market over the forecast timeline. Growing utilization of robots in varied end-user industries helps in meeting customized demand while simultaneously helping lower the labor costs.
However, data security and increasing cyberattacks are hindering the market growth. Also, increasing robot crimes are hindering the adoption of robots in various sectors, thus decreasing the prospects of robot software adoption. Also, the lack of skilled expertise is one of the major restraining factors for this market.
Key Market Trends
Industrial Robots to Have the Majority Application
With the advent of technologies like the Industrial Internet of Things (IIoT) vital to the smart factory concept coupled with Industry 4.0, industrial robot adoption is increasing across the manufacturing industries. An industrial robot is generally used in place of human laborers to perform dangerous or repetitive tasks with a high degree of accuracy.
To make the robots perform efficiently with accuracy as the utmost importance, a software system known as robot software is essential to operate the robots according to the needs of the manufacturers.
This software is an extension of human capability. It reflects the human vision that gets keener with every generation and every technological leap. With the enormous growth of robotics in the industrial sector, the need for robotic software is also increasing substantially.
According to IFR, the annual sales volume of industrial robots increased by 114% over the last five years (2013-2017). Also, from a regional perspective, although the robot sales declined in the Asia-Pacific region in 2018, they were up 6% in the Americas and 7% in in the EU. The U.S. had up 15% from 2017, while both Canada and Mexico were down 15% and 13%, respectively. Owing to the massive growth of the adoption of industrial robots across the sector, the adoption of robot software for industrial robots is expected to grow substantially.
The Asia-Pacific Region Expected to Register Maximum Growth
The Asia-Pacific region is expected to exhibit significant growth opportunities over the forecast period. The major economies contributing to the growth of the robot software market in this region are China, Japan, Singapore, South Korea, and India. The countries in this region are increasingly adopting robotics across industries.
The Chinese market is expected to increase its expenditure related to AI and robotics, as the country has categorically prioritized its focus on AI and robotics in its 13th five-year plans. China's National Development and Reform Commission has announced an AI three-year implementation program that is expected to be instrumental to accelerate the adoption of advanced technologies to help the country become a superpower by 2030.
Also, the governments in these regions are providing easy loan facilities to Small and Medium-sized Enterprises (SMEs) and large enterprises with the start-up culture.
Furthermore, the manufacturing industry growth of the emerging economies, such as China and India, to manufacture goods and export these cost-efficient products across the globe, is proliferating the growth of industrial robots in the region, which in turn is expected to increase the market for robot software in the region.
The global robot software market is moderately fragmented owing to the penetration of robotics across the globe with applications in various industries. The robotic software companies are constantly focusing on developing advanced technologies that would enhance the robotic processes and help the manufacturing industries to intensify their process.
April 2019 - Brain Corp., a Softbank-backed firm is expanding into the robotic delivery space. As a first step, the San Diego-based company introduced a proof-of-concept delivery robot, powered by its software brain, called BrainOs, which is capable of towing carts in factories, warehouses and stores. It expects to launch commercially early next year.
January 2019 - NVIDIA Corporation is opening a new robotics research lab in Seattle near the University of Washington campus led by Dieter Fox, senior director of robotics research at NVIDIA and professor in the UW Paul G. Allen School of Computer Science and Engineering. The charter of the lab is to drive breakthrough robotics research to enable the next generation of robots that perform complex manipulation tasks to safely work alongside humans and transform industries such as manufacturing, logistics, healthcare, and more.
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Key Topics Covered:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Adoption of IIoT and AI
4.3.2 Strong Penetration of Robotics Across Sectors
4.3.3 Growing Need to Reduce Costs While Maintaining Quality
4.4 Market Restraints
4.4.1 Rise in Cyber Attacks
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Threat of Substitute Products
4.6.4 Threat of New Entrants
4.6.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Software Type
5.1.1 Recognition Software
5.1.2 Simulation Software
5.1.3 Predictive Maintenance Software
5.1.4 Data Management and Analysis Software
5.1.5 Communication Management Software
5.2 By Robot Type
5.2.1 Industrial Robots
5.2.2 Service Robots
5.3 By Deployment
5.4 By Enterprise Size
5.4.1 Small and Medium Enterprises
5.4.2 Large Enterprises
5.5 By End-user Vertical
5.5.2 Retail and E-commerce
5.5.3 Government and Defense
5.5.5 Transportation and Logistics
5.5.7 IT and Telecommunications
5.5.8 Other End-user Verticals
5.6.1 North America
5.6.4 Latin America
5.6.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 ABB Ltd.
6.1.2 IBM Corporation
6.1.3 NVIDIA Corporation
6.1.4 CloudMinds Technology, Inc.
6.1.5 Liquid Robotics, Inc.
6.1.6 Brain Corporation
6.1.7 AIBrain, Inc.
6.1.8 Furhat Corporation
6.1.9 Neurala, Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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