In 2020, the global robot software market was valued at $4.27 billion, growing at a CAGR of 27.3% from 2017 to 2027. The robot software is a set of instructions on a robot that tells it how to perform specific actions when different conditions apply. Additionally, robot software can increase the productivity of an organization, reduce human errors, automate activities and enhance the quality of work. The use of robot software is widespread in various industries, including healthcare, defense, aerospace, automotive, and infrastructure.
In today's world, robots can accomplish various tasks, including assembling products, detecting and defusing bombs, operating on people, inspecting products, and performing space missions. Furthermore, many industries have adopted robotics to automate repetitive tasks. Moreover, manufacturers are increasingly preferring process automation due to the rise in labor costs and increased productivity, driving the market towards a more profitable condition.
Industry Dynamics of Robot Software Market
- The shortage of labor in the manufacturing sector and the need for automation are two significant factors driving robot software adoption in the manufacturing sector.
- As a result of government spending, technology maturity, and higher adoption of robot software in the aerospace and defence industry, the aerospace & defence segment will grow rapidly.
- Market growth is likely to be inhibited by higher implementation costs and a rise in malware attacks.
- The market is expected to experience remunerative growth opportunities in the forecast period due to the increasing adoption of IoT and AI-based robots in industries.
Regional Outlook of Robot Software Market
Asia-Pacific dominated the robot software market in 2020, and it is forecast to maintain its position during the forecast period. A growing number of economies, including China, Japan, and South Korea, have well-established manufacturing industries that emphasize innovating existing solutions. Additionally, the LAMEA and Asia-Pacific regions are likely to experience significant growth over the forecast period, thanks to rising local government investments and new robot software start-ups in China, India, Thailand, and others.
Outline of the Report
The global robot software market is divided into distinct segments based on software type, robot type, industrial robot type, enterprise size, vertical industry, and region.
Segmentation based on Software Type
- Communication management software
- Simulation software
- Recognition software
- Data management and analysis software
- Predictive maintenance software
Segmentation based on Robot Type
- Industrial Robot
- Service Robot
Segmentation based on Industrial Robot Type
- Traditional Industrial Robots
- Collaborative Robots
Segmentation based on Enterprise Size
- Large Enterprises
- Small Enterprises
- Medium Enterprises
Segmentation based on Industrial Vertical
- Aerospace and Defense
- Media and Entertainment
Segmentation based on Region
- North America
Key Competitors in Robot Software Market
- ABB Ltd.
- International Business Machines Corporation
- Liquid Robotics, Inc.
- AIbrain Inc.
- Furhat Robotics
- Brain Corporation
- CloudMinds Technology Inc.
- Energid Technologies Corporation
- NVIDIA Corporation
COVID-19 Impact on Robot Software Market
Globally, the COVID-19 pandemic has affected every industry. COVID-19 moderately affected the market's growth in the first half of 2020 because lockdown guidelines were published by the governments of many countries, where industry sectors, such as manufacturing, healthcare, and others, were allowed to operate with limited number of employees during the pandemic. Additionally, industry efficiency took a serious hit during the lockdown. As a result, organizations throughout the globe are adopting automated robots to maintain their overall productivity. As a result of the rapid development in the adoption of service and industrial robots, the robot software market will continue to grow at a rapid pace.
The Benefits for Stakeholders
- The study analysed the current market trends, market forecasts for the future, and global robot software market forecasts to identify imminent investment opportunities.
- Detailed analysis of the global market is provided in the report, including key drivers, restraints, and opportunities and their impact on the global market.
- It illustrates the power of buyers and suppliers within the industry via Porter's five forces analysis.
- Analyse the robot software market opportunity between 2021 and 2027 quantitatively to determine the potential market size.