Robot Software Market – Highest Revenue Generating Segments, Key Trends, and Competitive Scenario
The robot software market is expected to have enormous opportunities in the small, medium, and large-scale industries.
PORTLAND, PORTLAND, OR, UNITED STATE, October 25, 2022 /EINPresswire.com/ — The key factor that drives the robot software market trends includes a rise in the need for automation and safety in organizations and the rapid adoption of robot software by SMEs to reduce labor and energy cost. In addition, the increase in usage of robots in several industries positively impacts the robot software market growth.
However, factors such as high implementation cost and a rise in malware attacks on the software is expected to hamper the market growth. On the contrary, the increasing adoption of IoT and AI-based robots in industries is expected to offer remunerative opportunities for the expansion of the robot software market during the forecast period.
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Depending on the robot type, industrial robots are expected to account for the largest market share during the forecast period. This is attributed to the growing demand for collaboration robots across various industries and increasing automation in electronics industries across the developing nations of Asia-Pacific and LAMEA regions.
However, service robots are gaining popularity during the COVID-19 pandemic and are expected to witness faster growth, owing to the rise in the application of service robots in companionship, handicap assistance, and assistance for the geriatric populations and rapid adoption of this robot in various industries to perform various complex tasks with ease.
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Region-wise, the robot software market was dominated by Asia-Pacific and is expected to retain its position during the forecast period. This is attributed to high adoption of advanced robotics technologies in growing manufacturing industries across major economies such as Japan, South Korea, China and others. However, emerging countries in Asia-Pacific and Latin America are expected to witness significant growth rates during the forecast period, owing to rising robot software awareness and growth in the number of SMEs adopting robots for automation and work efficiency.
The outbreak of COVID-19 had a moderate impact on the growth of the robot software market in the first half of 2020. This was due to lockdown guidelines published by the government in various countries, wherein manufacturing, and other industries were allowed to operate with a limited number of employees during the pandemic.
However, there was a rise in the adoption of robot software for the adoption of service robots to fight against COVID-19 pandemic by restricting the contact between people. In addition, increased use of industrial robots to reduce the human interference in the production of goods and services is expected to drive the growth of robot software during the COVID-19 pandemic.
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The key players profiled in the robot software market analysis are ABB Ltd., AIbrain Inc., Brain Corporation, CloudMinds Technology Inc., Energid Technologies Corporation, Furhat Robotics, H2O.ai, International Business Machines Corporation, Liquid Robotics, Inc, and NVIDIA Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the robot software industry.
Impact of the Covid-19 Pandemic on the Robot Software Market:
• Owing to a decline in productivity and complete or partial disruptions in manufacturing processes during the lockdown, companies have been adopting robot software to advance their manufacturing models.
• Rapid adoption of robotic services and industrial robots from industry verticals such as manufacturing, logistics, healthcare, and others are expected to register the growth in the robot software market during the Covid-19 pandemic.
• The implementation of automated robots to maintain and accelerate manufacturing processes led to a surge in the adoption of robot software across the globe.
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