Latest News- Robotics Market: Industrial is expected to lead the Application segment during 2025-2029

The Robotics Market is being driven by Emergence of medical robotics

The Robotics Market is expected to grow at a CAGR of 6.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 18790.6 million. In the Robotics market, the Robotics as a Service (RaaS) business model is gaining traction. This approach allows businesses to lease or rent robots on a monthly or hourly basis, inclusive of essential services such as upgrades, maintenance, and remote monitoring. Cloud computing technology is a significant enhancement to RaaS offerings, enabling real-time remote monitoring and diagnostics. The coming years will witness an influx of companies providing robots via RaaS to optimize product lifespan and minimize support expenses. The advancement of remote diagnostics is expected to significantly decrease operating costs and the need for onsite support. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Industrial
  • Services
• End-user
  • Manufacturing
  • Healthcare
  • Aerospace and Defense
  • Media and entertainment
  • Others
• Component
  • Hardware
  • Software
  • Services
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Emergence of medical robotics
• Stringent health and safety regulations
• Technological advances in robot hardware

However, the market also witnesses some limitations, which are as follows:

• Shortage of skilled personnel
• High cost of deploying robotics
• Regulatory hurdles associated with use of robots

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Market Scope in Robotics Market Research Report

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Research Analysis Overview

The Robotics Market is experiencing significant growth due to various factors including an aging population, advancements in AI and robotics, and the integration of voice commands and connectivity. This growth is evident in sectors such as automation, consumer robots, and surgical robots. Industries like manufacturing, agriculture, and healthcare are adopting robotics systems for tasks like cleaning, intralogistics, and supply chain management. Collaborative robots and service robots are also gaining popularity in sectors like entertainment and education. Drones and agricultural robots are further expanding the market's reach. Overall, digitization and the STEM education ecosystem are fueling the demand for robotics technology.

Market Research Overview

The global electronic equipment and instruments market, a significant segment of the larger electronics industry, encompasses manufacturers of test and measurement equipment, technology hardware, electronic components, and industrial electronics. According to Technavio's market analysis, key growth drivers for this sector include the escalating demand for advanced electronic testing solutions. This demand is fueled by digitalization and technological advancements in various industries such as semiconductors, automotive, IT, consumer electronics, energy, industrial, and medical devices. Additionally, the integration of AI and robotics, including athletic AI and cognitive AI, into industrial processes, as well as the increasing popularity of consumer robots and connectivity, further bolsters market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/