Robotic Software Platforms Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

The Robotic Software Platforms Market revenue is expected to grow at a CAGR of 5.0% over the next five years. Domestic robot is service robots that are becoming more popular for performing household activities such as floor cleaning, pool cleaning, lawn mowing, or medical and disinfecting.

Key Highlights

• Increased labor safety concerns, automation needs, and rising labor & energy costs are significant factors driving the robot industry, thus, supporting the robotics software platforms market growth. The major factors driving the robot software platform market are adopting machine learning and artificial intelligence technologies to enhance speed, improved quality, reduced labor cost, increased accuracy, and production scalability.
• Government agencies and private players are collaborating and are looking to develop innovative solutions to remain competitive in the market. For Instance, Singapore's Defence Science and Technology Agency (DSTA) announced its partnership with Philadelphia-based Ghost Robotics to identify use cases involving legged robots for security, defense, and humanitarian applications. The companies will test and develop mobile robotic systems and the associated technology enablers that can get deployed in challenging urban terrain and harsh environments.
• However, data security and increasing cyberattacks are hindering the market growth. Also, increasing robotics crimes are impeding robotics adoption in various sectors, thus, reducing the robotics software adoption prospects. Also, the need for more skilled expertise is another major restraining factor for this market.
• Due to the COVID-19 pandemic, the disinfection and sanitation robots segment observed significant growth. Blue Ocean Robotics, Intellibot Robotics LLC, IRobot Corporation, Skytron, Bioquell, Ecovacs Robotics, Lumalier Corp, and Siemens are some key companies involved in developing disinfection and sanitation robots at the global level.

Robotic Software Platforms Market Trends

Increasing adoption of Robots in Healthcare Industries

• The growing service robots adoption in medical applications is expected to support the industry growth over the forecast period, as consumers prefer robots for professional services. Critical healthcare applications use service robots for assistance in pill dispensing, surgeries, and precise needle placement. The ability of these robots to carry out repetitive and tedious nursing functions possesses potential growth opportunities for the robotics software platforms industry to standardize system integration.
• Robots in healthcare are equipped with AI that helps to identify, match, and distribute medicine to patients. For Instance, Medrobotics Corp stated that it had received FDA regulatory approval to commercialize the Flex Robotic System in the United States for robot-assisted visualization in general surgical, gynecological, and thoracic procedures.
• According to the International Federation of Robotics (IFR), the estimated annual industrial robot installations in Asia/Australia are expected to have the highest number of 370 units by the end of 2024. Artificial intelligence adoption, labor cost reduction, increased accuracy, improved speed, enhanced quality, and production scalability are the major factors propelling the robot software platform market growth. The robotic software platforms market is expected to have enormous opportunities in the small, medium, and large-scale industries.

Asia-Pacific is Expected to Register Significant Market Growth During the Forecast Period

• The Asia-Pacific region is expected to create significant growth opportunities over the next five years. The increasing manufacturing sectors across the country, such as China, Japan, Singapore, South Korea, and India, contribute to significant growth for the market.
• Key players in the market and regional government agencies are working on regional robotics development. For instance, Addverb Technologies and Reliance plan to build 5G robotics and battery systems and to use carbon fiber to build affordable robots.
• The growing robot adoption across various end-user industries such as manufacturing, automotive, and healthcare is primarily driving growth in the robotic simulation software market. The increasing utilization of robotics in varied end-user sectors helps meet customized demand.
• Furthermore, the manufacturing industry growth of emerging economies, such as China and India, to manufacture goods and export these cost-efficient products across the globe is increasing the development of industrial robots in the region. It, in turn, is expected to increase the market's growth in this region.

Robotic Software Platforms Market Competitor Analysis

The Robotic Software Platforms Market is moderately fragmented owing to the robotics penetration globally with applications in various industries. Robotic software companies such as ABB Ltd., AIBrain Inc., Brain Corporation, iRobot Corporation, and NVIDIA Corporation are constantly focusing on developing advanced technologies that would enhance the robotic processes and help the manufacturing industries to intensify their process.

January 2022 - Furhat Robotics, the Swedish company, acquired US-based Misty Robotics, creators of purpose-built social robots for developers.

August 2022 - Amazon and iRobot entered a definitive merger agreement under which Amazon will acquire iRobot.

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