BUSINESS 4.0

Global Robotics as a Service (RaaS) Market is projected to grow significantly owing to the high cost of deployment of robots. Deployment of robots requires huge initial one-time payment due to the equipment cost that comprises expensive sensors and software. Numerous end-users are adopting robotics as a service (RaaS) over deployment of robots due to the costly training of specialists.

It encompasses maintenance charges in terms of upgrades, electricity, and servicing. The cost involved in the deployment of robots is one of the major reasons for the substantial growth of robotics as a service (RaaS) market. Robotics as a service (RaaS) is essentially a business model that allows end users to use specialized service robots and pay for the proficient services on hourly or monthly basis. This motivates the end users to adopt robotics services through the RaaS model.

Besides the robotics services, the end users can also take advantage of technologies like cloud computing to improve their contributions via services like real-time robot monitoring. Robotics is widely used technology till date and have spread their spectrum in various industries and applications worldwide. From retailing to manufacturing and healthcare, robots perform almost every human activity competently with remarkable efficiency and speed. Spurring growth is observed in could-based storage, artificial intelligence, and computing.

Owing to this growth, robots-as-a-service business models are attaining lot of traction globally, which ultimately stimulates robotics as a service (RaaS) market. Robots as a service model offers largely customized business solutions that differ from customer to customer with numerous options and tasks. Their services are greatly reliant on high capacity and low-latency computing surrounding. Most manufacturing industries require heavy operational tasks in plants, warehouses, and distributional centers for robotics.

RaaS involves a business model in which professional service robots are rented or leased on a monthly or hourly basis, along with upgradation, maintenance, and other basic services to end-users. Apart from renting the robots, vendors also leverage technologies such as cloud computing to enhance their offerings through services, such as real-time remote monitoring of robots.