Robot Software Market Expected to Reach $47.24 Billion by 2030

According to a recent report published by Allied Market Research, titled, “Robot Software Market by Software Type, Robot Type, Enterprise Size, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global robot software market size was valued at $4.27 billion in 2020, and is projected to reach $47.24 billion by 2030, growing at a CAGR of 27.3% from 2021 to 2030.

Robot software is a set of programmed inputs given to the robot to execute a specific task and attain the desired output. Organizations adopt robot software to automate tasks, reduce operating costs, increase productivity, lower operational risk, improve internal processes, and for other critical work. Robot software is adopted in various organizations in their manufacturing units to execute automated tasks such as data analysis, filtering, triangulation, locating, path finding, analysis, and others.  Furthermore, the key factor that drives the robot software market trends includes rise in need for automation and safety in organizations and rapid adoption of robot software by SMEs to reduce labor and energy cost. In addition, increase in usage of robots in several industries positively impacts the robot software market growth. However, factors such as high implementation cost and rise in malware attacks on the software is expected to hamper the market growth. On the contrary, 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.

Depending on robot type, industrial robots are expected to account for the largest market share during the forecast period. This is attributed to 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, the service robots are gaining popularity during the COVID-19 pandemic and are expected to witness faster growth, owing to rise in application of service robots in companionship, handicap assistance, and assistance for geriatric population and rapid adoption of this robots in various industries to perform various complex tasks with ease.

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 rate during the forecast period, owing to rising robot software awareness and growth in 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 allowed to operate with a limited number of employees during the pandemic. However, there was a rise in adoption of robot software for 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 production of goods and services is expected to drive the growth of robot software during the COVID-19 pandemic.

Key Findings of the Study

• By software type, the data management and analysis software segment accounted for the largest robot software market share in 2020.
• Region wise, Asia-Pacific generated highest revenue in 2020.
• Depending on robot type, the industrial robot segment generated the highest revenue in 2020.

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.