Robots have been considered as the best friends of mankind since their inception, assisting people in carrying out things that are typically dull, tedious, or dangerous.
The robotics industry has undergone a paradigm shift, from basic mechanically assisted systems to self-driving cars and humanoid systems. Owing to the advancements in the Artificial Intelligence (AI) technology, robots have started to understand humans, interact with them, and assist them in their workloads. Furthermore, technologies such as machine learning and deep learning, natural language processing, and context-aware processing are instrumental in the advancements of the robotics industry.
The latest research study conducted by MarketsandMarkets™ gives us syndicated information directly from the industry experts. Many companies are considering using AI-powered software solutions, such as Recognition Software, Data Management & Analysis Software, Communication Management Software, and others.
Let’s take a look into the following article that may help you in the decision-making process.
According to the research conducted by MarketsandMarkets™,
The global Robot Software Market is expected to grow from $ 1,142.2 Million in 2017 to $7,527.1 Million by 2022, at a huge Compound Annual Growth Rate (CAGR) of 45.8% between 2017 and 2022.
Q1: What are the strategies implemented by key players for Robot Software?
Players in this ecosystem have adopted different strategies, such as new product launches, product developments, partnerships and collaborations, and acquisitions in order to expand their global presence and increase their market shares. Moreover, acquisitions and partnerships are the major growth strategies adopted by the vendors in this market. IBM, ABB, and NVIDIA are some of the key players existing in this market that are making their presence felt across the globe.
Q.2: What does the Robot Software Market look like today and where according to industry experts is it heading (i.e. after 5 years from now)?
Q.3: What are the drivers and opportunities in this market?
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Q.4: Which vertical, is the most attractive in terms of market opportunity?
In terms of verticals, the transportation and logistics vertical is expected to grow at the highest CAGR during the forecast period. The transportation and logistics industry vertical is using robot software to solve problems related to traffic congestion and autonomous cars. Providing increased mobility to immobile people is among the biggest advantages of future self-driving cars. Moreover, ride sharing, lower cost, and per-use option are expected to decrease the number of vehicles on the roads. Self-driving vehicles are expected to pre-calculate routes around traffic jams and roadwork and communicate with nearby cars and traffic lights to optimize throughput and increase safety.
Q.5: Which region is expected to contribute the highest market share in future?
Asia Pacific (APAC) is estimated to grow at the highest CAGR during the forecast period. It is projected to be the high growth market, as the governments in this region are providing easy loan facilities to SMEs and large enterprises with the start-up culture. The most important factor that governs the high growth in this region is the manufacturing prowess of the emerging economies, such as China and India, to manufacture goods and export these cost-efficient products across the globe.
China is expected to be at the forefront in the adoption of AI in robotics. The Chinese market is driven by exporting cost-effective products across the globe. Thus, the market offers tremendous growth opportunities to the robot software vendors to sell their software and solutions in China. Moreover, the Chinese market is expected to proliferate its expenditure related to AI and robotics, as the country in its 13th five-year plans has categorically prioritized its focus on AI and robotics. China’s National Development and Reform Commission has announced an AI three-year implementation program that is expected to be instrumental in accelerating the adoption of advanced technologies to help the country become a super power by 2030.
