The decrease in the demand for manual labor and the increasing preference for autonomous processes have brought about a significant growth in the market size for robotics and robot software. According to a report published by Netscribes, it is one rapidly developing sector that has been projected to expand at a compound annual growth rate (CAGR) of 9.2% up to USD 15.47 Bn by 2023. North America currently has the largest market share, followed by Asia-Pacific, particularly China. The target market for robot software is diverse, and includes (but are not limited to):
- Large, and small and medium enterprises (SMEs)
- Consultants and advisory firms
- Software development firms
- Professional service providers
- Government agencies
The demand for robot software has been increasing in almost every industry. Ranging from simulation and recognition to data management and predictive maintenance, robot software has virtually no limit as to how and where it can be implemented.
Software that deals with the management of communication is expected to gain maximum growth in the forthcoming years. The reason being that it enables enterprises to streamline their processes and keep a track record of both the internal and external communications. It also becomes easy to filter and subsequently organize data based on an array of preferences.
Transportation and logistics vertical show a promising growth due to numerous reasons. For instance, the logistics industry often utilize robot software to counter issues such as congestion on the roads. Self-driving or autonomous cars is also another industry that is gaining significant importance in the recent years.
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The need to reduce overhead costs without any compromise on the quality front is another driving force for the robot software market. The software vendors have redirected their focus on artificial intelligence (AI) and other advanced technologies with the aim to further stabilize the national economy.
The growth in the robot software market will not only bring about a global revolution but also change the way in which everyday tasks are handled. It will not only experience significant opportunities for growth but also reinforce the national economy for the countries. Thus, the fact that the global robot software market will increase in its overall value is not surprising. The cost of manual labor has been on the rise, and due to increasing competition in the global market, organizations are now on the lookout for options that are not only more efficient but also less capital intensive.