Global Robot Software Market to Expand at 9.2% CAGR till 2023
According to a new Netscribes report published on Research on Global Markets, the global robot software market is expected to have a significant compound annual growth rate (CAGR) of 9.2%, and reach a market size of USD 15.47 Bn by 2023.
According to the report, the rising adoption of commercial and industrial robots across multiple applications, particularly in automotive, healthcare, and the banking, financial services and insurance (BFSI) sectors, is augmenting the growth of the robot software market. Region-wise, North America is the leading innovator in robot software and occupies a major share of the global market. Asia-Pacific, however, is expected to witness the highest growth rate during the forecast period. The research report also suggests that both the Latin America and the Middle East and Africa markets will witness slower-than-expected growth due to the lack of suitable infrastructure, which will deter the development of robot software in the respective regions.
Within the industry segment, healthcare, manufacturing and financial services together will hold a significant share of the robot software market. The transportation sector is also expected to witness higher growth rate during the forecast period of 2018-2023. Also, according to the report, the growing demand for robotics, drones and intensive hacking software for defense purposes in emerging economies bodes well for the overall growth of the robot software market.
Key highlights of this report:
- Trends in the global robot software market
- Comprehensive global market overview, including historical (2015–2017) and forecasted (2018–2023) market size, and market attractiveness analysis
- Qualitative analysis of the drivers and challenges affecting the market and its segments
- Analysis of the competitive landscape and profiles of the major players operating in the market
- Detailed analysis of the key developments and major innovations in the market
- Market segmentation based on industry (financial services, retail, government sector, healthcare and life science, manufacturing, and transportation and logistics)
- Market segmentation based on software type (environmental detection, test simulation, intelligent monitoring and prevention, data and analytics, and communication)
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for robot software worldwide to determine the viability of the market, develop strategies based on the drivers, and help brands identify competition and respond accordingly.