Market Trends of Robot Software Industry
Industrial Robots to Have the Majority Application
- With the advent of technologies like the Industrial Internet of Things (IIoT), vital to the smart factory concept coupled with Industry 4.0, industrial robot adoption is increasing across the manufacturing industries. An industrial robot is generally used in place of human laborers to perform dangerous or repetitive tasks with high accuracy. and According to IFR It is projected that by 2024, industrial robot installations in Asia/Australia will reach 370,000 units.
- In order to make the robots perform efficiently, robot software is essential to operate the robots according to the needs of the manufacturers. This software is an extension of human capability. It reflects the human vision that gets keener with every generation and every technological leap. With the enormous growth of robotics in the industrial sector, the need for robotic software is also increasing substantially.
- Moreover, Artificial Intelligence and machine learning capabilities have been rapidly making their way into industrial robotics technology. One of the most significant benefits derived from the merging of robotics and AI technology is increased uptime and productivity from predictive maintenance.
- With AI integrated with industrial robotics technology, robots are able to monitor their own accuracy and performance, providing signals when maintenance is required to avoid expensive downtime.
- Furthermore, in May 2023, Alphabet launched the first product under its industrial robotics business unit Intrinsic, called Flowstate, which is an intuitive, web-based developer environment where companies can create robotic workflows, offering users the foundation to begin building robotic systems, as well as simulation capabilities to test designs. In particular, the software is aimed at helping non-experts understand and leverage robotic systems.
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The Asia-Pacific Region Expected to Register Significant Growth
- The Asia-Pacific region is expected to exhibit significant growth opportunities over the forecast period. The major economies contributing to the growth of the robot software market in this region are China, Japan, Singapore, South Korea, and India. The countries in this region are increasingly adopting robotics across industries.
- The Chinese market is expected to increase its expenditure on AI and robotics, as the country has categorically prioritized its focus on AI and robotics in its 13th five-year plans. China's National Development and Reform Commission has announced an AI three-year implementation program expected to accelerate the adoption of advanced technologies to help the country become a superpower by 2030.
- Rise in demand for automation and safety in organization for hazardous works like chemical plants and others, is driving the growth of the market. Furthermore, with the rising adoption of cutting-edge technologies like the Industrial Internet of Things (IIoT) vital to the smart factory concept coupled with Industry 4.0, and industrial robot is driving the growth of the market
- In addition, the cost of robot work cells has decreased by 5-10% per year since few years and the speed and throughput of robot has increased significantly; due to which there is an increase in adoption of robots, which in turns drives the growth of the market across the region.
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