Robots are considered as one of the best friends of mankind since their inception, assisting people to do 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. Further, 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 robot software market in this research is comprehensively studied and analyzed from the software perspective that forms the backbone of these robots and is instrumental in their performance. The recognition software is one such leveraged software that is used across myriads of industries. The cameras and sensors installed in robots gather information and send it to the recognition software that helps them initiate further actions. Enterprises can optimize their workloads and enhance efficiencies of their processes by several uses of recognition software, such as facial recognition and object recognition, speech and voice recognition, and gesture recognition. AI powered recognition software is self-abled with cognitive capabilities and help humans automate their tasks with ease and high efficiency.
The major factors that drive the robot software market include growing need to reduce costs while maintaining quality and increasing adoption of Internet of Things (IoT) and AI. The global market size for the robot software market is projected to reach USD 7,527.1 million by 2022, at a Compound Annual Growth Rate (CAGR) of 45.8% during the forecast period (2017–2022). The major vendors in this market include ABB (Switzerland), AIBrain (US), Brain Corp (US), CloudMinds (US), Energid Technologies (US), Furhat Robotics (Sweden), H2O.ai (US), IBM (US), Liquid Robotics (US), Neurala (US), NVIDIA (US), and Oxbotica (UK).
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Players in this market have adopted different strategies, such as new product launches, product developments, partnerships and collaborations, and acquisitions, to expand their presence and enhance 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 having their presence across the globe.
IBM is one of the eminent players in the robot software market. The organization has a noteworthy presence in more than 175 countries and serves the customers across the globe. IBM has undertaken new product launch and product upgradation as its major development strategies, to create a leading market edge. As a part of its organic growth strategy, in November 2017, IBM added new functionalities that include data cataloging and data refining features to its Watson data platform. These features are expected to help developers and data scientists analyze and prepare the data for AI applications. In March 2016, IBM partnered with Hilton Worldwide to pilot the Watson-powered hotel concierge, which is expected to help personalize and improve the experience of the guests staying in the hotel.
ABB is another prominent player in the market that has adopted both organic and inorganic strategies to sustain in the market. It has established strategies, such as business expansion, and partnership and acquisition, in the recent past to serve its customers. In November 2017, ABB launched a collaborative robot, designed to work with humans on the factory floor to raise the productivity. In addition, it features lead through programming that eliminates the need for specialized training for operators. Moreover, in May 2016, ABB acquired SVIA, a company that specializes in automated solutions for machine-tending processes. This acquisition is expected to help ABB expand its machine-tending portfolio and provide advanced vision-integrated applications for various industries.
Robot Software Market by Software Type (Recognition Software, Data Management & Analysis Software, and Communication Management Software), Robot Type (Industrial and Service Robot), Deployment Model, Vertical, and Region - Global Forecast to 2022
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