Key segments present in the global robot software market

Robot software is a set of coded commands that instruct an electronic system or mechanical device on what tasks to perform. The market for robot software is driven by the need to mitigate labor costs while maintaining the quality of work. Implementing robot software can help smoothen the business proceedings, reduce the rate of errors, reduce the cost of hiring employees and increase customer satisfaction on a whole.

According to research conducted by Netscribes, the global robot software market is expected to generate a revenue of 15.47 Bn and expand at a compound annual growth rate (CAGR) of 9.2%, by 2023.Industry, software type and regions are the three segments that the global licensed sports merchandise market is classified into.

In terms of industry, transportation, and logistics industry will experience a high growth rate during the 2018- 2023 period. Robot software is used extensively by the transportation and logistics industry to solve traffic congestion and problems related to autonomous cars. Manufacturing healthcare, and banking, financial services, and insurance (BFSI) industries, will occupy a significant share of the robot software market share. There are lucrative opportunities for robot software in emerging economies who are employing drones, robotics, and intensive hacking systems for defence purpose.

In terms of software type, data and analytics software receives a continuous boost due to the inclination towards preparation for unforeseen circumstances and efficient planning. Communication management software enables organizations to streamline communication by tracking and recording internal and external communication.

North America holds a major share of the global robot software market. This can be attributed to the presence of developed economies such as Canada and U.S. Moreover the early adoption and penetration of analytics in manufacturing, healthcare, transportation, and logistics fuels the growth of robot software in this region. The Asia Pacific is expected to experience the highest growth rate during 2018- 2023 due to the rise in expenditures over technology in countries, such as China and India and rise in the demand for advanced data protection solutions.