botics and robot related services will reach around $135.4 bn by 2019 which was $71 billion in 2015, according to an International Data Corporation report. John Santagate, research manager at International Data Corporation Manufacturing said, "With the rise in investment in AI development Robotic capabilities will keep on rising with the driving competition in order to bring cut the expenditure related to AI technology”.
According to a report titled Global Robotics Technology Market, 2013-2020 ‘, the universal robotics technology market is likely to reach up to $82.7bn by the 2020, recorded a CAGR of 10.11% during 2014-2020. The key factor that drives the robotic industry is the growing need for reduced labor costs of most established nations and the increasing instances of supported living style. More and more enterprises have started to enter the industry hoping to evolve and refine automation techniques and customer services.
Service robots provide a benefit by taking up industry-related tasks that are usually challenging and seem risky. Various everyday jobs are taken over by robots that are difficult and require much more human effort. Robots ensure and offer a higher level of accuracy and precision. The major sectors to use the Robotics and AI technology is Factories and manufacturing sectors, that develop merchandises on the methods of medications have been benefited from the accuracy that AI tech has offered.
Talking about the ever-increasing consumer world, a lot of cloud based enterprises like ESDS has / had started building chat bots that can be used in customer service processes in order to provide assistance to consumers in making correct use of products and helping them save a lot in the bargain. Industrial application of bots not only helps reduce cost, but it also initiates major transformations to take place for a better customer experience.
It has been proved that AI enabled RaaS is a boon to various verticals of manufacturing industry which includes manufacturing sector that requires hefty functional tasks in data storehouses. The RaaS model is now becoming a commonplace in the Agro sector. Agricultural robots and drones are used in a variety of tasks and they are expected to US $12 bn in next 5 years to come.
Talking about the healthcare industry, bots are able to perform tedious operations, they can interact with patients also check status of their health and suggest further appointments. Grouping of Artificial Intelligence and bot technology has surprised everyone already with the evolution of a bot called Sophia. All the data that is been taken by robots in different verticals and service sectors can be stored in cloud. Data analytics can be performed on the stored data and this enables businesses to increase productivity at a lower cost. It also helps build a smart enterprise link that let teams to focus only on their business related tasks.
A report by International Data Corporation stated that 30% of robotic applications which is based on commercial services will be in the form of a RaaS enterprise model, by 2019. This would definitely help reduce costs of robot deployment. The same report further predicts that more than 55% of robots will depend on cloud-based applications in order to define AI potentials and related applications, which will eventually lead to the formation of a AI based cloud market by around 2020.
The advent of the RaaS technology denotes a massive change in the service-based models in the technology sector. These models have a fast growth capability for adoption and offer an attractive value proposition to different industries and businesses. RaaS has the capability to develop new and improved enterprises prototypes.
A lot of RaaS providing industries like ESDS software solution Pvt. Ltd. can support and provide 24*7 support with incorporation of Artificial Intelligence technology and storage facilities used within industries. This helps cost cutting and also makes scaling of resources feasible with greater flexibility. With the rise in AI technology robots are more likely to get incorporated on cloud technology in a rapidly growing digital environment meant to craft an intelligent enterprise environment.