Global Cloud Robotics Market: Snapshot
The emergence of cloud connected robots and their expanding applications are expected to drive the global cloud robotics market. Cloud connectivity offers increased data storage, collective learning solutions, and increased brain power. Increase in the uptake of cloud robotics is thus on cards subsequent to advancements in the cloud technology. In addition, the surging demand for automation across manufacturing, automotive, defense and logistics, agriculture, and healthcare sectors will push deployment of cloud robotics.
Transparency Market Research (TMR) has prophesized the market to expand at an impressive 32.4% CAGR between 2016 and 2024. The global cloud robotics market was valued at US$1.38 bn in 2015. Considering its pace of gain, the market is forecast to reach US$21.94 bn by the end of 2024.
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Demand for Advanced Technologies to Aid Expansion of Software Segment
On the basis of component, the global cloud robotics market is segmented into hardware, software and services. In 2015, the hardware segment contributed nearly 74% to the overall revenue generated in the global cloud robotics market. In the forthcoming years, hardware and software segments alike will exhibit robust opportunities. The rising demand for advanced technologies such as robotics as a service (Raas) and platform as a service (PaaS) will help the software segment gain momentum in the near future.
By connectivity technology, the market can be segmented into WI-Fi, 3G, 4G, 5G, RF and Infrared. Of these, the 3G segment was helmed as the market leader in 2015. However, the technology has become standard as more number of companies are launching competitive products. Threat of rapidly losing share thus looms on the 3G connectivity technology segment. As per TMR, in the near future, the demand for 5G technology will pace higher. Likewise, in terms of application, the market will witness demand rising at a higher rate in the personal service segment despite the dominance of the industrial cloud robotics in 2015.
Asia Pacific to Emerge as Most Lucrative Regional Market
Regionally, North America, Asia Pacific, Europe, South America, and the Middle East and Africa constitute the key segments in the global cloud robotics market. While North America emerged as the dominant market in 2015, Asia Pacific will show the highest CAGR during the forecast period. TMR forecasts, the Asia Pacific cloud robotics market to rise at a CAGR of 33.9% between 2016 and 2024. During this time, China and Japan will demonstrate the most lucrative opportunities in the market.
The cloud robotics market is still at a nascent stage, which explains the concentration of leading also because they are the early technology adopters. Emerging nations will soon catch up on account of the increasing demand for advanced technologies witnessed in the region. Over the course of the report’s forecast period the market is thus expected to witness lucrative opportunities in Asia Pacific especially in countries such as India and China. Besides this, the market is forecast to gain traction across emerging markets in South America and the Middle East and Africa.
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Some of the major players in the global cloud robotics market with the significant developments are Rockwell Automation, Inc., Kuka AG, ABB Group, Fanuc Corporation, Yaskawa Electric Corporation, Tend.ai, Rapyuta Robotics Co. Ltd., Universal Robotics A/S, Calvary Robotics, HotBlack Robotics Srl, Motion Controls Robotics, Wolf Robotics LLC, Tech Con Automation Inc., Matrix Industrial Automation and Automation IG, among others.
The emergence of automation processes in a plethora of industries and sectors has led to numerous innovations. Cloud robotics is one of them. Based on the increasing influence of automation in varied industries, the global cloud robotics market may gain exponential growth across the assessment period of 2016-2024.
- The enhancing demand for automation across numerous sectors such as defense, logistics, agriculture, healthcare, manufacturing, and others may bring extensive growth prospects for the cloud robotics market. The growing adoption of smart devices and IoT connected devices may increase the growth rate of the cloud robotics market to a great extent.
- Even If the cloud robotics market is at a nascent stage, the growth looks promising. The escalating influence of cloud infrastructure and rapid advancements of wireless technology may prove to be a notable growth indicator for the cloud robotics market.
- Industries hare using robots on a large scale for various operations that are tedious for humans. This aspect is promoting employee safety and assures efficiency. Thus, the cloud robotics market may bring tremendous advancements on this factor. The widespread adoption of cloud robotics by small and medium-sized enterprises may further enhance the growth prospects across the assessment period of 2016-2024.
- The COVID-19 outbreak led to growth disruption across the cloud robotics market. The advent of the outbreak forced numerous countries to impose strict lockdown restrictions. This factor led to a decline in demand. However, as the industries started their operations based on the relaxations in lockdown, the demand for cloud robotics has grown extensively. Social distancing norms and less human contact have become the growth touchpoints for the cloud robotics market. To avoid frequent human contact, cloud robotics is being utilized on a large scale. This aspect may enhance the growth prospects across the cloud robotics market.