Increasing use of cloud-based technologies and cloud-based artificial intelligence robotics has resulted in developing cloud robotics, thus upping demand in the global cloud robotics market.
Cloud robotics is used widely in monitoring, logistics, education, and entertainment. To improve the functions of robots, researchers have enhanced their physical features and added exceptional virtual innovations of cloud computing. One of the most relevant examples of cloud robotics is Google’s self-driving cars. These cars accumulated data from Google Maps and access images that are stored on the cloud platform. Collectively this information will be used for navigating the immediate surroundings and then move ahead.
Further developments are taking place and a significant rise in adoption of smartphones and fitness band will increase interaction with the robots seamlessly. Moreover, developments taking place in hardware, which will make it smaller and cost-effective in coming years along with growing automation will bring huge growth prospects in the global cloud robotics market. Pertaining to these factors, the global cloud robotics market will experience a growth at 32.4% in the forthcoming years. In terms of revenue, the market is projected to across approximately US$21.9 bn by the end of 2024.
Automation to Play a Significant Part in Expanding Cloud Robotics
The rapid adoption of automation across different industry verticals is boosting demand in the global cloud robotics market. A significant rise in the deployment of robots in industrial automation will create new growth avenues for cloud robotics. Developments taking place in artificial technology are expected play a vital role in developing cloud robotics market.
Furthermore, the seamless functioning of cloud robotics requires uninterrupted internet connectivity that will be met with the emergence of 5G technology. This will ensure that the tasks carried out by robots would be highly efficient regardless of the environment. 5G technology will also give cloud robotics a reliable platform and will assist in reaching a wider audience. However, issues related to data security and privacy should be addressed with utmost sincerity for the global cloud robotics market to climb substantially.
Emergence of Cloud-connected Robots to Spearhead Cloud Robotics market
In a recent phenomenon there has been an emergence of cloud-connected robots with an expansion of their applications and it is foreseen to stimulate growth of the market. Cloud connectivity comes with better data storage capacity, improved and augmented brain power, and collective learning solutions. As such, there is a clear probability of increased adoption of cloud robotics owing to the prevailing technological advancement in the field of cloud technology.
Soaring requirement for automation across various industries are estimated to stimulate the market for cloud robotics. There has been an ongoing and increasing requirement for improved efficiency in many different industrial processes which, as a result, is driving the demand for automation. Such increasing drive for automation is expected to bolster demand for cloud robotics. These cloud robots make use of software, electrical and mechanical systems for better speed, precision, and accuracy and as such, installations of such robots is expected to rise immensely.
North America to Lead Whist Asia Pacific to Offer an Extremely Promising Market
As we take geographical classifications into consideration, the world cloud robotics market has been classified into Middle East and Africa, Latin America, Europe, Asia Pacific and North America.
In this market, North America is prognosticated to emerge as a clear leader and the region is forecasted to retain its regional supremacy over forecast timeframe. It is predicted to account for the lion’s share whilst Asia Pacific is predicted to expand at a very high CAGR rate. Countries like Japan and China are analyzed to offer extremely lucrative market for cloud robotics in the region.
The cloud robotics market is still very much at an initial stage and thus its concentration in the leading economies are understandable. Nevertheless, it is to offer immense opportunities in the developing economies in the forthcoming years.
For the study, the market has been segmented as follows:
Cloud Robotics market, by Component
- Infrastructure as a Service
- Robotics as a Service (RaaS) & Platform as a Service
- Robotic Application Software
- System Integration
- Connectivity Service
- Other professional services
Cloud Robotics Market, by Implementation Type
- Peer Based
- Proxy Based
- Clone Based
Cloud Robotics Market, by Connectivity Technology
Cloud Robotics Market, by Application
- Industrial Cloud Robotics
- Transportation & Logistics
- Professional Service Cloud Robotics
- Healthcare (Hospitals & Clinics)
- Aerospace (Travel & Tourism)
- Personal Service Cloud Robotics
- Personal Healthcare
Global Cloud robotics Market: By Geography
- North America
- Middle East and Africa (MEA)
- South America