Cloud robotics Market - Segmented by Type (Industrial Robot, Service Robot), End-user, and Region - Growth, Trends, and Forecast (2018 - 2023)
The Cloud robotics market was valued at USD 2326.4 million in 2017 and is expected to register a CAGR of 23.2% during the forecast period (2018 - 2023), to reach USD 7984.1 million by 2023. Cloud robotics is based on a model where remote computing resources enable higher memory, computational power, collective learning, and interconnectivity for robotics application. It can be classified as hardware, software, and services. The scope of our study is geographically limited to North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Cloud robotics are becoming increasingly popular as cloud-based artificial intelligence (AI) progresses and robotics get increasingly competent. Features of cloud robotics in comparison to stand-alone ones are expected to manifest themselves in a variety of industries ranging from logistics, monitoring, entertainment, and education, to the tasks involved in housekeeping. It enhances the functionality of simple robots by relying on the clouds computing as an extra source of memory and processing. Hence, employing the physical features of the usual robots in addition to the exceptional virtual innovations of cloud computing results in smarter robots, with great tolerance to possible intelligent adjustments. The growing adoption of robots across end-users, especially in the manufacturing segment, is expected to drive the market. Moreover, rising penetration of cloud computing is further fueling the cloud robotics market growth. However, privacy and security related issues regarding cloud platforms can hinder the growth of the market.
Rising Demand for Industrial Robotics to Augment the Market Growth
Industrial robotics have been witnessing huge demand over the past decade, owing to the adoption of smart factory systems. Growing penetration of the IoT and investments in robotics have been the major contributors to the growth of industrial robotics. Increased workplace safety and enhanced production capabilities have further driven industries to invest in robotic systems. Besides, the market is further expanding into new territories, with small-and medium-sized industries adopting industrial automation, thereby creating demand. Also, the availability of small-capacity and cost-effective solutions from major players is enabling further penetration. Apart from this, connecting robots, machines, and automation equipment to the cloud could allow manufacturers to unlock the highest levels of performance and uptime from their automation systems.
Asia Pacific is the Fastest Growing Region
The market in the region is driven by the growing penetration of cloud computing coupled with the incorporation of robotics and automation in the end-users. China is one of the biggest markets for robotics in the world. According to the IFR, 30% of the total supply of industrial robots in 2016 were installed in China. Furthermore, retail/e-commerce in the country is another great source of demand for the robotics. The country’s 413.3 million e-shoppers lead a turnover of USD 681.9 billion in B2C e-commerce sector of the country in 2017, indicating a 19.6% growth when compared to 2016. Besides, In India, the interest in the cloud is being driven by the increasing need for business innovation and agility, the ability to scale fast in a competitive market, and the government’s thrust towards Digital India initiative.
Key Developments in the Market
November 2017 - Rapyuta Robotics announced beta version of expandable drone solution which is built on its hardware agnostic rapyuta.io cloud robotics platform
September 2017 - Globetouch and CloudMinds Technology forged a partnership to provide connectivity for robots and other AI initiatives. The companies aim to develop cloud-based applications and platforms that helps in controlling robots with rapid motion
The major players include: Hit Robot Group, ABB Ltd, Amazon Robotics, C2RO Cloud Robotics, Cloudminds Technology, Google, IBM Corporation, Microsoft Corporation, Rapyuta Robotics Co Ltd, Tend, and V3 Smart Technologies Pte Ltd, among others.
Reasons to Purchase This Report
Current and future adoption outlook of Cloud robotics in the developed and emerging markets
Analysing various perspectives of the market with the help of Porter’s five forces analysis
The type that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook