The report predicts the global Cloud Robotics Market to grow at a healthy CAGR of 28.1% over the forecast period from 2022-2031.
“Proliferation of the cloud technology, broad spectrum use of wireless technologies, and the increase in the adoption of Internet of Things (IoT) and Artificial Intelligence (AI) are expected to drive the growth of the cloud robotics market.”
The global cloud robotics market is expected to grow from USD 2.20 billion in 2022 to USD 7.51 billion by 2031, at a Compound Annual Growth Rate (CAGR) of 28.1% during the forecast period. The proliferation of the cloud technology, broad spectrum use of wireless technologies,increase in the adoption of IoT, and advancements in AI are some of the factors that are expected to drive the growth of the global cloud robotics market. However, privacy and security concerns, and high initial costs and R&D expenses may hinder the market growth.
“The training and support services is expected to grow at the highest CAGR during the forecast period.”
In the services segment, the training and support services segment is expected to grow at the highest CAGR during the forecast period. These services are designed to provide a wide range of service offerings that help meet the specific needs of customers who require maximum benefits from their hardware and software. These services also assist the robot manufacturers and integrators in successfully implementing the cloud robotics solutions.
“Platform as a Service (PaaS) segment is expected to be the fastest growing during the forecast period”
In the service model, the PaaS segment is expected to have the highest CAGR during the forecast period. This is because, it enables enterprises to develop, run, and manage software and tools, without the hassle of maintaining and updating the hardware and software infrastructure. Enterprises of all sizes are globally adopting the Paas segment, because of its simplicity, scalability, and reliability. In addition to this, PaaS applications have a high adaptability rate, because they have the latest features, such as easy upgradation.
“Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period.”
The APAC region includes emerging economies, such as China, Japan, Singapore, South Korea, and India. The enterprises in these economies are using cloud robotics solutions and services to streamline their business processes. The APAC region is expected to grow at the highest CAGR during the forecast period. As the region houses a large number of manufacturing units that are gradually embracing the adoption of advanced technologies, such as cloud robotics, it is expected to offer potential growth opportunities for the cloud robotics vendors. On the other hand, North America is estimated to have the largest market size in the cloud robotics market in 2017.
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In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the cloud robotics market.
The breakup of the profiles of the primary participants is given below:
- By Company: Tier 1 – 20%, Tier 2 – 45%, and Tier 3 – 35%
- By Designation: C-Level – 51%, Director Level – 43%, and Others – 6%
- By Region: North America – 41%, Europe – 26%, APAC – 28%, and Rest of the World (RoW) – 5%
The key cloud robotics vendors profiled in the report are as follows:
- Amazon Robotics (US)
- Google (US)
- Huawei (China)
- IBM (US)
- Microsoft (US)
- C2RO (Canada)
- CloudMinds (US)
- Hit Robot Group (US)
- V3 Smart Technologies (Singapore)
- Rapyuta Robotics (Japan)
- Ortelio (UK)
- Tend (US)
The cloud robotics market has been segmented on the basis of components (software and services), service models, applications, deployment models, end-users (verticals and third-party users), and regions. A detailed analysis of the key industry players has been done to provide insights into their business overview; products and services; key strategies; new product launches; partnerships, agreements, and collaborations; expansions; and the competitive landscape associated with the global cloud robotics market.
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Reasons to Buy the Report
The report will help market leaders/new entrants in the following ways:
- The report segments the cloud robotics market comprehensively and provides the closest approximations of the revenue numbers for the overall market segments and subsegments across different regions.
- The report is expected to help stakeholders understand the pulse of the cloud robotics market and provides them information about the key market drivers, restraints, challenges, and opportunities.
- The report is expected to help stakeholders understand their competitors better and gain more insights to advance their positions in the market. The competitive landscape section includes the competitor ecosystem, new product developments, partnerships, and mergers and acquisitions.
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