Cloud robotics is modern robotics which is used in cloud computing and cloud storage. Cloud robotics makes robots to do many intensive tasks such as image processing, scanning and voice recognition. Cloud robotics allows robots to access the data and information such as updated image library, maps, product data and others. Cloud robotics enables the robots to learn some interesting skill such as speaking, dancing, running and others. Apart from this, cloud robotics is very valuable in handling big data, parallel grid computing, crowd sourcing and other works.
Market Size & Forecast
Global cloud robotics market is anticipated to flourish at a compound annual growth rate (CAGR) of 30.1% over the forecast period. Global cloud robotics market is anticipated to reach at a valuation of about USD 3100.1 Million by the end of 2024. Rising technological advancement of robots and wide adoption of robotics in service sector are some of the major factors expected to propel the growth of global cloud robotics market over the forecast period.
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In terms of region, global cloud robotics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. In terms of market share, Europe region is the biggest market of the cloud robotics .Rising consumer's awareness towards robotics and presence of some major cloud robotics companies such as Cervi Robotics and Torninova are the major factors which are driving the growth of cloud robotics market in Europe region. By share, North America region is the second leading market of cloud robotics and is anticipated to witness remarkable growth over the forecast period.
Apart from this, Asia Pacific region is the fastest growing regional market of cloud robotics and is expected to flourish at a compound annual growth (CAGR) of 34.1% over the forecast period. Japan & China are expected to be the key contributors in growth of cloud robotics in this region. Middle East & Africa and Latin America regions are also anticipated to grow at a satisfactory growth rate over the forecast period.
Our-in depth analysis of the global cloud robotics market includes the following segments:
By End User
Growth Drivers & Challenges
Global cloud robotics market is driven by rising adoption of high-tech machines and their benefits in our personal and professional life. Application of cloud robotics in agriculture sector has made them more intelligent in terms of operation and control. This advancement in agriculture sector by using cloud robotics is anticipated to propel the growth of global cloud robotics market in near future. Moreover, rising adoption of cloud robotics in defense & security sector for the enhancement of existing security system is a major driver which is likely to foster the growth of global cloud robotics market in near future. Utilization of cloud robotics for enhancement of old robots in the terms of intelligence and to arm them with skills like walking, running, speaking and others are some of the major reasons driving the growth of cloud robotics market.
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Apart from this, rising adoption of cloud robotics in education sector is likely to foster the growth of cloud robotics market. Cloud robotics has a wide range of applications including manufacturing, logistic, homes and others. Further, use of cloud robotics in manufacturing sector has resulted in increased production, reduction of human errors, improved quality. These advantages are anticipated to propel the involvement of cloud robotics in manufacturing sector. Additionally, cloud robotics is used in logistic sector. Expansion of logistic service across the globe is envisioned to bolster the growth of global cloud robotics market over the forecast period.
However, high cost of cloud robotics and lack of user guidance are some major challenges which are restraining the growth of global cloud robotics market. Apart from this, slow adoption rate is also hampering the growth of global cloud robotics market.
This report also provides the existing competitive scenario of some of the key players of the global cloud robotics market which includes company profiling of V3 Smart Technology Pvt. Ltd., Hit Robot Group, ABB Group, Adept Technology, Boston Dynamics, Fanuc Corporation, Rockwell Automation Inc., Rapyuta Robotics Co. Ltd., Universal Robotics A/S, and Motion Controls Robotics. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global cloud robotics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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