Market Size of Cloud Robotics Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 24.80 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Cloud Robotics Market Analysis
The cloud robotics market is expected to grow at a CAGR of 24.8% during the forecast period. The growing adoption of connected services in robotics, by information sharing for offloaded computation and collaboration, is a vital factor in the growth of the global cloud robotics market.
- The cloud-based AI and connectivity are likely to significantly shape the cloud robotics market's development over the forecast period. Many technology giants have developed AI-based systems that are being widely used. Hence, the investment by these vendors in the robotics market will also innovate new solutions for cloud robotics.
- The convergence of robots, teleoperation, MEC, and core cloud technologies is poised to alter enterprise operations, industrial processes, and consumer services across various industry verticals. Cloud operations and terrestrial and aerial robots will significantly assist the purpose-built and general-purpose robotics segments. In the latter instance, mass consumerization will occur when end-users acclimate to autonomous and remote-control robots for a wide range of personal services tasks.
- The cloud robotics market will give birth to a greater range of robotics services. This is due to various variables, including significantly more flexible service execution, lower operational friction (due to fewer proprietary interfaces), and improved economics via robotics-as-a-service in a cloud-based application paradigm. Initially, industrial and government clients will profit the most, followed by enterprises in specific leading industry sectors. The cloud robotics market will eventually become available to customers in a limited capacity.
- Robotics businesses are working to improve their technology's ability to sense and understand their work settings and cultivate the ability to adjust to dynamic operational conditions on the go. This situational awareness is made possible by integrating sensors and machine learning.
- Increasing adoption of smart devices, the evolution of bandwidth, and rising cloud streaming services are also owing to the growth of the connected-robots market. The GSMA predicted that by 2025, there would be around 25.1 billion IoT-connected devices, which was 7.5 billion in 2017. This offers a massive opportunity for connected robots and their platform market.
- The key market players are globally coming up with new solutions, which enhance the future growth opportunities for the Cloud Robotic market. For instance, in February 2021, HPE announced the HPE Open RAN Solution Stack, enabling the commercial implementation of Open RAN at scale in global 5G networks. The HPE Open RAN Solution Stack contains orchestration and automation tools from HPE, RAN-specific infrastructure designs, and telco-optimized equipment.
- Lockdowns reduced the number of workforces in numerous businesses, which increased demand for cloud robotics as more and more companies need centralized monitoring to take control of diverse industrial instruments. Thus, growing industrialization and an increase in automation requirements increased the demand for cloud robotics. Furthermore, the growing need for manufacturing industries, as well as the spike in demand for robotics and automation solutions in the healthcare and chemical industries, fuel market expansion.
Cloud Robotics Industry Segmentation
Cloud robotics is the use of remote computing resources to enable greater memory, computational power, collective learning, and interconnectivity for robotics applications. It allows robots to benefit from the powerful computational, storage, and communications resources of modern data centers. Logistics, security and surveillance, personal assistance and care, guidance and education, entertainment, and companionship are some of the emerging sectors, which are witnessing the rise in the adoption of cloud robotics.
By Offering | |
Software | |
Service |
By Application | |
Industrial Robot | |
Service Robot |
By End-user Industry | |
Manufacturing | |
Military and Defense | |
Retail and E-commerce | |
Healthcare and Life Sciences | |
Other End-user Industries |
By Geography | |
North America | |
Europe | |
Asia-Pacific | |
Latin America | |
Middle East & Africa |
Cloud Robotics Market Size Summary
The cloud robotics market is poised for substantial growth, driven by the increasing integration of cloud-based AI and connectivity solutions. This sector is experiencing a transformation due to the convergence of robotics with teleoperation, multi-access edge computing, and core cloud technologies, which are set to revolutionize enterprise operations and consumer services across various industries. The market is characterized by the development of more flexible and economically viable robotics services, facilitated by robotics-as-a-service models. Initially, industrial and government sectors are expected to reap the most benefits, with broader consumer access anticipated in the future. The demand for cloud robotics is further fueled by the need for centralized monitoring and automation in response to workforce reductions during lockdowns, as well as the growing requirements in manufacturing, healthcare, and chemical industries.
The Asia-Pacific region is a significant driver of the cloud robotics market, with countries like China, India, and Japan leading in automation adoption. China's substantial investment in public cloud services and its position as the largest market for industrial robots underscore the region's pivotal role. The market's expansion is supported by advancements in IoT, cloud computing, and big data, enabling the creation of high-performance multi-robot systems. Key players in the region are actively developing robotic cloud solutions, with investments in startups and collaborations with large companies expected to foster innovation. The market remains fragmented, with moderate competitive rivalry, and is witnessing strategic acquisitions and partnerships aimed at enhancing technological capabilities and market reach.
Cloud Robotics Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Introduction to Market Drivers and Restraints
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1.3 Market Drivers
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1.3.1 Increasing Prominence of Cloud Technology
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1.3.2 Increasing Adoption of Robotics across Various End Users
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1.4 Market Restraints
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1.4.1 Security and Privacy Concerns
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1.5 Industry Attractiveness - Porter's Five Forces Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Offering
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2.1.1 Software
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2.1.2 Service
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2.2 By Application
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2.2.1 Industrial Robot
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2.2.2 Service Robot
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2.3 By End-user Industry
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2.3.1 Manufacturing
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2.3.2 Military and Defense
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2.3.3 Retail and E-commerce
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2.3.4 Healthcare and Life Sciences
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2.3.5 Other End-user Industries
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2.4 By Geography
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2.4.1 North America
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2.4.2 Europe
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2.4.3 Asia-Pacific
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2.4.4 Latin America
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2.4.5 Middle East & Africa
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Cloud Robotics Market Size FAQs
What is the current Cloud Robotics Market size?
The Cloud Robotics Market is projected to register a CAGR of 24.80% during the forecast period (2024-2029)
Who are the key players in Cloud Robotics Market?
Hit Robot Group Co. Ltd, ABB Ltd, inVia Robotics, Inc., C2RO Cloud Robotics and CloudMinds Technologies Co. Ltd are the major companies operating in the Cloud Robotics Market.