Cloud Robotics Market 2024 | Research and Comparison of Major Players - Rockwell Automation, Inc., Kuka AG, ABB Group, Fanuc Corporation, Yaskawa Electric Corporation, Tend.ai, Rapyuta Robotics Co. Ltd., Universal Robotics A/S, Calvary Robotics, HotBlack

Market Research Report Search Engine (MRRSE) recently announced the addition of a new research study to its comprehensive collection of research reports. The research report, titled “Cloud Robotics Market” offers a detailed analysis of the market, providing insights into the market dynamics that are expected to influence the overall market positively in the next few years. Furthermore, the product segmentation, drivers, barriers, key geographical segments, and the competitive scenario of the Cloud Robotics Market have been elaborated upon in the research report.

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The market to expand at an impressive 32.4% CAGR between 2016 and 2024. The global cloud robotics market was valued at US$1.38 bn in 2015. Considering its pace of gain, the market is forecast to reach US$21.94 bn by the end of 2024.

The emergence of cloud connected robots and their expanding applications are expected to drive the global cloud robotics market. Cloud connectivity offers increased data storage, collective learning solutions, and increased brain power. Increase in the uptake of cloud robotics is thus on cards subsequent to advancements in the cloud technology. In addition, the surging demand for automation across manufacturing, automotive, defense and logistics, agriculture, and healthcare sectors will push deployment of cloud robotics.

Demand for Advanced Technologies to Aid Expansion of Software Segment

By connectivity technology, the market can be segmented into WI-Fi, 3G, 4G, 5G, RF and Infrared. Of these, the 3G segment was helmed as the market leader in 2015. However, the technology has become standard as more number of companies are launching competitive products. Threat of rapidly losing share thus looms on the 3G connectivity technology segment. As per TMR, in the near future, the demand for 5G technology will pace higher. Likewise, in terms of application, the market will witness demand rising at a higher rate in the personal service segment despite the dominance of the industrial cloud robotics in 2015.

On the basis of component, the global cloud robotics market is segmented into hardware, software and services. In 2015, the hardware segment contributed nearly 74% to the overall revenue generated in the global cloud robotics market. In the forthcoming years, hardware and software segments alike will exhibit robust opportunities. The rising demand for advanced technologies such as robotics as a service (Raas) and platform as a service (PaaS) will help the software segment gain momentum in the near future.

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Asia Pacific to Emerge as Most Lucrative Regional Market

The cloud robotics market is still at a nascent stage, which explains the concentration of leading also because they are the early technology adopters. Emerging nations will soon catch up on account of the increasing demand for advanced technologies witnessed in the region. Over the course of the report’s forecast period the market is thus expected to witness lucrative opportunities in Asia Pacific especially in countries such as India and China. Besides this, the market is forecast to gain traction across emerging markets in South America and the Middle East and Africa.

Regionally, North America, Asia Pacific, Europe, South America, and the Middle East and Africa constitute the key segments in the global cloud robotics market. While North America emerged as the dominant market in 2015, Asia Pacific will show the highest CAGR during the forecast period. TMR forecasts, the Asia Pacific cloud robotics market to rise at a CAGR of 33.9% between 2016 and 2024. During this time, China and Japan will demonstrate the most lucrative opportunities in the market.

Some of the major players in the global cloud robotics market with the significant developments are Rockwell Automation, Inc., Kuka AG, ABB Group, Fanuc Corporation, Yaskawa Electric Corporation, Tend.ai, Rapyuta Robotics Co. Ltd., Universal Robotics A/S, Calvary Robotics, HotBlack Robotics Srl, Motion Controls Robotics, Wolf Robotics LLC, Tech Con Automation Inc., Matrix Industrial Automation and Automation IG, among others.

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This release was published on openPR.