Cloud Robotics Market Expected to Reach USD 43.73 Billion by 2031, Factors Leading Industry

Allied Market Research published a new report, titled, " The Cloud Robotics Market Expected to Reach USD 43.73 Billion by 2031, Factors Leading Industry." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The global cloud robotics market size was valued at USD 4.62 billion in 2021, and is projected to reach USD 43.73 billion by 2031, growing at a CAGR of 25.3% from 2022 to 2031.

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Increase in the popularity of remote working, surge in demand for remote working tools, rapid industrialization, and rise in need for centralized monitoring and control of industrial tools are expected to drive the growth of the global clous robotics market. Significant increase in demand for robotics and automation solutions in various end-use industries during the pandemic had a positive impact on the market.

The cloud robotics industry is segmented on the basis of component, service model, robot type, enterprise size, industry vertical, and region. On the basis of component, the industry is divided into software and services. Depending on the service model, the market is classified into IaaS, PaaS, and SaaS. Based on robot types, the market is segmented into industrial robots and service robots. On the basis of enterprise size, the industry is segmented into large enterprises and small & medium enterprises. The industry vertical covered in the study include manufacturing, healthcare, aerospace & defense, media & entertainment, logistics, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Based on service model, the SaaS segment held the largest market share in 2021, garnering nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The IaaS segment, on the other hand, is expected to cite the fastest CAGR of 27.1% during the forecast period.

Based on robot types, the industrial robots segment held the dominating market share in 2021, garnering nearly three-fourths of the global market, and is expected to maintain its leadership status during the forecast period. The service robots segment, on the other hand, is expected to cite the fastest CAGR of 27.5% during the forecast period.

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Based on region, the market across Asia-Pacific held the largest market share in 2021, holding more than two-thirds of the global cloud robotics industry, and is expected to maintain its leadership status during the forecast period. In addition, the same region is expected to cite the fastest CAGR of 26.0% during the forecast period. The report also analyses other regions such as North America, LAMEA and Europe.

The key players analyzed in the global cloud robotics market report include IBM, Kuka AG, Microsoft, Ortelio Ltd., Rapyuta Robotics Co. Ltd., Rockwell Automation Inc., ABB, Amazon Robotics, C2RO, Calvary Robotics, CloudMinds, Fanuc Corporation, Google, Hit Robot Group, Huawei, V3 Smart Technologies, and XTend Robotics.

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COVID-19 Scenario:

● The outbreak of COVID-19 had had a positive impact on the growth of the global cloud robotics market, owing to the occurrence of lockdowns in various countries across the globe.

● Lockdowns resulted in the decreased number of workforces across various industries, which subsequently surged the demand for cloud robotic as more and more industries were in need for centralized monitoring to take control of various industrial tools.

● Thus, rapid industrialization and the growth in need for automation boosted the demand for cloud robotics.

● In addition, evolving demand of the manufacturing industries along with the surge in demand for robotics and automation solutions in the healthcare and chemical industries further drive the growth of the market.

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