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Cloud Robotics Global Market Report 2024 To 2033 | Microsoft Corporation, IBM Corporation, C2RO Cloud Robotics Inc
Cloud Robotics Market Outlook
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According to The Business Research Company's, The cloud robotics market size has grown exponentially in recent years. It will grow from $9 billion in 2023 to $11.42 billion in 2024 at a compound annual growth rate (CAGR) of 26.9%. The growth in the historic period can be attributed to cost-efficiency and scalability, data storage and processing capabilities, globalization of supply chains, security and data privacy measures, remote monitoring and maintenance.
The cloud robotics market size is expected to see exponential growth in the next few years. It will grow to $30.05 billion in 2028 at a compound annual growth rate (CAGR) of 27.4%. The growth in the forecast period can be attributed to decentralized cloud robotics architecture, focus on energy efficiency, robotic process automation (rpa) growth, customization and modular robotics. Major trends in the forecast period include 5g connectivity for low-latency communication, edge computing integration, robotics as a service (raas) models, digital twins for simulation and training, cross-industry adoption..
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Market Drivers and Trends:
During the forecasting period, the increase in the use of robots for industrial automation along with the rising demand for robotics-as-a-service (RaaS) will drive the cloud robotics market. The automotive industry is increasingly shifting towards a robot-as-a-service model due to the increasing labour costs, labour shortage, and reduction in the cost of robotic systems. For instance, according to the Association for Advancing Automation (A3) data, by 2025, utilization of cloud computing is expected to increase by 17% to 2018 levels, and Factories and industrial concerns in North America ordered a record 29,000 robots during the first nine months of 2021, a 37% increase from the previous year. Therefore, the increase in the use of robots for industrial automation along with the rising demand for robotics-as-a-service (RaaS) ultimately drives the cloud robotics market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
ABB Ltd., Microsoft Corporation, IBM Corporation, C2RO Cloud Robotics Inc., Amazon Robotics LLC,Calvary Automation Robotics LLC,CloudMinds,Fanuc Corporation,Google LLC,Hit Robot Group Co Ltd.,Huawei Technologies,Kuka AG,Ortelio Ltd.,Rapyuta Robotics Co. Ltd.,Rockwell Automation Inc.,V3 Smart Technologies PTE Ltd.,CNC Robotics Ltd.,Robocloud Co. Ltd.,Relativity Space,Arrow Electronics Inc.,Boston Dynamics,Clearpath Robotics,Fetch Robotics Inc.,Grey Orange Pte. Ltd.,Locus Robotics,Omron Adept Technologies,Rethink Robotics,Sarcos Robotics,Soft Robotics,Universal Robots
Cloud Robotics Market 2024 Key Insights:
• The cloud robotics market size is expected to see exponential growth in the next few years. It will grow to $30.05 billion in 2028 at a compound annual growth rate (CAGR) of 27.4%.
• Growing Use Of Robots In Industrial Automation And Robotics-As-A-Service (RAAS) Boosts Cloud Robotics Market
• Technological Advancements In Cloud Robotics
• North America was the largest region in the cloud robotics market in 2023 and is expected to be the fastest-growing region in the forecast period
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