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Which factors are estimated to accelerate the growth of global cloud robotics market in the near future?
In the following blog, some of the questions related to the growth of the global cloud robotics market have been addressed in order to offer a clear understanding to readers.
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On account of being at a nascent stage, the global cloud robotics market witnesses limited competition. Because cloud robotics is a relatively new technology, threat from substitute is also low in the market. Currently, only a handful of companies enjoy a global presence, finds Transparency Market Research (TMR) in a new study. However, a several smaller companies, which are well-established as regional players, are likely to enter the market in the coming years. Besides this, the market players are also reeling under low customer royalty, which is a factor inhibiting their expansion across the world.
Among the various companies, Kuka Robotics, Fanuc Corporation, ABB Group, Calvary Robotics, and Wolf Robotics have distinction of being the leading companies. However, this dynamics can change in the near future with the advent of advanced technologies. Hence, efforts are underway by the leading enterprises to ascertain sustainable growth. As part of strategy, the companies are engaging in various mergers and acquisitions, focusing on research and development and enriching customer experience through investment in cloud robotics.
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According to TMR, the global cloud robotics market will exhibit a CAGR of 32.4% between 2016 and 2024. At this pace the market, which stood at US$1.38 bn in 2015, will reach US$21.9 bn by the end of 2024. Regionally, North America emerged dominant with a share of 37.9% in 2015. However, during the forecast period, the market in Asia Pacific is likely to exhibit higher CAGR. Based on component, the hardware segment contributed nearly 74% to the overall revenue generated by the market in 2015.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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