ALBANY, New York, January 21, 2019
ALBANY, New York, January 21, 2019 /PRNewswire/ --
The presence of a limited number of players has created a consolidated market structure in the global cloud robotics market. The competition among these companies is likely to increase, as they are involved in research and development activities on a large scale. The leading players are focusing on expanding their product portfolio by using advanced technologies. These factors will help the players to get a stronger hold in the market and keep them at par by competing with players. Top-notch companies are also associated with mergers and acquisition to get a high share in the market. According to the report, Kuka AG, Rockwell Automation, Inc., ABB Group, Yaskawa Electric Corporation, Fanuc Corporation, Tend.ai, Universal Robotics A/S, Rapyuta Robotics Co. Ltd., HotBlack Robotics Srl, Calvary Robotics, and Motion Controls Robotics are some of the leading players operating in the market.
As per the report published by Transparency Market Research, the global cloud robotics market is likely to exhibit a staggering CAGR of 32.4% over the forecast tenure between 2016 and 2024. By the end of 2024, the market valuation is likely to reach US$21.9 bn progressing from US$ 1.38 bn earned in 2015.
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Based on component, the hardware segment held 74% share in the global market in 2015 and highest share in terms of revenue. However, the demand for the software segment is likely to increase at a significant rate in the coming years. This growth is attributed to the rising demand for software such as platform as a service (PaaS) and robotics as a service (RaaS). In terms of geography North America, bag the largest share in the market. In 2015, North America held maximum share in the market. However, during the forecast period, Asia Pacific is likely to dominate the market as more and more emphasis is given to advanced technologies in emerging countries.
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Rising Demand for Cloud Services to Benefit Market Performance
The demand for cloud robotics has gained similar popularity as compared to artificial intelligence. The application of cloud robotics is also seen in multiple industries including logistics, entertainment, monitoring, and education. Swift growth in automation has thrived integration of cloud robotics mainly to improve working efficiency in different industries. Moreover, with the use of electrical, software, mechanical systems that are used in cloud robotics together provide precision, speed, and accuracy. Therefore, installations of cloud robotics on regular functioning will significantly improve the working at a larger scale. Moreover, cloud connectivity will provide better and improved data storage capacity, collective learning solutions, and augmented brainpower. Pertaining to all the above-mentioned factors, the demand in the global cloud robotics market is projected to rise at a significant rate.
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Increasing Number of Data Threats to Deter Demand in Cloud Robotics Market
Despite the growing demand in the global cloud robotics market, few restraining factors might deter the market's growth. The issues with data threats and security, a large number of people still refrain in deploying cloud robotics on regular basis. Due to some malicious activities online subjugated a large number of data from some popular social media sites. In this case, a huge amount of critical information and personal data of clients was stolen costing a lump sum of money. However, with the development of 5G technology, cloud robotics platform is anticipated to be safer, faster, and speedier. The growing use of 5G technology is expected to grow at a significant rate that will trigger the demand in the global cloud robotics market.
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The information presented in this review is based on a TMR report, titled "Cloud Robotics Market (Component - Hardware, Software (Infrastructure as a Service (IaaS), Robotics as a Service (RaaS), Platform as a Service (PaaS), and Robotics Application Software), and Services (System Integration and Connectivity Services); Implementation Type - Peer Based, Proxy Based, and Clone Based; Connectivity Technology - Bluetooth, Wi-Fi, 3G, 4G, 5G, RF, and Infrared; Application - Industrial Cloud Robotics (Automotive, Defense, Manufacturing, and Transportation & Logistics), Professional Service Cloud Robotics (Agriculture, Healthcare (Hospitals & Clinics), Aerospace (Travel & Tourism), and Retail), and Personal Service Cloud Robotics (Entertainment, Education, and Personal Healthcare)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
The Global Cloud Robotics Market has been segmented as presented below:
Global Cloud Robotics Market, by Component
Global Cloud Robotics Market, by Implementation Type
Global Cloud Robotics Market, by Connectivity Technology
Global Cloud Robotics Market, by Application
Global Cloud Robotics Market, By Geography:
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