Cloud robotics market expected to reach $21,949.6 million globally by 2024

According to a new market report, the global cloud robotics market was worth $1,389.5 million USD in 2015 and is expected to reach $21,949.6 million USD by 2024, expanding at a CAGR of 32.4 percent from 2016 to 2024. North America was the largest market for cloud robotics in 2015. The growth in this region is expected to be driven by the increasing adoption of cloud technology and growing demand for automation.

Cloud robotics is the integration of cloud computing technologies with robots. Cloud services are utilized in order to improve the learning abilities of robots. Cloud robotics is majorly associated with four basic robotic operations: data capture, cloud analytics, application of the processed data, and feedback sent to the servers for further analysis. The primary factor driving the growth of robotics market is proliferation of cloud technology and expanding applications of cloud robotics in various industries. The integration of cloud technology in robotics operations has helped organizations in terms of reduced labor costs, increased efficiency and enhanced customer service. Increasing focus on automated warehousing and logistics operations through the deployment of cloud enabled robots is also expected to boost the demand for cloud robotics.

On the basis of component, the market is segmented into hardware, software, and services. The software segment is further divided into , robotics as a service and and robotic application software. Furthermore, services segment is categorized into system integration, connectivity service, and other professional service. In 2015, hardware was the largest segment and it accounted for around 74 percent of the revenue of the overall cloud robotics market.

On the basis of implementation type, the market for cloud robotics is segmented into peer-based, proxy-based, and clone-based. In 2015, the clone-based segment held the largest revenue share of the overall cloud robotics market and is expected to show sustainable growth during the forecast period. Moreover, the peer-based segment is expected to expand at a higher CAGR in terms of revenue during the forecast period from 2016 to 2024.

Based on connectivity technology, the global cloud robotics market is segmented into Bluetooth, , 3G, 4G, 5G, RF, and Infrared. In 2015, 3G connectivity technology accounted for largest market share, which was 31.9 percent of the total connectivity service market. Adoption of 5G connectivity technology in cloud robotics is expected to witness exponential growth during the forecast period from 2016 to 2024. This is because of sub millisecond latency and higher bandwidth provided by 5G services.

Based on application, the global cloud robotics market is segmented into industrial cloud robotics, professional service cloud robotics, and personal service cloud robotics. The industrial cloud robotics segment is expected to be primary adopter of cloud robotics in near future. This is owing to increasing need for automation in industries and proliferation of cloud technology. In 2015, manufacturing held the largest revenue of the industrial cloud robotics market. Personal service cloud robotics is expected to grow at a fastest CAGR during the forecast period.

Geographically, North America is the largest market for cloud robotics, globally. In 2015, the region accounted for around 37.9 percent of the overall cloud robotics market’s revenue. Moreover, Asia Pacific is expected to witness the fastest growth during the forecast period. Countries such as China, Japan, and South Korea are expected to be at the forefront of cloud robotics adoption due to increased technological investment in the region.

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,, 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. Key strategies adopted by these players are enhancing performance, improving competitiveness and partnerships with integrators to expand globally and simultaneously develop cloud based robotics for a wide range of applications to establish strong market presence.

Monalee Das is a senior web analyst at Transparency .