Global Cloud Robotics Market: Overview
The global cloud robotics market is benefitting from the advent of cloud connected robots and expansion of their applications. This coupled with advancements in cloud technology is leading to the uptake of cloud robotics. In addition, rising trend of automation of several industry verticals such as manufacturing, agriculture, defense and logistics, and healthcare will elevate demand for cloud robotics.
Global Cloud Robotics Market: Key Trends
The demand for cloud robotics is primarily driven by the rising trend of automation across several industry verticals. The need to enhance the efficiency of industrial processes is leading to automation, which in turn is creating opportunities for deployment of cloud robotics. Cloud connected robots use electrical, mechanical, and software systems to deliver higher accuracy, precision, and speed, hence their installation is likely to increase in the future.
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Further, rapid advancements in artificial technology are likely to open growth opportunities for the global cloud robotics market in the upcoming years. Besides this, expansion of cloud computing and big data analytics will stoke growth of the cloud robotics market.
However, the cloud robotics market could face cutbacks due to several factors. Despite several growth opportunities, cloud robotics poses risks of security threats and data theft that could limit the market’s growth to some extent. Cloud robotics deals with critical information from clients as well as their personal data, which in the event of hacking puts personal information as well security of individuals at risk.
Nevertheless, the market is foreseen to be benefitted by the emergence of advanced technologies such as 5G. The deployment of cloud robotics necessitates reliable and unbroken connectivity so as to ensure that robots carry out their task efficiently regardless of the environment where they function. With the emergence of 5G technology, cloud robotics will be benefitted by a reliable platform to reach a wider audience.
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Besides this, recent developments in robotic applications will boost the expansion of cloud robotics market in the future.
Global Cloud Robotics Market: Market Potential
In an unusual move, Chinese online retailer JD.com have forayed into the autonomous driving space. With this move, the Beijing based company has joined the bandwagon with technology giants Google and Baidu that have been pumping vast sum of money for developing self-driving technology along with established car makers.
The online retailer will pump in US$1.5 billion in a project in Changsha, and have signed a contract with the Changsha government along with other companies in new projects pertaining to driverless technology, artificial intelligence, and robotics and the cloud.
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Global Cloud Robotics Market: Geographical Analysis
The report classifies the global cloud robotics market in terms of geography into: North America, Europe, Asia Pacific, South America, and the Middle East and Africa. As per the report analysis, North America held supremacy in the market in 2015 vis-à-vis revenue; however, Asia Pacific will display the leading CAGR of 33.9% between 2016 and 2024. China and India will emerge as key domestic markets in Asia Pacific due to rising trend of adoption of advanced technology.
Global Cloud Robotics Market: Competitive Landscape
Kuka Robotics, ABB Group, Fanuc Corporation, Cavalry Robotics, and Wolf Robotics are the handful of companies that hold command due to global presence in the cloud robotics market. This amounts to limited competition in this market. However, in the upcoming years, the entry of regional players will limit the expansion of market leaders due to customer loyalty issues.