Dublin, June 28, 2019 (GLOBE NEWSWIRE) -- The "Cloud Robotics Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The cloud robotics market was valued at USD 2,857.204 million in 2018 and is expected to reach USD 9,822.8 million by 2024 at a CAGR of 22.86% during the forecast period 2019-2024.
The growing adoption of connected services in robotics by information sharing for offloaded computation and collaboration is a vital factor in the growth of the global cloud robotics market.
- The cloud-based AI and connectivity are likely to shape the development of the robotic cloud market significantly over the forecast period. Many technology giants have developed AI-based systems that are being widely used. Hence, the investment by these vendors in the robotics market will also innovate new solutions for cloud robotics too.
- Increasing adoption of smart devices, the evolution of bandwidth, and rising cloud streaming services are also owing to the growth of connected robots market. GSMA predicted that by 2025, there would be around 25.1 billion IoT connected devices, which are 7.5 billion in 2017. This offers a massive opportunity for connected robots and their platform market.
- According to GTI cloud robotics working group, by 2020 connected robots will account for 90% of total robots, and about 20 million new connections are expected to be required every year to support their day-to-day operations.
Major Market Trends
Rising Demand for Industrial Robotics to Augment Market Growth
- With the development of cloud computing, big data, and other emerging technologies, the integration of cloud technology and robotic systems allows for the design of multi-robot systems, with high performance and high complexity. Growing penetration of the IoT and investments in robotics have been the major contributors to the growth of industrial robotics.
- Industrial robotics has been witnessing huge demand over the past decade, owing to the adoption of smart factory systems. With the development of industrial robots, programmed robots have reached high levels of performance in real-time applications, accuracy, robustness, and compatibility.
- The availability of small-capacity and cost-effective solutions from small-and medium-sized industries influencing the adoption of industrial automation. Apart from this, connecting robots, machines, and automation equipment to the cloud allow manufacturers to unlock the highest levels of performance and uptime from their automation systems.
Asia-Pacific to Witness a Significant Growth
- The market in Asia-Pacific is driven by the growing penetration of cloud computing coupled with the incorporation of robotics and automation in the end-users. The automation adoption rate in China, India, Japan is also the highest in the world.
- China is the biggest spender on public cloud in the Asia-Pacific region. The local IaaS market is the first choice for small and medium enterprises for IT resources construction in the fields of games, video, and mobile internet.
- The growing demand for advanced automotive manufacturing is also driving robotics partnerships between the US and Chinese companies. This may help China in getting advancement in cloud services, which is likely to further develop the Asia-Pacific cloud robotics market.
- Furthermore, ASORO labs of Singapore built a cloud computing infrastructure to generate a 3D model of the environment, which allows robots to perform simultaneous localization and mapping. This process is much faster than the labs' computers.
The cloud robotics market is fragmented. Overall, the competitive rivalry among existing competitors is moderate. Moving forward, acquisitions and collaboration of large companies with start-ups are expected, which are focused toward innovation.
- May 2019 - IBM announced relationships with certain European companies like Volkswagen, Moovster and Vinturas to redefine the future of their auto industry with hybrid cloud and AI. This partnership focused on personalized digital services in and around the vehicle.
- May 2019 - Microsoft Corp. (Microsoft) and Sony Corporation (Sony) announced that the two companies will partner on new innovations to enhance customer experiences in their direct-to-consumer entertainment platforms and AI solutions. The two companies are planning to explore joint development of future cloud solutions in Microsoft Azure to support their respective game and content-streaming services.
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers & Restraints
4.3 Market Drivers
4.3.1 Increasing Prominence of Cloud Technology
4.3.2 Increasing Adoption of Robotics across Various End Users
4.4 Market Restraints
4.4.1 Security and Privacy Concerns
4.5 Industry Attractiveness - Porter's Five Force Analysis
5 TECHNOLOGY SNAPSHOT
6 MARKET SEGMENTATION
6.1 By Offering
6.2 By Application
6.2.1 Industrial Robot
6.2.2 Service Robot
6.3 By End-user Industry
6.3.2 Military & Defence
6.3.3 Retail & E-commerce
6.3.4 Healthcare & Life Sciences
6.3.5 Other End-user Industries
6.4.1 North America
6.4.4 Latin America
6.4.5 Middle East & Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Hit Robot Group Co. Ltd.
7.1.2 ABB Ltd.
7.1.3 inVia Robotics Inc.
7.1.4 C2RO Cloud Robotics
7.1.5 CloudMinds Technologies Co. Ltd.
7.1.6 Google LLC
7.1.7 IBM Corporation
7.1.8 Microsoft Corporation
7.1.9 Rapyuta Robotics Co. Ltd.
7.1.10 Tend AI Inc.
7.1.11 V3 Smart Technologies Pte. Ltd.
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
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Related Topics: Robotics, Cloud Computing and Storage