The Worldwide Cloud Robotics Industry is Expected to Reach $20+ Billion by 2027
DUBLIN, Jan. 21, 2022 /PRNewswire/ -- The "Global Cloud Robotics Market (2021-2027) by Component, Implementation Type, Connectivity, Service Model, Deployment Model, Application, End-user, and Geography, IGR Competitive Analysis, Impact of Covid-19, Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Cloud Robotics Market is estimated to be USD 4.9 Bn in 2021 and is expected to reach USD 20.17 Bn by 2027, growing at a CAGR of 26.6%.
By Component, the Software segment is expected to hold the highest market share during the forecast period. The growth of the segment is attributed to the rising need for expanding businesses, building better applications, and the changing database environment. Cloud Robotics Software provides a platform that processes real-time applications such as collision avoidance and object recognition in the cloud. Thus, there is a rising demand for software component.
By Deployment Model, Public Cloud Deployment is expected to hold the largest CAGR of the cloud robotics market. Mostly the cloud robotics developers prefer using the public cloud deployment model. It is cost-effective, easy to access, faster deploymnent, highly scalable, and flexible than the private and hybrid cloud. The public cloud services can be customized on a pay-per-use model, depending upon the requirements of the end-users.
By Application, Industrial Robots holds the maximum share during the forecast period. The rising adoption of the Smart Factory System and industrial revolution over the past decade is likely to fuel the market growth. With industrial robots development, programmed robots have achieved better performance levels in real-time applications, accuracy, robustness, and compatibility. Also, the availability of small-capacity and cost-effective requirements from small-and-medium-sized industries is influencing the adoption of industrial robots.
By End-user, the Manufacturing Vertical is expected to have the largest market share in the cloud robotics market. Manufacturers are utilizing robotics to increase the efficiency of production processes, quality control, predictive maintenance, and product innovation. This also helps companies in reducing the production time.
By Geography, North America is projected to lead the market. The majority of prominent market players such as IBM, Microsoft, Google, etc., are located in this region. The enterprises in this region are more inclined towards using advanced technologies based on cloud, AI, and machine learning technologies. The rising R&D activities and investments in the field of robotics are driving the market growth further. Asia Pacific region is also anticipated to grow at the highest growth rate during the forecast period. The region has a creditable amount of manufacturing units, which are gradually adopting the adoption of advanced technologies, such as cloud robotics, for enhancements of business operations.
The Global Cloud Robotics Market is segmented further based on Component, Implementation Type, Connectivity, Service Model, Deployment Model, Application, End-user, and Geography.
Some of the companies covered in this report are Google, IBM, Huawei, Kuka AG, C2RO, Hit Robot Group, Ortelio, ABB, Amazon Robotics, Aethon, Intel Corporation, etc.
The report includes the Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
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SOURCE Research and Markets