The rise in demand for cloud robotics is heavily attributed to its cost-effectiveness, low requirement of infrastructure, and enhanced process efficiency.
LAHTI, FINLAND, March 22, 2021 /EINPresswire.com/ — The global market for cloud robotics estimated at 4.7 billion USD in the year 2020, is projected to reach the size of 29.2 billion USD by 2028, growing at a CAGR of 25.8% over the analysis period 2020-2028.
Key market trends and drivers attributing to growth include:
– Increasing adoption of smart devices
– The rising number of cloud streaming services
– Growing adoption of connected services in robotics
– Evolution of bandwidth
The demand for cloud robotics is rapidly increasing among different end-users across the globe. The rise in demand for cloud robotics is heavily attributed to its cost-effectiveness, low requirement of infrastructure, and enhanced process efficiency with the use of cloud robotics.
Cloud-based AI and connectivity are likely to shape the development of the cloud robotics market over the forecast period. Many technology giants have developed AI-based systems that are used by wide audiences. Therefore, the investments by these vendors in the robotics market will also innovate new solutions for cloud robotics.
Asia Pacific and Brazil to grow fastest during the forecast period
The global cloud robotics market is expected to be dominated by three regions: North America, Europe, and the Asia Pacific. The North American region is the current market leader with 35% of the market share. However, the Asia Pacific region will be growing at the highest CAGR of 28.5% over the forecast period. Brazil is the fastest-growing cloud robot market during the forecast period with a 44% CAGR.
Industrial end-user segment holds the largest market share
Based on the end-users of cloud robotics, the industry is divided into industrial, commercial, and consumer segments. The industrial segment takes up the largest share (41%) of the market and is expected to grow with a CAGR of 26.3% over the forecast period. The industrial segment as a whole is divided into the following sectors: manufacturing, automotive, warehouse & logistics, and others. The commercial segment consists of healthcare, banking, retails, agriculture, and others. Finally, the following sectors form the consumer segment: cleaning, entertainment, personal care, education, and others.
Hardware & PaaS hold the largest market shares, Private Cloud to grow fastest
The global cloud robotics market is divided by technology into three distinct groups: hardware, software, and services, of which the hardware takes up the largest market share (64%). The market is also segmented by business model into the following sectors: platform-as-a-service, software-as-a-service, and infrastructure-as-a-service, of which the platform-as-a-service holds 43% of the market share. Moreover, the market is divided based on the deployment model into the public cloud, private cloud, and hybrid cloud, of which the private cloud is forecasted to grow at a CAGR of 26.3%.
Gain further insights about the global surgical robotics market from https://statzon.com/insights/global-cloud-robot-market