PUNE, India, February 23, 2018 /PRNewswire/ --
According to a new market research report "Cloud Robotics Market by Component (Software and Services), Service Model (IaaS, PaaS, and SaaS), Application, Deployment Model (Public, Private, and Hybrid Cloud), End-User (Verticals and Third-Party Users), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market size is expected to grow from USD 2.20 Billion in 2017 to USD 7.51 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 28.1% during the forecast period.
Browse 71 tables and 43 figures spread through 122 pages and in-depth TOC on "Cloud Robotics Market"
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The proliferation of the cloud technology, broad spectrum use of wireless technologies and increase in the adoption of Internet of Things (IoT) and advancements in Artificial Intelligence (AI), and machine learning technologies are the major factors that are expected to support the growth of the Cloud Robotics Market.
Platform as a Service (PaaS) segment is expected to be the fastest growing during the forecast period.
In the service model, the PaaS segment is expected to have the highest CAGR during the forecast period, because it enables enterprises to develop, run, and manage software and tools, without the hassle of maintaining and updating the hardware and software infrastructure. The enterprises of all sizes are globally adopting the PaaS segment because of its simplicity, scalability, and reliability. In addition to this, PaaS applications have a high adaptability rate, due to their latest features, such as easy upgradation.
Manufacturing vertical is expected to carry the largest market size
In the verticals segment, the manufacturing vertical is expected to have the largest market share in the Cloud Robotics Market in 2017. The demand for robotic machines is continuously increasing among manufacturers, owing to their needs for improving their operational efficiencies as well as mitigating their costs. In the manufacturing industry, robotic arms are used for replacing manual labor. Manufacturers are benefitting from robot simulations, which are increasing the efficiency of production processes, quality control, predictive maintenance, and product innovation. It also helps companies in reducing the production time as well as the costs associated with it.
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North America is expected to have the largest market size in the Cloud Robotics Market during the forecast period
North America is expected to have the largest market size in the Cloud Robotics Market during the forecast period. The reason being, a majority of the vendors, such as IBM, Microsoft, Google, and Amazon Robotics, are based in North America. The region is also expected to account for the major market share and considered the most advanced region in terms of cloud, AI, and machine learning technologies. The region witnesses many R&D activities in the field of robotics, bringing advancements to cloud computing, AI, robotics, and machine learning.
Asia Pacific (APAC) is expected to witness the highest CAGR in the global Cloud Robotics Market during the forecast period. With diversified geographic areas and a high customer base, the APAC region is expected to exhibit a strong growth in the Cloud Robotics Market. The growth in this region is primarily driven by the presence of many manufacturing units that are gradually embracing the adoption of advanced technologies, such as cloud robotics. The market in the developing regions, such as the Middle East and Africa (MEA) and Latin America, is expected to grow, due to the low costs and greater agility offered by the cloud solutions, the increase in mobile and wireless penetration, and the development in infrastructures.
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The key players in the Cloud Robotics Market include Amazon Robotics (US), Google (US), Huawei (China), IBM (US), Microsoft (US), C2RO (Canada), CloudMinds (US), Hit Robot Group (US), V3 Smart Technologies (Singapore), Rapyuta Robotics (Japan), Ortelio (UK), and Tend (US).
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