MarketsandMarkets forecasts the cloud robotics market 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. The proliferation of the cloud technology, broad spectrum use of wireless technologies, and increase in the adoption of IoT, and advancements in AI and machine learning technologies are the major factors that are expected to drive the growth of the cloud robotics market.
The cloud robotics market is segmented on the basis of components (software and services), service models, applications, deployment models, end-users (verticals and third-party users), and regions.
In the services segment, the training and support services segment is expected to grow at the fastest growth rate during the forecast period. These services are designed to provide a wide range of service offerings that help meet the specific needs of customers who require maximum benefits from their hardware and software. These services also assist the robot manufacturers and integrators in successfully implementing the cloud robotics solutions.
The global cloud robotics market has experienced a rapid growth in the past few decades. The high level of operational complexities involved in the management of industrial processes have encouraged robotics providers to adopt the cloud technology in robotics. Cloud robotics is an important part of any business. The growing needs of various industries for effectively meeting diverse customer demands in the highly competitive business environment has brought a surge in the demand for cloud robotics solutions. Vendors in the cloud robotics market offer various solutions and services, which assist in better functioning and performing of robots for ensuring maximum profitability.
In the service model, the Platform as a Service (PaaS) segment is expected to have the highest CAGR during the forecast period. This is because, it enables enterprises to develop, run, and manage software and tools, without the hassle of maintaining and updating the hardware and software infrastructure. Enterprises of all sizes are globally adopting the PaaS service model, because of its simplicity, scalability, and reliability. In addition to this, PaaS applications have a high adaptability rate, because they have the latest features, such as easy upgradation. Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period in the global cloud robotics market. 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 growing number of manufacturing units that are gradually embracing the adoption of advanced technologies, such as cloud robotics.