Cloud Robotics Market Expected to Reach $43.73 Billion by 2031

According to a new report published by Allied Market Research, titled, “Cloud Robotics Market," The cloud robotics market size was valued at $4.62 billion in 2021, and is estimated to reach $43.73 billion by 2031, growing at a CAGR of 25.3% from 2022 to 2031.

Cloud robotics is a division of modern robotics that is centered on cloud computing, cloud storage, and other Internet technologies and is focused on advantages of converged infrastructure and shared services. Cloud robotics enables robots to take advantage of advanced data centers' tremendous computing, storage, and communication resources. Furthermore, cloud robotics eliminates maintenance and upgrade costs and decreases reliance on specialized middleware.

Furthermore, key factors that drive the growth of the cloud robotics industry include the rising demand for work from home and remote working tools during the period of the COVID-19 pandemic aided in propelling the growth of the global cloud robotics market. However, the complex security and privacy challenges of the cloud robotics platforms can hamper the cloud robotics market forecast. On the contrary, a positive drive toward centralized monitoring and control of industrial tools is expected to offer remunerative opportunities for expansion of the cloud robotics market during the forecast period.

On the basis of enterprise size, the large enterprises segment dominated the overall cloud robotics market in 2021 and is expected to continue this trend during the forecast period. This is attributed to increase in demand for advanced industrial automation and rise in complexities of modern manufacturing processes. However, the SMEs segment is expected to witness the highest growth owing to the rapid technological transformation of small businesses, which is expected to further fuel the growth of the global cloud robotics market.

Region wise, the cloud robotics market was dominated by Asia-Pacific in 2021, and is expected to retain its position and maintain the highest growth during the forecast period, owing to its high demand for automation and robotics. Moreover, the Asia-Pacific region has a dominant manufacturing sector, which further aids the demand for the cloud robotics market within the region.

Robotics is one of the technologies that witnessed tremendous expansion in the past few years, especially with the rise of the COVID-19 pandemic. Moreover, its emergence into the Internet of Things (IoT) domain led it to be called the internet of robotic things. In fact, robots play a crucial role in modern industries, offering various opportunities to help in various industrial domains, including civilian and military sectors, along with agricultural, manufacturing, and healthcare. However, the COVID-19 pandemic caused many business organizations to integrate modern robotics in their regular business operations just to survive the lack of workers during the pandemic. This caused key players of the robotics industry to offer solutions that can smooth this transition for new adopters of the technology. For instance, in March 2020, ABB partnered with Covariant AI technology to develop and integrate AI-enabled robots, which will help provide intelligent robots to work alongside humans in dynamic environments, collectively learning and improving with every task completed. Such factors aided in the growth of the cloud robotics industry.

KEY FINDINGS OF THE STUDY

• By service model, the SaaS segment accounted for the largest cloud robotics market share in 2021.
• By region, Asia-Pacific generated the highest revenue in 2021.
• By robot type, the industrial robots segment generated the highest revenue in 2021.

The key players profiled in the cloud robotics market analysis are ABB, Amazon Robotics, C2RO, Calvary Robotics, CloudMinds, Fanuc Corporation, Google, Hit Robot Group, Huawei, IBM, Kuka AG, Microsoft, Ortelio Ltd., Rapyuta Robotics Co. Ltd., Rockwell Automation Inc., V3 Smart Technologies, and XTend Robotics. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.