Jun 6, 2024

News Provided By Share This Article Emergen Research Logo The global cloud robotics market, valued at USD 5.45 billion in 2022, is set to experience rapid growth, with a projected CAGR of 22.3% over the forecast period VANCOUVER, BRITISH COLUMBIA, CANADA, June 6, 2024 / EINPresswire.com / -- The global cloud robotics market , valued at USD 5.45 billion in 2022, is set to experience rapid growth, with a projected (CAGR) of 22.3% over the forecast period. Key drivers of this growth include the increasing adoption of cloud technology and robotics, heightened demand for industrial automation, and the integration of smart devices. Market Drivers Demand for Advanced Automation: Industrial robotics is seeing increased demand as smart factories rely on advanced automation for enhanced precision and efficiency. Cost-effective solutions tailored for small and medium-sized industries are encouraging widespread adoption of industrial automation. Connecting robots, machinery, and automation equipment to the cloud allows manufacturers to achieve unprecedented performance and uptime. Get Free Sample: https://www.emergenresearch.com/request-sample/2826 Emerging Technologies and Cloud Integration: The combination of cloud computing, big data, and emerging technologies has enabled the creation of sophisticated multi-robot systems. Integration with Internet of Things (IoT) and substantial investments in robotics are driving the need for advanced industrial robots. Improved Communications and Internet Technology: Advances in communications and internet technology, including AI, machine learning, data analytics, and enhanced security, are crucial for the growth of cloud robotics. The seamless integration of edge computing and 5G networks facilitates ultra-low network latency, making real-time control of robots more efficient. Automation of Entire Processes: Intelligent robots and control systems are automating processes such as vehicle assembly. Improved mobility and reduced network latency through 5G technology offer superior real-time control, expanding system automation across various sectors. Cloud Robotics Top Companies and Competitive Landscape The global cloud robotics market is fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective cloud robotics solutions. Some major players included in the global cloud robotics market report are: Fetch Robotics, Inc. Cloud Robotics Latest Industry News In March 2023, RV Technology, a robotic applications and systems developer based in Hong Kong, announced the official release of ARCS, a self-developed Agnostic Robotic Control System powered by Microsoft Azure cloud technology. In April 2022, Foxconn Industrial Internet (FII) unveiled a substantial USD 30 million investment in Agile Robots AG, an automation company headquartered in Munich and Beijing. This marks FII's second strategic investment in Agile Robots, underlining their commitment to advancing automation technologies and fostering innovation in the field. Market Restraints Despite the positive outlook, the market faces challenges such as security and privacy concerns and high initial costs and R&D expenses. Storing sensitive data on the cloud raises privacy issues, and the risk of hacking poses serious security threats. Market Segment Insights Components: The market is segmented into hardware, software, and services. The software segment held the largest market share in 2022 due to the need for businesses to enhance applications. Hardware components, essential for robot interaction with surroundings and the cloud, are expected to see moderate growth due to advancements in technology. Robot Types: Industrial robots are anticipated to dominate the market due to the rising demand for automation in the industrial sector, which improves efficiency and reduces costs. Service robots, used in areas like customer service and sanitation, are expected to grow steadily. End-Use Sectors: The defense sector is projected to hold the largest market share, leveraging cloud robotics for accuracy and efficiency in operations. The BFSI sector is expected to register the fastest growth, utilizing cloud robotics to enhance security and automate processes, improving customer experience. To Get Key Market Trends: Download Free Sample- https://www.emergenresearch.com/request-sample/2826 Cloud Robotics Segment Analysis For the purpose of this report, Emergen Research has segmented global cloud robotics market on the basis of component, service model, robot type, enterprise size, end-use, and region: Component Outlook (Revenue, USD Billion; 2019-2032) Hardware Others The global cloud robotics market is on a significant growth trajectory, driven by advancements in technology and the increasing need for automation across various sectors. However, addressing security and cost challenges will be crucial for sustaining this growth. About Us: Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors. Eric Lee