Rising Demand for Process Automation to Create Lucrative Opportunities for Players in Global Cloud Robotics Market
Cloud robotics have been gaining immense popularity in the last few years worldwide, thanks to the increasing data storage and several learning solutions they offer. The global market for cloud robotics is estimated to witness a strong growth in the next few years with the expansion of its applications across diverse industry verticals. According to a research study that has been presented by Transparency Market Research, in 2015, the global market for cloud robotics was worth US$1.38 bn and is estimated to reach a value of US$21.94 bn by the end of 2024. The market is likely to exhibit a remarkable 32.40% CAGR between 2016 and 2024.
In the following blog, some of the questions related to the growth of the global cloud robotics market have been addressed in order to offer a clear understanding to readers.
How are the leading players expected to sustain in the competitive environment of the cloud robotics market?
At present, the global cloud robotics market is at a nascent stage with a low level of competition. The less number of companies are dominating the overall market and are focusing on the expansion of their product portfolio in order to sustain in the growing competition in the global market. Fanuc Corporation, Kuka Robotics, ABB Group, Wolf Robotics, and Calvary Robotics are some of the prominent players operating in the cloud robotics market across the globe. Innovations and technological advancements are considered as the major factors that are projected to fuel the overall growth of the market as well as benefit the leading players in the next few years.
Which factors are estimated to accelerate the growth of global cloud robotics market in the near future?
The growing demand for automation of entire processes in several manufacturing units is one of the factors that are likely to encourage the growth of the global cloud robotics market in the near future. The deployment of cloud robotics in order to enhance the efficiency of industrial processes is likely to accelerate the growth of the overall market. In addition, the rising number of technological advancements, especially in the artificial technology is predicted to supplement the growth of the global cloud robotics market in the next few years. However, the rising concerns related to data theft and security threats are expected to restrict the growth of the market in the near future.
Which regional segment is likely to register progressive growth in the next few years?
According to the research study, in the recent past, North America led the global cloud robotics market. This segment is predicted to remain in the leading position in the next few years, owing to the presence of several prominent players operating in the region. However, Asia Pacific is projected to register a progressive growth rate, thanks to the rising contribution from Japan and China.