Albany, NY -- (SBWIRE) -- 10/06/2017 -- Cloud Robotics Market to expand at an impressive 32.4% CAGR between 2016 and 2024; global cloud robotics market was valued at US$1.38 bn in 2015. Considering its pace of gain, the market is forecast to reach US$21.94 bn by the end of 2024.
On account of being at a nascent stage, the global cloud robotics market witnesses limited competition. Because cloud robotics is a relatively new technology, threat from substitute is also low in the market. Currently, only a handful of companies enjoy a global presence, finds Transparency Market Research (TMR) in a new study. However, a several smaller companies, which are well-established as regional players, are likely to enter the market in the coming years. Besides this, the market players are also reeling under low customer royalty, which is a factor inhibiting their expansion across the world.
Among the various companies, Kuka Robotics, Fanuc Corporation, ABB Group, Calvary Robotics, and Wolf Robotics have distinction of being the leading companies. However, this dynamics can change in the near future with the advent of advanced technologies. Hence, efforts are underway by the leading enterprises to ascertain sustainable growth. As part of strategy, the companies are engaging in various mergers and acquisitions, focusing on research and development and enriching customer experience through investment in cloud robotics.
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According to TMR, the global cloud robotics market will exhibit a CAGR of 32.4% between 2016 and 2024. At this pace the market, which stood at US$1.38 bn in 2015, will reach US$21.9 bn by the end of 2024. Regionally, North America emerged dominant with a share of 37.9% in 2015. However, during the forecast period, the market in Asia Pacific is likely to exhibit higher CAGR. Based on component, the hardware segment contributed nearly 74% to the overall revenue generated by the market in 2015.
Deployment of Cloud Robotics to Increase as Demand for Automation Rises
The rising demand for automation across industries is the chief driver of the global cloud robotics market. The need for improving efficiency in diverse industrial processes is fuelling the demand for automation, which in turn will create opportunities for deploying cloud robotics. As these robots utilize mechanical, electrical, and software systems for higher accuracy, speed, and precision, their installation is expected to increase in the near future.
With rapid advancements in artificial technology, the global cloud robotics market is forecast to witness greater opportunities in the near future. Besides this, the proliferation of cloud computing and big data analytics platform will aid the expansion of the global cloud robotics market.
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Vulnerability to Data Theft Could Limit Growth
Despite the existing opportunities, the vulnerability to security threats and data theft could restraint the market's growth to an extent. Cloud robotics contain critical information from clients including their personal data. The risk of hacking therefore puts personal privacy and security of individuals at threat. Nevertheless, the market foresees huge potential in the birthing of advanced technologies such as 5G. When deploying cloud robotics, reliable and constant connectivity is the key to ensure that robots perform their task efficiently, irrespective of the environment they are in. With the advent of 5G technology, the market will have safer platform for deployment and wider reach.