The global cloud robotics industry was valued at USD 2.44 Billion in the 2017, exhibiting a CAGR of 29% during the forecast period of 2019 to 2025, according to the research report available on Alexa Reports. Increasing focus towards collective learning, growing penetration of IoT (Internet of Things) & Artificial Intelligence (AI) technology, and advancement in remote computing technology are some of the major market drivers. The cloud robotics industry is expected to generate market revenue up to USD 18.69 Billion by the end of 2025, offering several opportunities to invest in research & development of cloud robotics services.
Cloud robotics deals with robotics by invoking web technologies such as computational technologies, cloud storage, and other Internet technologies, which offer advantages including converged infrastructure and shared services for robotics. Adoption of advanced internet technologies, which acts as a powerful computation tool, provide much needed storage, and communication resources to power advanced data centre in the cloud. Additionally, these services allow processing and information sharing among different robots or agent.
Cloud robotics has gained significant traction among large-scale as well as medium-sized businesses owing to the development of cloud-based artificial intelligence (AI) progresses and robotics. Availability of exclusive features in comparison with stand-alone systems will likely to offer key solutions for logistics, monitoring, entertainment, and education industry. These factors are expected to play a pivotal role in building large consumer base for cloud robotics solutions over the coming years. Adopting of these services improves functionality of robots, and enables efficient memory management and processing.
Based on product type, the market is classified into two major segments including industrial robots and service robots. Industrial robotics segment is growing rapidly with substantial revenue generation in the last few years. The market is also divided into various end-use segments including manufacturing industry, military and defence sector, retail industry, and pharmaceutical industry.
Asia-Pacific region is estimated to hold major share in the cloud robotics with massive growth in the forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with strong economic growth and significant investment by leading industry players considering potential growth opportunities in the region.
Some of the leading market players include Amazon Robotics, Inc., Google Inc., Huawei Corp., IBM Corp., Microsoft Corp., Hit Robot Group and V3 Smart Technologies.