Robots currently represent a market of about €30 billion according to BCC[1]. MarketsandMarkets forecasts the cloud robotics market to grow from USD 2.20 Billion in 2017 to USD 7.51 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 28.1%. The major factors driving the market growth are the proliferation of the cloud technology, broad spectrum use of wireless technologies, increase in the adoption of IoT, and advancements in AI and machine learning technologies.
The software segment of this market is expected to have the larger share, due to the rapid need for developing businesses and building better applications and the changing database environment. In the services segment, the training and support services segment is expected to grow at the fastest growth rate. In the deployment types segment, the public cloud deployment type is expected to carry the largest market share as compared to that of the private and hybrid cloud deployment types.
In the verticals segment, the manufacturing vertical is expected to have the largest market share. The demand for robotic machines is continuously increasing among manufacturers, as they are looking for ways to improve their operational efficiencies as well as mitigate their costs. Manufacturers are taking benefits of robot simulations, which are increasing the efficiency of production processes, quality control, predictive maintenance, and product innovation. This also helps companies in reducing the production time as well as the costs associated with it.
North America is expected to have the largest share in the cloud robotics market. Part of the reason being, the majority of vendors are based in North America. Asia Pacific (APAC) is expected to grow at the highest CAGR, as the region is home to a creditable amount of manufacturing units, which are gradually embracing the adoption of advanced technologies, such as cloud robotics.
[1] Robotics: Technologies and Global Markets. Wellesley: BCC Research, p. 250. (ISBN 1-62296-320-2, https://www.bccresearch.com/market-research/engineering/robotics-technologies-markets-report-eng001e.html).