Cloud based Smart Robotics Market to Show Tremendous Growth by 2023


Posted September 9, 2020 by bisrsrch

Focus on, Business Model, Deployment Model, End-User - Analysis and Forecast 2018-2023

 
The growth of the global cloud-based smart robotics market is driven by numerous factors that include growing popularity of connected robots across various industries, rise in popularity of industry 4.0, advancement in artificial intelligence technologies, the emergence of high speed 5G communication, increased productivity and efficiency at workplace, minimal infrastructure, and flexible operation, declining costs of cloud robotics and high return on investment, among others. Furthermore, the rise in awareness about cloud robotics is propelling its demand, especially in the developing nations. However, security related concerns and requirement of high initial cost are some of the factors that are restraining its market growth. Although, increase in investment and rise in trend of connected devices and IoT are some of the factors creating viable opportunities for players operating in the global cloud-based smart robotics market.

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The global cloud-based smart robotics market was valued at $2.43 billion in 2017 and the market value is expected to reach $11.30 billion by 2023, growing at a CAGR of 30.40% from 2018 to 2023. This growth is majorly attributed to the rise in demand for cloud robotics across various new end-users and the rise in awareness about the benefits of cloud robotics in the developing nations.

The overall ecosystem of the global cloud-based smart robotics market comprises of software providers, system designer, technology provider and software integrators, among others. The global cloud-based smart robotics market has dominance in the developed regions, such as North America and Europe, and is gradually gaining popularity in regions such as Asia Pacific and Middle East & Africa (ME&A). The market is expected to gain high growth rate in the upcoming years (2018-2023)) owing to the technological improvement, huge demand from different end-users, and rise in awareness about the cloud robotics.

Based on business model, the global cloud-based smart robotics market is segmented into Infrastructure-as-a-Service, Platform-as-a-Service and Software-as-a-Service. In terms of revenue, the market size of Software-as-a-Service business model was estimated at $11.40 billion in 2017, and is projected to reach $4.86 billion by 2023, registering a CAGR of 28.48% from 2018 to 2023. Software-as-a-Service business model is anticipated to dominate in terms of revenue generation in the market during the forecast period.

On the basis of end-user, global cloud-based smart robotics market is segmented into industrial, commercial and consumer end-users. Industrial end-user is further sub-segmented into automotive, manufacturing, warehouse & logistics and others. Commercial segment is further sub-divided into agriculture, healthcare, retail, banking, and others. Furthermore, consumer segment constitutes of applications such as entertainment, cleaning, personal care, education and others. As per GTI cloud robotics working group, the number of connected domestic robots is anticipated to rise from 1.4 million units in 2015 to 14.2 million units in 2020. Similarly, the shipment of connected entertainment and disabled care robots were 1.7 million units and 1,700 units respectively, in 2015 and are anticipated to reach at 4.3 million units and 16,800 units respectively, by 2020. Based on the revenue generation, the market is currently dominated by industrial segment owing to it being the early adopters and rise in automation across factories. However, consumer segment is anticipated to grow at the highest CAGR of 32.68% from 2018 to 2023 owing to the rapid adoption of cloud robotics across consumer end-user.

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The competitive landscape for the global cloud-based smart robotics market shows an inclination towards companies adopting strategies, such as product launches, partnerships, business expansion through funding, and acquisition, among others. Among all the strategies adopted, product launches have dominated the market and is the most widely adopted strategy among the cloud robotics providers.

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Last Updated September 9, 2020