The market for the cloud robotics is quite a consolidated one, characterized with the presence of a handful of companies, as mentioned in a publication by Transparency Market Research. It is further divulged in the publication that these noted market vendors which are operational in the market account for majority of the market share. Some noteworthy companies in the world market for cloud robotics are ABB Group, Wolf Robotics, Calvary Robotics, Fanuc Corporation, and Kuka Robotics. These eminent companies have research and development work pertaining to the cloud robotics field as their focal point in a bid to obtain upper hand and stay ahead of the rival companies. These leading companies are also relying on association and collaboration with regional partners in an effort to expand their geographical reach.
The international market for cloud robotics was valued around US$1.38 bn in the year 2015, and is foreseen to reach an amount of around US$21.9 bn over the timeframe of forecast that extends from 2016 to 2024. The market for cloud robotics is likely to exhibit at a very high CAGR of 32.4% during the forecast timeframe.
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In a recent phenomenon there has been an emergence of cloud-connected robots with an expansion of their applications and it is foreseen to stimulate growth of the market. Cloud connectivity comes with better data storage capacity, improved and augmented brain power, and collective learning solutions. As such, there is a clear probability of increased adoption of cloud robotics owing to the prevailing technological advancement in the field of cloud technology.
Soaring requirement for automation across various industries are estimated to stimulate the market for cloud robotics. There has been an ongoing and increasing requirement for improved efficiency in many different industrial processes which, as a result, is driving the demand for automation. Such increasing drive for automation is expected to bolster demand for cloud robotics. These cloud robots make use of software, electrical and mechanical systems for better speed, precision, and accuracy and as such, installations of such robots is expected to rise immensely.
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However, there exists fear of data theft and vulnerability associated with it. The security threats that are associated with this market could restrain growth of the market. Personal data and critical information of many clients are stored in cloud robotics. The constant threat of hacking would therefore put these data at risk.
Nevertheless, with the emergence of 5G technology, cloud robotics platform is expected to be faster, safer and speedier. 5G technology is expected to make its reach wider.