Cloud Robot Market Size, Share, Growth, and Industry Analysis, By Type (Hardware, Software, and Services), By Application (Industrial, Professional Service, and Personal Service) and Regional Forecast to 2032

Updated On: 02 September 2024

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MARKET REPORT OVERVIEW

The global Cloud Robot Market size was USD 5.82 billion in 2023 and the market is projected to touch USD 21.22 billion by 2032, exhibiting a CAGR of 13.81% during the forecast period.

It provide the user with a lot of features that make this particular product service work efficiently and effectively. With an emphasis on the advantages of converged infrastructure and shared services for robotics, cloud robotics is a branch of robotics that aims to leverage cloud technologies including cloud computing, cloud storage, and other Internet technologies. This factor has augmented the cloud robot market growth.

The anticipated rate of growth for this particular product service is due to quality level of assurance. Prosperity has been observed forn this particular product nmarket with amusing numbers. Over the projection period, cloud-based AI and connectivity are probably going to have a big impact on how the cloud robotics industry develops. Numerous massive IT companies have created widely-used AI-based solutions. Thus, these suppliers' investments in the robotics industry will spur the development of fresh approaches to cloud robotics. This has ultimately outraged the sales and demand for this particular market growth and prosperity.

COVID-19 Impact: Market Growth Obstructed by Pandemic due to Lockdown

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

This has affected the overall supply and demand chains of the particular market. As a result of the government's lockdown and other steps to stop the coronavirus from spreading, all sporting activities were postponed, which decreased the amount of injuries related to AI and technology.  Therefore, a small influence from COVID-19 is anticipated on the cloud robot market share.

LATEST TRENDS

"Technological Advancements  to Drive Market Growth"

A latest trend has been witnessed to proliferate the market growth. Growing cloud streaming services, evolving bandwidth, and growing smart device penetration are other contributing factors to the market expansion for connected robots. Cloud robotics market expansion is anticipated to be significantly aided by factors including the swift development of wireless technology, expanding internet and cloud infrastructure globally, and developing internet and cloud infrastructure. This specific trend has influenced the market growth so much so that the revenue and share numbers of this particular product is touching the skies and soaring over.

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MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Hardware, Software, and Services amongst which the leading segment is the Hardware.

• Hardware: It is nothing but a type of robot with the hardware.
• Software: It is basically a type that of robot with the soaftware.
• Services: It is nothing but a type of robot with the services.

By Application

Based on application the global market can be categorized into Industrial, Professional Service, and Personal Service amongst which the leading segment is the Industrial.

• Industrial: It is just an application where it is used by
• Professional Service: It is nothing but an application where it is used by Professional service.
• Personal Service: It is just an application where it is used by personal services.

DRIVING FACTORS

"Robotic Systems Injuries to Boost the Market"

This is the major factor attributing the growth of this particular market. The combination of cloud technology with robotic systems enables the construction of multi-robot systems with high performance and great complexity, thanks to the advancements in big data, cloud computing, and other developing technologies. The main drivers of industrial robotics growth have been the expanding IoT penetration and robotics expenditures. These factors are anticipated to drive the market growth during the forecast period.

"Industrial Development  to Expand the Market"

This is the second major factor attributing the growth of this particular  market and has resulted in the hike of revenue numbers so much so that they are touching the skies. Clients benefit from it. Due to the implementation of smart factory systems, industrial robotics have seen tremendous demand over the last ten years. Since industrial robots have advanced, programmed robots have become more accurate, resilient, and compatible while achieving high performance levels in real-time applications. These factors are anticipated to drive the market growth in the present times and also during the forecast period.

RESTRAINING FACTOR

"High Cost and Negligence to Impede Market Growth"

These particular solutions have been very helpful yet extremely costly as well. The market is constrained in its ability to grow by high startup costs, R&D expenditures, and worries about data security and privacy. It is expected that the cloud robotics industry will see profitable potential due to the growing demand for robotics-as-a-service (RaaS) and the increasing use of robots for industrial automation. The market for cloud robotics will face difficulties due to the robots' longer wait to go on sale. This particular factor is anticipated to restrain the market growth and drastically reduce the sales and demands of this particular product market.

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REGIONAL INSIGHTS

The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Asia Pacific  Dominating the Market due to Advanced Technology"

Asia Pacific is expected to be the leading region of this particular product market and is anticipated to to grow over the forecasted period. The rising adoption of cloud computing and the increasing integration of robots and automation by end users are driving the market in Asia-Pacific. This area has the greatest pace of automation adoption worldwide, particularly in China, India, and Japan.

KEY INDUSTRY PLAYERS

"Leading Players adopt Acquisition Strategies to Stay Competitive"

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• ABB (Switzerland)
• Yaskawa (Japan)
• SoftBank (Japan)
• Mitsubishi (Japan)
• Irobot (U.S.)

INDUSTRIAL DEVELOPMENT

August 2022: This particular company has attributed the market growth in terms of revenue and shares system. An Indian firm called Genrobotics, which uses robotics and artificial intelligence (AI) to solve social problems like dangerous working conditions, has received a 20 crore rupee investment from Zoho Corp. In line with a press release, Genrobotics hopes to end manual scavenging in India and provide safety and respect to laborers in the oil and gas and sanitation sectors with Zoho's funding. This development has proved that the company will continue to proliferate this particular product market growth.

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.