CLOUD ROBOTICS MARKET ANALYSIS

Cloud robotics is the seamless integration of robotics and cloud computing, internet technologies, and cloud storage. Cloud robotics are used to enhance the learning abilities of robots. It allows robots to take advantage of powerful computational, storage, and communication resources of modern data centers. Moreover, it facilitates robots to benefit from the rampant increase in data transfer rates to offload tasks without hard real-time requirements. Therefore, it is possible to build a smart robot with a ‘brain’ in the cloud. The brain refers to the knowledge base, data center, deep learning, task planners, etc. Cloud robotics is related to four basic robotic operations namely data capturing with the help of a robot (onboard/integrated sensors and nodes), processing the collected data on cloud servers, application of the processed data, and feedback sent to the servers for further analysis.

Global Cloud Robotics Market - Regional Analysis North America held a dominant position in the Global Cloud Robotics Market in 2022, followed by the regions of Asia Pacific and Europe.

Figure 1. Global Cloud Robotics Market Share (%), By Region, 2022

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The North American, Cloud Robotics market will dominate this market. The majority of retailers are based in North America, including IBM, Microsoft, Google, and Amazon Robotics. In terms of cloud, AI, and AI advancements, the region is regarded as the most remarkable district. It is also anticipated to account for a big portion of the sector. For the progress of distributed computing, artificial intelligence, robotics technology, and AI, the region is home to numerous R&D initiatives in cloud robotics.

Europe's market for cloud robotics holds the second-largest market share. In Europe, investments in the robotics industry are rising. Due to the growing demand for robotic automation in the automotive industry, the market expansion is probably boosted by the robust industry growth in France and Germany. The highest market share was held by the German Cloud Robotics market,

The Asia-Pacific Cloud Robotics Market is anticipated to experience the quickest CAGR growth. The rising use of automation, robots, and cloud computing is to blame for this. Due to the growing demand for improved vehicle production, Chinese and American enterprises collaborate on robotics projects. The growth of cloud services in China could be helpful.in the Asia Pacific region. These factors are expected to boost the growth of Cloud Robotics Market in the Asia Pacific region during the forecast period.

Global Cloud Robotics Market - Segmentation

The Global Cloud Robotics Market is classified into following segments based on component, implementation type, deployment type, technology, application

The component segment is divided into software, hardware and services based on Component. A larger share of the component segment's pie must go to the software sector due to the urgency with which organizations and improved programmes must be developed, as well as the shifting information base environment. This is necessary to create a need for innovative and flexible robot cloud programming solutions to handle various problems. The preparation and backing service area is anticipated to grow at the fastest rate in the service segment.

Figure 2. Global Cloud Robotics Market Share (%) Analysis and Forecast, By Component, 2022

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Global Cloud Robotics Market was valued at US$ 5.4 Billion in 2022 and is expected to reach US$  25.93 Bn  by 2030, exhibiting a CAGR of 22.8% between 2023 and 2030.

Global Cloud Robotics Market - Key Competitors

Major players operating in the Global Cloud Robotics Market include Universal Robots, Rockwell Automation, Inc., Yaskawa Electric Corporation, Kuka AG, Fanuc Corporation, ABB Group, Calvary Robotics, Tend.ai, Hot Black Robotics Srl, Rapyuta Robotics Co. Ltd., Automation IG, Motion Controls Robotics, Matrix Industrial Automation, Wolf Robotics LLC, Tech-Con Automation Inc.

Global Cloud Robotics Market - Recent Developments

• In November 2021, Datamatics, a global Intelligent Automation Products, Digital Solutions, Technology, and Business Process Management (BPM) Company, announced the successful adoption of its Datamatics TruBot Robotic Process Automation (RPA) Solution at Western Bainoona Group (WBG). WBG is a prominent engineering and construction firm in the Middle East and Africa (MEA). Four important activities were digitalized during the initial stage of RPA and Internet of Things (IoT) implementation to ensure a smooth and error-free data and payment processing flow.
• In June 2022, Hewlett Packard Enterprise unveiled a new 5G software solution that expands HPE's existing 5G portfolio with fully integrated automated management. The solution combines HPE 5G Automated Assurance and a further 5G feature for HPE Service Director, simplifying 5G network management and decreasing deployment risks via a zero-touch, closed-loop system. The new automation software monitors and orchestrates network activities, infrastructure, slices, and services, automatically resolving issues to ensure service continuity.

Global Cloud Robotics Market - Drivers:

Increasing demand for automation in industries is expected to drive growth of the global cloud robotics market during the forecast period

Many industrial processes such as painting, machining, material handling, welding, and assembling are now being replaced with automated robots. These robots use electrical, mechanical, and software systems to perform the designated task with higher accuracy, speed, and precision, which exceeds human performance. Moreover, automation in industrial robots has been very successful, owing to its high precision and speed in structured factory environments. However, these robots need to be integrated with network technologies, in order to deploy them in unstructured environments. Thus, robots are now being interconnected through the cloud, enabling them to remotely access datasets to support different types of functions. Hence, automation in industries is expected to boost the global cloud robotics market growth during the forecast period.

Technological advancements in artificial intelligence are expected to propel the global cloud robotics market growth over the forecast period

Constant research and development in artificial intelligence and related technologies are expected to increase the adoption of cloud robotics. According to the report ‘Preparing for the future of Artificial intelligence’ published by the National Science and Technology Council Committee on Technology in October 2016, the U.S. government invested US$ 1.1 billion in R&D in AI-related technologies in 2015. Artificial intelligence enables robot systems with powerful capabilities and also reduces operational costs. Therefore, it has become possible to build cost-effective, lightweight, and smarter robots with an intelligent operating system (OS), which consists of a data center, communication support, information processing, knowledge base, etc. Furthermore, robots need a massive amount of resources and computational power to think similarly to that of a human. Technological advancements in artificial intelligence can help robots to draw resources from multiple data centers, in effect spreading out the demand. For instance, RoboEarth is paving the way for advancement in machine behavior and cognition by allowing robotic systems to benefit from the experience of other robots. Thus, these factors are expected to propel the market growth in the near future. Global Cloud Robotics

Market - Restraint

Concerns regarding security and data privacy are expected to hamper the global cloud robotics market growth during the forecast period

One of the major issues regarding cloud robotics is security and privacy concerns. Hosting confidential data with providers of cloud involves the transfer of an organization’s control over data security to the cloud service providers. Every cloud contains considerable information from the client, which includes their personal data. If a household robot gets hacked, users could be in danger of their personal privacy and security thereby putting the user at risk. Moreover, hacked robots can carry out illicit or dangerous activities and can cause severe accidents. Hence, such issues are expected to hamper the market growth during the forecast period.

High capital investment and R&D expenses are expected to hinder growth of the global cloud robotics market over the forecast period

Initial capital investment required for manufacturing of a cloud-integrated robot is significantly high. Moreover, for advanced technologies and customized applications, manufacturers need to invest heavily in research and development activities. As a result of this, such a robot becomes substantially expensive and unaffordable for small industries or end users. Therefore, high initial cost and R&D expenditure are expected to restrict growth of the global cloud robotics market over the forecast period.

Market - Opportunity

Advent of 5G technology can provide major growth opportunities over the forecast period

Deployment of cloud-based robotic systems requires reliable and constant connectivity, regardless of the environment it operates within. Wireless technology offers these solutions and eliminates the need for complex wireline connections to provide communication systems. Moreover, 5G is expected to offer very low latency and is an obvious choice for applications that require high capacity. 5G supports a wider range of requirements such as sub-millisecond latency. For instance, Ericsson has partnered with biomedical companies such as EI.En and Imaginalis for robotic-assisted surgeries and remote diagnosis.

Technological advancements in robotic applications are expected to present lucrative business opportunities

The development in the robotics industry has enabled new robots to perform a plethora of applications. Robots can now perceive, manipulate, place and pick a wide variety of objects in less structured environments. Cloud robotics is considered as a step-further in this, enabling major advancements in automotive and other industrial applications. For instance, Google’s driverless cars are cloud robots, these cars use cloud services to navigate using Google’s enormous database of satellite and maps. These cars combine this data with current and past traffic patterns to avoid collisions.

Global Cloud Robotics Market - Impact of COVID-19:

The COVID-19 outbreak impacted the growth of cloud robotics market to be disrupted. Numerous nations were obliged to enact harsh lockdown regulations as a result of the COVID-19 outbreak's beginning.

The demand fell as a result of this element. But when businesses began to operate based on the lockdown's relaxations, demand for cloud robots has greatly increased. Less human contact and social distance standards have evolved into the market growth drivers for cloud robotics. Cloud robotics is being used widely to reduce frequent human contact. This factor might improve the market for cloud robotics' growth prospects.

*Definition: Cloud robotics is the use of cloud computing, cloud storage, and other internet technologies in the field of robotics. One of the main advantages of cloud robotics is its ability to provide vast amounts of data to robotic devices without having to incorporate it directly via onboard memory.