Cloud Robotics Market Worth USD 7.51 Billion by 2022

BW Online Bureau Mar 08, 2018

According to a new market research report "Cloud Robotics Market by Component (Software and Services), Service Model (IaaS, PaaS, and SaaS), Application, Deployment Model (Public, Private, and Hybrid Cloud), End-User (Verticals and Third-Party Users), and Region - Global Forecast to 2022", published by MarketsandMarkets, the market size is expected 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 percent during the forecast period.

The proliferation of the cloud technology, broad spectrum use of wireless technologies and increase in the adoption of Internet of Things (IoT) and advancements in Artificial Intelligence (AI), and machine learning technologies are the major factors that are expected to support the growth of the Cloud Robotics market.

In the service model, the PaaS segment is expected to have the highest CAGR during the forecast period, because it enables enterprises to develop, run, and manage software and tools, without the hassle of maintaining and updating the hardware and software infrastructure. The enterprises of all sizes are globally adopting the PaaS segment because of its simplicity, scalability, and reliability. In addition to this, PaaS applications have a high adaptability rate, due to their latest features, such as easy upgradation.

In the verticals segment, the manufacturing vertical is expected to have the largest market share in the Cloud Robotics Market in 2017. The demand for robotic machines is continuously increasing among manufacturers, owing to their needs for improving their operational efficiencies as well as mitigating their costs. In the manufacturing industry, robotic arms are used for replacing manual labor.

Manufacturers are benefitting from robot simulations, which are increasing the efficiency of production processes, quality control, predictive maintenance, and product innovation. It also helps companies in reducing the production time as well as the costs associated with it.