DUBLIN—In 2017, the cloud robotics market accounted for a market value of $2,425.9 million which is anticipated to grow at a CAGR of 30.40% from 2018 to 2023, according to a report by Research and Markets.
In the recent years, there have been several new product launches in the market, and the cloud robotics market has undergone a paradigm shift on the technological aspect. Furthermore, the cost of cloud robotics platforms has also declined substantially which has resulted in a high return on the investment and cost-effective performance of these platforms.
The demand for cloud robotics across several end-users has witnessed a significant rise in the recent years, and the trend is anticipated to continue in the next few years, owing to their high accuracy and declining cost. The rising number of end-users are moving towards automation across emerging nations and cloud robotics is gaining traction across multiple applications which is expected to open several new opportunities for the cloud robotics market in the years to come. The major end-users where cloud robotics is used include industrial, commercial and consumer. Industrial end-user comprises of automotive, manufacturing, warehouse and logistics and others. Commercial end-user consists of agriculture, healthcare, retail, banking and others. Consumer sector includes entertainment, cleaning, personal care, education and others. Major business models in cloud robotics market are infrastructure-as-a-service, platform-as-a-service, and software-as-a-service.