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.
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.
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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.
As we take geographical classifications into consideration, the world market for cloud robotics has been classified into Middle East and Africa, Latin America, Europe, Asia Pacific and North America.