(MENAFN- America News Hour)Kenneth Research has recently added a report titled Global Cloud Robotics market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021-2024. The Global Cloud Robotics market is further anticipated to grow with a CAGR of 30.1% during the forecast period. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
Global Cloud Robotics Market Overview
Cloud robotics is modern robotics which is used in cloud computing and cloud storage. Cloud robotics makes robots to do many intensive tasks such as image processing, scanning and voice recognition. Cloud robotics allows robots to access the data and information such as updated image library, maps, product data and others. Cloud robotics enables the robots to learn some interesting skill such as speaking, dancing, running and others. Apart from this, cloud robotics is very valuable in handling big data, parallel grid computing, crowd sourcing and other works.
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Market Size & Forecast
Global cloud robotics market is anticipated to flourish at a compound annual growth rate (CAGR) of 30.1% over the forecast period. Global cloud robotics market is anticipated to reach at a valuation of about USD 3100.1 Million by the end of 2024. Rising technological advancement of robots and wide adoption of robotics in service sector are some of the major factors expected to propel the growth of global market over the forecast period.
''Final Report will add the analysis of the impact of COVID-19 on this industry.''
In terms of region, global cloud robotics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. In terms of market share, Europe region is the biggest market of the cloud robotics .Rising consumer's awareness towards robotics and presence of some major cloud robotics companies such as Cervi Robotics and Torninova are the major factors which are driving the growth of cloud robotics market in Europe region. By share, North America region is the second leading market of cloud robotics and is anticipated to witness remarkable growth over the forecast period.
Apart from this, Asia Pacific region is the fastest growing regional market of cloud robotics and is expected to flourish at a compound annual growth (CAGR) of 34.1% over the forecast period. Japan & China are expected to be the key contributors in growth of cloud robotics in this region. Middle East & Africa and Latin America regions are also anticipated to grow at a satisfactory growth rate over the forecast period.
Major Key Players
V3 Smart Technology Pvt. Ltd.
Hit Robot Group
ABB Group
Adept Technology
Boston Dynamics
Fanuc Corporation
Rockwell Automation Inc.
Rapyuta Robotics Co. Ltd.
Universal Robotics A/S
Hotblack Robotics Srl
Motion Controls Robotics
Scope & Context
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Growth Drivers & Challenges
Global cloud robotics market is driven by rising adoption of high-tech machines and their benefits in our personal and professional life. Application of cloud robotics in agriculture sector has made them more intelligent in terms of operation and control. This advancement in agriculture sector by using cloud robotics is anticipated to propel the growth of global cloud robotics market in near future. Moreover, rising adoption of cloud robotics in defense & security sector for the enhancement of existing security system is a major driver which is likely to foster the growth of global cloud robotics market in near future. Utilization of cloud robotics for enhancement of old robots in the terms of intelligence and to arm them with skills like walking, running, speaking and others are some of the major reasons driving the growth of cloud robotics market.
Apart from this, rising adoption of cloud robotics in education sector is likely to foster the growth of cloud robotics market. Cloud robotics has a wide range of applications including manufacturing, logistic, homes and others. Further, use of cloud robotics in manufacturing sector has resulted in increased production, reduction of human errors, improved quality. These advantages are anticipated to propel the involvement of cloud robotics in manufacturing sector. Additionally, cloud robotics is used in logistic sector. Expansion of logistic service across the globe is envisioned to bolster the growth of global cloud robotics market over the forecast period.
However, high cost of cloud robotics and lack of user guidance are some major challenges which are restraining the growth of global cloud robotics market. Apart from this, slow adoption rate is also hampering the growth of global cloud robotics market.
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Market Segmentation
Our-in depth analysis of the global cloud robotics market includes the following segments:
By End User
Industrial
Military
Commercial
Personal
By Connectivity
Bluetooth
Wi-Fi
3G
4G
5G
RF
Infrared
By Deployment
Hybrid
Private
Public
By Application
Aerospace
Manufacturing
Education
Logistic
Agriculture
Home
Construction
By Region
Global cloud robotics market is further classified on the basis of region as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
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