Cloud Robotics Market to reach US$21.94 bn by the end of 2024 - TMR

The market for the cloud robotics is quite a consolidated one, characterized with the presence of a handful of companies, as mentioned in a publication by Transparency Market Research. It is further divulged in the publication that these noted market vendors which are operational in the market account for majority of the market share. Some noteworthy companies in the world market for cloud robotics are ABB Group, Wolf Robotics, Calvary Robotics, Fanuc Corporation, and Kuka Robotics. These eminent companies have research and development work pertaining to the cloud robotics field as their focal point in a bid to obtain upper hand and stay ahead of the rival companies. These leading companies are also relying on association and collaboration with regional partners in an effort to expand their geographical reach.

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.

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Emergence of Cloud-connected Robots to Spearhead Market Growth

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.