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Cloud Robotics Market Size

Report ID: GMI6826
Published Date: Jul 2024
Report Format: PDF

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Cloud Robotics Market Size

Cloud Robotics Market size was valued at USD 5 billion in 2023 and is projected to register a CAGR of 23% between 2024 and 2032, propelled by the growing adoption of the Internet of Things (IoT). According to NASSCOMM data, the IoT market in India could expand to $1.1 trillion in 2023.

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The growing ubiquity of high-speed internet and the proliferation of IoT devices have enabled robots to connect to the cloud seamlessly. This connectivity allows robots to offload computationally intensive tasks, access vast amounts of data, and receive real-time updates and improvements. It also facilitates remote monitoring and control of robots, making them more versatile and capable, further stimulating market growth.

Cloud Robotics Market Report Attributes
Report Attribute	Details
Base Year:	2023
Cloud Robotics Market Size in 2023:	USD 5 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	23%
2032 Value Projection:	USD 31.9 Billion
Historical Data for:	2018 - 2023
No. of Pages:	220
Tables, Charts & Figures:	328
Segments covered:	Component, Service Model, Robot Type, Industry Vertical
Growth Drivers:	Advancements in Artificial Intelligence (AI) and Machine Learning (ML) Growing demand of scalable and flexible solutions. Increasing Remote Monitoring and Control
Pitfalls & Challenges:	Data Security and Privacy Concerns Connectivity and Latency Issues

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Cloud robotics heavily relies on low-latency, high-speed internet connections for real-time communication between robots and the cloud. In remote or poorly connected areas, latency issues can arise, leading to delays in robot responses and reduced operational efficiency. Moreover, some Industry Verticals, such as those in healthcare or manufacturing, require ultra-low latency, making it challenging to rely solely on cloud-based solutions.

To address these challenges, edge computing and edge AI are being explored as alternatives to reduce latency and improve connectivity, which will help strengthen the cloud robotics market outlook over the next ten years.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of cloud robotics reached USD 5 billion in 2023 and is set to witness 23% CAGR from 2024 to 2032, due to the growing adoption of the Internet of Things (IoT).

The solution component segment held over 80% of the market share in 2023, driven by higher adoption in manufacturing, healthcare, logistics, and agriculture.

North America garnered over 33% of the market share in 2023, owing to the presence of strong technological infrastructure and well-established cloud computing ecosystem.

Some of the major cloud robotic firms are AWS, IBM Corporation, Rockwell Automation Inc, Microsoft Corporation, and Google Inc.