Cloud Robotics Market Size & Share, by Component (Software, Hardware); Service Model (IaaS, PaaS, SaaS); Robot Type (Industrial Robots, Service Robots); Technology (Bluetooth, Wi-Fi, 3G, 4G, 5G, RF, Infrared); Application (Automotive, Defense, Manufacturing, Agriculture, Healthcare, Aerospace, Education); Organization (SMEs, Large Enterprises) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

Growth Drivers

• Significant Adoption of Robotic Process Automation (RPA) in the Manufacturing Sector – Robotic process automation (RPA) technology is a radical trend and one of the most cutting-edge digital transformation technologies that organizations use to cut costs, save time, maximize profits through the automation of repetitive tasks, and maintain business continuity all through unparalleled and unexpected crisis events. Many manufacturing processes, including painting, milling, industrial equipment, welding, and assembling, are being automated. These robots use electrical, mechanical, and software systems to perform the assigned task with greater accuracy, speed, and precision than humans. Thus, the increasing adoption of RPA in manufacturing sector is leading the growth of the cloud robotics market over the forecast period. For instance, over 76% of businesses are expected to have already implemented RPA into their procedures by July 2022, while 17% preparing to do so within the next three years.
• Upsurge in Cloud Technology Integration Owing to Increasing Storage Needs – For instance, more than 100 zettabytes of data are estimated to be stored in the cloud by 2025.
• Global Evolution of Internet Bandwidth as More People are Working from Home - In 2022, global internet bandwidth is predicted to increase by 29%.
• Worldwide Increasing Number of Industrial Robots with Rising Restrictions for Social Distance for People - The current number of industrial robots across the globe is estimated to be around 3.2 million. This figure represents a 9% increase over the prior year.
• Rise of 5G Network Owing to Advancements in Technology Day by Day – For instance, Since the very first rolled-out phase in 2019, the 5G network is now available in nearly 71 countries across the globe.

Challenges

• High Cost of Cloud Robotics
• High Capital Investment
• Data Privacy and Security Concerns- Data privacy and security were significant reasons that hinders the cloud robotics market growth. Cloud service providers can control the hosting data and it contains considerable information about the client such as personal data. This personal data can be tracked if the cloud server gets hacked and the data of users are at risk. The hacking robots can cause accidents and severe damage to the client which hampers cloud robotics market growth.