Market research reports show that the cloud robotics market is anticipated to grow to $7.51 billion by 2022.
A CAGR of 28.1% over the next four years is expected to drive the impressive growth in cloud-based technologies. The growing applications for artificial intelligence (AI) and machine learning tech in particular are the key players behind the expanding market.
Among the growth segments, Platform as a Service (PaaS) is forecasted to grow fastest. PaaS allows companies to develop and utilize software without the need for hardware infrastructure maintenance. Its streamlined, straightforward nature lends itself to easy adaptability and feasible scalability.
Based on performance and increasing demand for manufacture of robotic machines in recent years, analysts see manufacturing attaining the largest market share. To cut labor costs and make manufacturing more efficient, demand is growing for robotic arms in particular.
Major players like Amazon Robotics, Google, IBM, Microsoft and CloudMinds are all based in North America, making it likely that this region will see the largest share of market growth. The Middle East, Africa and Latin America are also likely to be growth markets due to generally low costs, and the relative ease of developing cloud-based infrastructure.