Dozens of state-of-the-art companies are influencing our future where robots will gradually become intrinsic part of everyday life. A wave of advanced robotic applications is hitting the market and the robots are now being used in applications such as catering to hotel guests, helping the shoppers at a store, home assistance robots that keep a track of everyday reminders and helping robots that help the elderly people to adopt a better lifestyle. The rise in demand of robots across domestic customers is primarily fueled by their declining cost, increased functionality and significant positive impact in the lives of people. In past five years (2014-2018), there has been a rise in adoption of household voice-controlled robots such as Amazon Echo and Google Home. These robots are smart connected robots and in a smart home these robots can perform mundane tasks such as turning on the smart lights, start or stop the robot vacuum cleaner, start the smart sprinkler system, or set the heater to a certain temperature and all of this just at the voice command. Apart from these, the demand of robots such as robotic vacuum cleaner, lawn mower, elderly assistant robots, and entertainment robots have also witnessed a rise in demand from domestic end-user.
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The growth of the global cloud-based smart robotics market is driven by numerous factors that include growing popularity of connected robots across various industries, rise in popularity of industry 4.0, advancement in artificial intelligence technologies, the emergence of high speed 5G communication, increased productivity and efficiency at workplace, minimal infrastructure, and flexible operation, declining costs of cloud robotics and high return on investment, among others. Furthermore, the rise in awareness about cloud robotics is propelling its demand, especially in the developing nations. However, security related concerns and requirement of high initial cost are some of the factors that are restraining its market growth. Although, increase in investment and rise in trend of connected devices and IoT are some of the factors creating viable opportunities for players operating in the global cloud-based smart robotics market.
The overall ecosystem of the global cloud-based smart robotics market comprises of software providers, system designer, technology provider and software integrators, among others. The global cloud-based smart robotics market has dominance in the developed regions, such as North America and Europe, and is gradually gaining popularity in regions such as Asia Pacific and Middle East & Africa (ME&A). The market is expected to gain high growth rate in the upcoming years (2018-2023) owing to the technological improvement, huge demand from different end-users, and rise in awareness about the cloud robotics.
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The competitive landscape for the global cloud-based smart robotics market shows an inclination towards companies adopting strategies, such as product launches, partnerships, business expansion through funding, and acquisition, among others. Among all the strategies adopted, product launches have dominated the market and is the most widely adopted strategy among the cloud robotics providers.
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