Published Date : Jan 30, 2018
ALBANY, New York, January 30, 2018: A recent report added to MRR’s repository, titled, “5G & Cloud Robotics for Industrial IoT Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025,” throws light on various crucial facets of the market. It discusses the important growth drivers and challenges molding the growth path of the market. It also provides thorough reports of the various end use application of the emerging technology and how players can tap better into the market.
It is common observation that robotics are on course to become an integral part of the modern manufacturing process. Smart robots, that can effectively support the entire manufacturing process, are already being deployed in many industries to reduce operational costs and bring about enormous accuracy. Overall, this is expected to benefit the market for robotics for industrial IoT in the long run.
However, initial upfront capital required to purchase and install those and the substantial amount of intelligence required by them to function properly is dealing quite a blow to the swift uptake of robotics for industrial IoT market, on the downside. The challenge before players in the market now is to come up with simplified smart robotic systems at affordable rates. To overcome it, researchers have come up with cloud robotics operating on 5G technology.
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The main USP of cloud robotics is its cost effectiveness. Besides, it also has the ability to create a more simplified robotics on ground. Such robots can be monitored from anywhere in the world and can also navigate all by themselves. The primary three components of cloud robotics are artificial intelligence (AI), robot platform, and mobile network.
The 5G wireless technology, with large bandwidth and low latency, is the perfect choice for cloud robotics. Effective 5G network and mobile edge computing (MEC) can offer robotic solution with holistic support. The 5G enabled cloud robotics is primed to disrupt the manufacturing sector along with the healthcare. In healthcare, for example, the technology can offer help in patient care, and can improve hospital logistics as well. Cloud based medical services are also predicted to become popular. Though it may sound way too futuristic at the moment, but 5G powered cloud robotics can even bring about remote surgery in the near future.
The 5G and cloud robotics for industrial IoT market is being bolstered by the pressing need for simple robotics solution that are hassle-free deploy and operate. However, there are certain challenges that the market needs to overcome now. One of them is the limitations of one-size-fits-all. Therefore manufacturers are required to build a shared platform for common business function that can be customized to a specific application.
The market for 5G and cloud robotics for industrial IoT market can be divided based on end-users into agriculture, manufacturing, transportation, consumer products, healthcare, and entertainment. The different stakeholders in the cloud robotics business model are vendors selling robotic software, namely Rbotnik and MathWorks, vendors selling robot components, namely Synapticon GmbH and The Shadow Robot Company. There are also vendors purveying robot platform to offer software and hardware platform, such as ABB Group, SoftBank Group Corp.
Besides these vendors, there are also telecom operators to provide robotics connection and companies that offer dedicated artificial intelligence (AI) solution that includes natural language processing, machine vision, and big data analytics. Global behemoths of the likes of Google Inc., IBM Corporation, CloudMinds are key vendors for AI solution.
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