Emergence of Autonomous Vehicle & Telerobotics to Enable Demand of Teleoperation Solutions Garnering growth at 23.1% Through 2031
As per Persistence Market Research analysis, the market is slated to register high growth at 23.1% CAGR from 2021 to 2031.
NEW YORK, Sept. 27, 2021 /PRNewswire/ -- Demand for teleoperations is expected to top a valuation of US$ 393 Mn in 2021. As per Persistence Market Research analysis, the market is slated to register high growth at 23.1% CAGR from 2021 to 2031.
Companies such as Ottopia, Voysys, Phantom Auto, and Quantum Signal LLC, among others, are focused on offering advanced teleoperation solutions and services. These companies are offering innovative solutions to various major automotive players such as Denso Corporation in order to enhance their offerings. Teleoperation happens to be a necessity to assist autonomous vehicles through complex situations. Hence, it is gaining immense popularity in the autonomous vehicles segment.
Furthermore, adoption of industry 4.0 technologies in teleoperation is expected to further drive market growth. Increasing government investments in industry 4.0 in recent years are further boosting market expansion. Moreover, to boost automation within industries, governments are providing subsidies as well as allowances in order to push the adoption of industry 4.0.
Growing popularity of robotic applications is primarily driving growth of the teleoperations market. With the advent of IoT and growing admiration of IoT applications across smart and connected devices, there has been rise in demand for teleoperation solutions and services. Increasing demand for smart factory applications is a major factors driving market growth.
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- For instance, in May 2021, Phantom Auto entered into a partnership agreement with Mitsubishi Logisnext Americas Group in order to scale up remote operations for unmanned forklifts. Solutions provided by Phantom Auto will enable clients of the latter company remotely operate unmanned tuggers, pallet jacks, and counterbalances, among others.
- In May 2021, Ottopia announced the availability of its teleoperation software on the NVIDIA DRIVE AGX platform, an end-to-end platform used by the transportation industry in order to develop safe and autonomous vehicles. Ottopia happens to be the only teleoperation provider to offer innovative solutions with automotive grade technology.
Key Takeaways from Market Study
- North America was the leading market in 2020 in terms of value for teleoperations. Over the coming years, South Asia and Pacific is expected to be a key market for sustainable revenue generation.
- Large enterprises are expected to offer higher incremental opportunity during the forecast period.
- There has been a rise in demand for teleoperation platforms/software owing to increasing popularity of remote-working due to COVID-19.
- With growing popularity of teleoperation services, countries in Asia Pacific such as India, China, and Japan are expected to witness potential growth opportunities.
- The market in the U.S. is projected to surge at a CAGR of 20.9% through 2031, and is expected to continue its dominance over the coming years.
- The market in China and India is expected to progress at impressive CAGRs of 22.3% and 29.8%, respectively, through 2031.
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"Growing popularity of smart factory coupled with increasing demand for robotic process automation is driving demand for teleoperations in mature markets," says a Persistence Market Research analyst.
COVID-19 Pandemic Impact Analysis
The COVID-19 pandemic outbreak has disrupted many industries, including the teleoperations market. The spread of COVID-19 has affected industries in Europe, Asia, and North America, and partially in the Middle East, Africa, and Latin America.
A lot of industry verticals have been affected during the pandemic. However, there has been a positive impact on the adoption of teleoperation solutions and services during this crisis. Increase in demand for all facilities under one platform is anticipated to drive market growth. However, factors such as higher cost of management are anticipated to hamper market growth to some extent.
Market Drivers
- Rising focus on Industry 4.0 is driving demand for teleoperations
- Increasing developments in robotic process automation are driving adoption of teleoperations
- Growing digitization is boosting demand for teleoperations
- Increasing adoption of smart technologies is driving market expansion
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Find More Valuable Insights
Persistence Market Research puts forward an unbiased analysis of the global Teleoperations market, providing historical demand data (2016-2020) and forecast statistics for the period 2021-2031.
To understand the opportunities in this space, the market is segmented on the basis of Component (hardware (HMD devices, telemanipulator devices, and others), teleoperation platforms/software, and services (design & development services, consulting services, integration services, and support & maintenance), enterprise size (SMEs and large enterprises), and industry (transportation & logistics, healthcare & medical, military & public safety, smart factory/industry 4.0, energy & power, agriculture, and others), across six major regions of the world.
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