Internet of Robotic Things Market Growth to Observe Exponential Upsurge By 2024

Robot can be integrated as an entity in the Internet of Things (IoT) infrastructure thereby enabling connections between different entities using diverse communication protocols. Internet of Robotic Things (IoRT) is ‘robot(s) connected as a thing’ in IoT technology which establishes connections with other things over the Internet.

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IoRT are smart robots that are integrated through Internet for performing professional processes or personal activities such as manufacturing process and monitoring of elderly activities. They are intelligent devices that assist in monitoring events and controlling objects in the physical world by gathering sensor data from a variety of sources to determine course of action. Growing e-commerce industry and increasing application areas owing to integration of robots with various technologies is boosting the Internet of robotic things usage.

The major driving factors for the growth of global Internet of robotics market are high speed data connectivity and seamless web connectivity. Increase in the use of smart devices, e-commerce, automation in manufacturing process, digitalization, elderly population, rise in availability of broadband infrastructure and urbanization are also contributing to the growth of global Internet of robotics things market.

However, lack of awareness of Internet of robotics technology, high cost of research and development activities and complexity in new product development are the factors hindering the growth of global Internet of robotics market. Growing requirements for access and control over Internet of robotics technology devices across industries and adoption of industrial robots by small and medium enterprises is expected to create opportunity for vendors operating in Internet of robotic things market. This would allow for further increase in users experience, easy integration and support services such as assistance and management of network and services in industrial processes.

The global Internet of robotic things market is segmented on the basis of component, platform, software, services, application and geography. On the basis of component, the global Internet of robotic things market is segmented as sensors, power systems, actuators, control systems and others including electric and electronic components. The platform segment of global Internet of robotic things market includes device management platform, application platform and network platform. Based on software, the global Internet of robotic things market is segmented into analytics software, data software, security software, and monitoring software. In terms of the services provided, the global Internet of robotic things market is fragmented into professional services and managed services.

Moreover, the application segment of global Internet of robotic things market is segmented into travel and logistics, defense and , healthcare and life science, manufacturing and automotive, gaming, media and entertainment, global digital marketing, government sector, retail and consumer goods, software and technology and bussiness, financial services and insurance (BFSI). On the basis of geography, the global Internet of robotic things market is segmented as North America, Europe, South America, Asia Pacific and Middle East and Africa. The Internet of robotic things market in North America is expected to lead the global IoRT market due to stable economy, growing need for elderly assistance and increasing adoption of smart robotics application for interconnection of applications. Moreover, Asia Pacific and Europe are expected to show moderate growth in Internet of robotic things market during the forecast period due to increasing demand for connected robotics in e-commerce sector.

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The key players of global Internet of robotic things market are ABB Ltd., FANUC Corporation, KUKA AG, Cisco Systems Inc., Samsung Electric Co. Ltd., Aethon Inc., iRobot Corporation, Intel Corporation, Robert Bosch GmbH, Amazon.com, Inc., Northrop Grumman Corporation, Honda Motors Co. Ltd., Geckosystems Intl. Corporation, Yaskawa Electric Corporation, Google Inc. and Bluefin Robotics Corporation.

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