The Internet of Robotic Things (IoRT) market revenue was estimated at US$ 21.4 billion in 2022 and is anticipated to grow at a CAGR of 25.6 % from 2022 to 2032.
By the end of 2032, the IoRT market is expected to reach a valuation of US$ 210 billion. The service sector segment will dominate the market at a projected CAGR of 25.4 % from 2022 to 2032.
The rise in the adoption of IoRT in industrial automation around the world is projected to expand the market.
The market for the Internet of Robotic Things (IoRT) is expected to grow rapidly for a variety of causes. It includes technological developments, rising demand for automation across a number of industries, and the expanding popularity of connected devices.
The capabilities of robots have been greatly enhanced by the development of sophisticated sensors, artificial intelligence (AI), machine learning, and computer vision technologies.
These developments have resulted in the efficiency, accuracy, and environment adaptability of IoRT solutions.These solutions are becoming more popular as automation requirements rise in sectors like manufacturing, logistics, and healthcare. Robots are being used more frequently to complete tasks like material handling, inspection, and assembly, increasing productivity and lowering costs.
The emergence of connected devices, including robots, has resulted from the rise of the Internet of Things (IoT). This has increased productivity and enhanced automation across various industries.
The demand for IoRT solutions is being fueled by recent innovations and developments in autonomous vehicles, such as drones and self-driving cars. These vehicles need sophisticated sensors, Artificial Intelligence (AI), and machine learning (ML) algorithms to navigate and carry out advanced tasks. The demand for IoRT solutions has been rising in demand because of these developments.
Key Takeaways
· Global Internet of robotic things market exhibited a high CAGR of around 25.6% during the historical period.
· North American Internet of robotic things market is projected to be worth US$ 41.4 billion in 2032.
· USA Internet of Things market is set to create an absolute dollar growth of US$ 67.81 billion through 2032.
·Based on the top platform, the device management platform segment is anticipated to accelerate at a CAGR of 25.5% from 2022 to 2032.
·Based on application, the service sector segment witnessed prominent growth at a CAGR of 25.4% from 2017 to 2021.
“In recent times, the rise of automation in the service sector has paved the way for mass manufacturing. Especially, the hospitality sector will be a prominent consumer in this segment by 2032,” says a lead FMI analyst.
Competitive Analysis
The market players are investing heavily in research and development for new and efficient products. The companies are also focusing on product launches to augment their market positions.
The key players include ABB Ltd., Kuka AG., IRobot Corporation, Fanuc Corporation, Amazon.com Inc., Google Inc, Cisco Systems Inc, Intel Corporation, Honda MotorsCo., Ltd., Yaskawa Electric Corporation, Northrop Grumman Corporation, Aethon Inc, and Robert Bosch GmbH, Samsung Electronics Co., Ltd.
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