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“Increasing adoption of service application robots driving the growth of the internet of robotic things market”
The Internet of Robotic Things market is expected to be valued at USD 21.44 Billion by 2022, growing at a CAGR of 29.7% between 2016 and 2022. The growth of this market is majorly driven by adoption of IoRT by e-commerce industry, increasing application areas owing to integration of robots with various technologies, short payback period and ROI.
“The collaborative industrial robots to grow at the highest rate in IoRT market”
The collaborative robots in industrial sector are used in manufacturing industries to speed up the production processes, increase productivity and efficiency, and minimize the costs involved in production in the long term. The smart robots are being adopted by the industrial sector to work along with the humans. Collaborative robots are used in the various industrial segments to help humans in the activities such as welding, painting, sorting, among others. It is expected that smart robots performing autonomous tasks would solve the problem of scarcity of labor among industries.
“Market for IoRT domestic robots was the largest in 2015 in personal service robotic applications.”
The domestic robot or assistant serves humans in their daily lives at home, at work, or in public environments. The vision of the future would be to have robot butlers whose ultimate task would be to serve humans as companions in their daily lives and relieve humans of heavy, dirty, monotonous, and irksome tasks. The domestic robot is considered not only as a smart device but also as an artificial creature, which improves its capabilities in a continuous process by acquiring new knowledge and skills. Also, the increasing elderly population and urbanization is driving its growth.
“The IoRT market North America to grow at the highest rate during the forecast period.”
The market for IoRT in North America was the largest in 2015 and is expected to grow at a highest CAGR during the forecast period. This is mainly because of the growing need for personal robots, such as domestic cleaning, elderly assistance among others, the increasing adoption of collaborative industrial robots by small and medium enterprises, and the high adaption rate of smart robots across the different professional application areas such as defense, field, medical, and logistics among others.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry people.
The breakup of profile of primary participants has been given below:
- By Company Type: Tier 1 – 33%, Tier 2 – 45%, and Tier 3 – 22%
- By Designation: C-Level Executives – 33%, Directors – 25%, and Others – 42%
- By Region: Americas – 35%, Europe – 29%, APAC – 24%, and RoW – 12%