The global internet of robotic things market is expected to grow with a CAGR of around 30% during the forecast period 2016-2023. The rising demand for next-generation sensors is one of the major factor which is increasing the demand for internet of robotic things in the global market. Next generation sensors enable the superior efficiency in the IoT which assist the technology to work successfully, due to such increasing demand of NGS in the global market is driving the growth in the global market. In addition to driving factor there are factors such as privacy and security concerns and necessity of technological skills is restricting the growth of the global internet of robotic things market.
Geographically, North America, Asia Pacific, Europe, rest of the World are the major region. North America held the highest revenue share in 2016 in global internet of robotic things market. The growth in North America market is majorly driven by the rising research and development spending in the North American region. The Asia pacific internet of robotic things market is expected to grow with an impressive CAGR during the forecast period 2016-2023. The growth in the region is mainly driven by massive expenditure done by country such as India and China for the development of new technology in the region that is creating huge growth opportunity for internet of robotics things market in the Asia Pacific region.
The global internet of robotic thing market is filled with number of players. The key players who are actively working for the development of new technology are Amazon.Com Inc. (U.S.), Blufin Robotics Corporation (U.S.), Cisco Systems Inc. (U.S.), Google, Inc. (U.S.), Honda Motors Co. Ltd (Japan), Robert Bosch GmbH (Germany) and Samsung Electronics Co. (South Korea), Ltd etc. all such players are adopting various strategic initiative such as product development, investment, research and development, expansion, etc. to sustain in the dynamic market.
The internet of robotic things market is segmented on the basis of services, application, software, platform, smart robot component and geography. The service segment is segmented into professional services and managed services. The professional services are further divided into consulting services, deployment and integration and support and maintenance. The platform segment is segmented into application management platform, device management platform and network management platform. The software segment is further divided into data management, network bandwidth management, real-time streaming analytics, remote monitoring systems and security solutions. The smart robot component market is segmented into actuators, control systems, power sources, sensors and others. The application segment is segmented into collaborative industrial robots and services robots.