Internet of Robotic Things Market worth 21.44 Bn USD by 2022

Monday 26 September 2016, Amsterdam

According to the new research report, now available on ASDReports, "Internet of Robotic Things Market by Component (Sensor, Power, Control), Service (Professional, Managed), Platform (Device, Application, Network), Software (Analytics, Data, Security, Monitoring, Bandwidth), Application - Global Forecast to 2022", the Internet of Robotic Things market is expected to be worth USD 21.44 Billion by 2022, at a CAGR of 29.7% between 2016 and 2022. The growth of this market is mainly driven by adoption of IoRT by e-commerce industry, increasing application areas owing to integration of robots with various technologies, and short payback period and ROI.

Smart robot component market held the largest size in 2015

Developing products related to the Internet of Robotic Things requires significant interaction and assembly of various components such as sensors, actuators, power systems, control systems, and many other electrical and electronic devices. In the IoRT market, customized and application-specific products requires many classified components. Sensors form a huge and significant sub-section of IoRT; this is because sensing ability is the most essential characteristic of any smart robot or machine. Among all other components, sensors have applications in the medical, sports, personal protective equipment, geo-protection, and military & aerospace sectors. The market for sensors is expected to grow at the highest CAGR during the forecast period.

Services market expected to grow at the highest rate during the forecast period

The main difference between traditional robots and Internet of Robotic Things is that these new generation robots are smart and connected. Connectivity between robots and data management systems or other robots or to cloud is provided by different service providers. Service is expected to grow at the highest rate as it includes the full support for deployment and integration, support and maintenance and consulting services which is essential for erecting and running the plant.

Software is a crucial part of this technology to be integrated with the robots to support the programming for hardware and performing other connectivity operations.

North America accounted for the largest share of the Internet of Robotic Things market in 2015

North America held the largest share of the Internet of Robotic Things market in 2015 owing to the stable and mature economy. North America comprises the U.S., Canada, and Mexico. Currently, the U.S. is dominating the IoRT market in North America. Canada, with a relatively stable economy, is expected to increase the adoption of smart robots in the coming years.

The key players in this market include ABB Ltd. (Switzerland), KUKA AG (Germany), iRobot Corp. (U.S.), Amazon.com, Inc. (U.S.), Google, Inc. (U.S.), FANUC, Corp. (Japan).