The Internet Of
Robotic Things Market is estimated to reach US$45 billion by 2027, growing at a
CAGR of 25.5% during the forecast period 2022-2027.
IoRT is at the top of the cloud robotics paradigm. It serves a variety of
functions on the Internet of Things, including real-time streaming analytics
and remote monitoring systems. The widespread implementation of IoRT in a
variety of industries is a result of both the advancement of high-speed
networking technology and the increasing utilization of interconnected devices
within organizations. In January 2022, ABB introduced the compact 4-axis IRB 460
high-speed artificial intelligence-based robot
for industrial applications. It has smart wireless sensors and is specially designed for Palletizing, De-palletizing and Material
The Service Sector Robots segment, by application in the Internet of Robotic Things Market, is expected to grow the fastest at a CAGR of 27.8% during the forecast period 2022-2027. The increased adoption of IoRT in service sector robots is driven by the increased demand for artificial intelligence-based connected devices with smart features for better consumer services. In February 2019, FedEx announced the development of a robotic delivery device called SameDay Bot which helps retailers distribute same-day orders to their customers. It is equipped with "pedestrian-safe technology" that uses multiple cameras and LiDAR remote sensing technology to detect its surroundings.
North America dominated the Internet of Robotic Things Market with a share of 33%, in terms of revenue in 2021. The large adoption of IoRT in this region is due to the growth of the e-commerce sector and the integration of robots with various technologies in several industries. Various new IoRT devices are being produced by leading companies and events are being held to promote them. In January 2022, CNET in their article stated the CES 2022 was held in Las Vegas to promote various IoT and IoRT innovations globally. 195 fortune global companies, leading U.S. companies and other international participants from 159 countries took part in the event. Boston Dynamics spot robot was also showcased in this event. Ubtech also introduced its new portfolio of healthcare robots with inbuilt biometric monitoring and route mapping. This event provides a great opportunity to expand reach to potential consumers of various industries.
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Internet Of Robotic Things Market Growth Driver:
- Widescale adoption of the Internet of Robotic Things in the entertainment and media industry to upgrade systems with smart and high-resolution devices:
The Entertainment and Media industry is widely opting for IoRT to address the rising consumer demand for smart devices with high-quality audio-video resolutions. The use of the internet of robotic things is also being boosted by the expansion of application fields brought on by the integration of robots with different technologies. In January 2022, Doosan Robotics displayed its robot camera system NINA (New Inspiration, New Angle) at the Consumer Electronics Show 2022. NINA got a CES 2022 Innovation Award and is made for the entertainment industry. The real-time streaming analytics technology detects objects automatically with its 720-degree rotation and determines distance 95% more efficiently for seamless filming.
Major Players in this Market:
The major players in the Internet of Robotic Things Market include ABB Group, Aethon, Inc., Amazon.com, Inc., Cisco Systems, Inc. and ECA Group. In July 2022, ABB introduced the IRB 6660 robot, designed for high-performance applications. It has multiple applications including press tending, machine tending, milling, cutting and grinding.