Internet Of Robotic Things Market - Forecast(2023 - 2028)

Report Code: ESR 86569 Report Format: PDF + Excel

Internet Of Robotic Things Market Overview

The Internet Of Robotic Things Market is projected to reach US$90 billion by 2027, growing at a CAGR of 25.5% during the forecast period 2022-2027. Internet Of Robotic Things (IoRT) refers to a network of intelligent devices that combines smart wireless sensors data from sources and uses artificial intelligence to determine the action. It is employed in the internet of things like cloud robotics for functions like real-time streaming analytics and remote monitoring systems. The widescale adoption of IoRT in various sectors is due to the growing adoption of connected devices within organizations. In August 2022, Google demonstrated the smart robot with the most potent language model to date, known as PaLM and interacts with the use of artificial intelligence.

Internet Of Robotic Things Market Report Coverage

The “Internet Of Robotic Things Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Internet Of Robotic Things Market.

By Component: Sensors, Actuators, Power source, Control systems and Others (Electrical, Electronic and Mechanical).
By Software: Real Time Streaming Analytics, Remote Monitoring System, Network Bandwidth Management, Security Solution and Data Management.
By Platform: Device Management Platform, Application Management Platform and Network Management Platform.
By Service: Professional Services (Deployment and Integration, Support and Maintenance and Consulting Services) and Managed Services.
By Application: Collaborative industrial robots, Service sector robots, Smart robots, Domestic tasks, Maintenance tasks, Factory facilities, Demining, Robotic Pets, Fire and bomb fighting, Logistic systems and Others.
By End-users: Automotive, Food and Beverages, Warehouse, Consumer Electronics, Retail, Entertainment and Media, Defence and Security, Agriculture, Healthcare, Logistics, Construction and Others.
By Geography: North America (the US, Canada and Mexico), Europe (Germany, the UK, France, Italy, Spain and Others), APAC (China, Japan, South Korea, India, Australia and Others), South America (Brazil, Argentina and Others) and RoW (the Middle East and Africa).

Key Takeaways

  • The Service sector robots segment, by application on 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 widespread use of IoRT in Service sector robots is due to the growing adoption of connected devices with smart features for better consumer services.
  • The Consumer Electronics segment, by end-users on the Internet Of Robotic Things Market, is expected to grow the fastest at a CAGR of 27.5% during the forecast period 2022-2027. The increased adoption of IoRT in the consumer electronics sector is a result of growing customer demand for smart Internet of Things gadgets and advancements in technology.
  • Asia-Pacific is expected to grow at the fastest CAGR of 28.5%, in terms of revenue in Internet Of Robotic Things Market during the forecast period 2022-2027. The significant adoption of IoRT in this region is due to the expansion of the e-commerce industry and the incorporation of robots with diverse technologies in various industries.
  • The widespread use of IoRT in the healthcare sector to improve clinical workflow and modernize surgical systems is fueling market expansion.
Internet Of Robotic Things Market Value Share, by Region, 2021 (%)
Internet Of Robotic Things Market
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Internet Of Robotic Things Market Segment Analysis - by Application

The Internet Of Robotic Things Market by application has been segmented into collaborative industrial robots, service sector robots, smart robots, domestic tasks, maintenance tasks, factory facilities, demining, robotic pets, fire and bomb fighting, logistic systems and others. 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 widespread use of IoRT in Service sector robots is due to the growing adoption of connected devices with smart features for better consumer services. In January 2019, Samsung, in its Internet Of Robotic Things market report, unveiled artificial intelligence-based Bot Retail with smart wireless sensors for usage in restaurants. It enables users to input orders and helps deliver food.

Internet Of Robotic Things Market Segment Analysis - by End-users

The Internet Of Robotic Things Market by end-users has been segmented into automotive, food and beverages, consumer electronics, retail, entertainment and media, defense and security, agriculture, healthcare, logistics, construction and others. The Consumer electronics segment by end-users in the Internet Of Robotic Things Market is expected to grow the fastest at a CAGR of 27.5% during the forecast period 2022-2027. The increased adoption of IoRT in the consumer electronics sector is a result of growing customer demand for smart Internet of Things gadgets and advancements in technology. In December 2021, Yukai Engineering at the Consumer Electronics Show 2022 introduced the Amagami Ham Ham robot, designed with dozen nibbling patterns including massaging Ham and suctioning Ham.

Internet Of Robotic Things Market Segment Analysis - by Geography

The Internet Of Robotic Things Market by geography is segmented into North America, Europe, APAC, South America and RoW. In terms of revenue, Asia-Pacific is expected to grow at the fastest CAGR with 28.5% in the Internet Of Robotic Things Market from 2022-2027. The significant adoption of IoRT in this region is due to the expansion of the e-commerce industry and the incorporation of robots with diverse technologies in various industries. It helps e-commerce websites with functions such as order fulfillment and inventory tracking. Robots such as virtual assistants and chatbots increase work efficiency and attract consumers efficiently. In September 2022, Tracxn in its chatbot start-up report stated that South Korea has had more than 40 chatbot start-up companies in the past 8 years to address the needs of its expanding e-commerce industry. DeepBrain and Skelter labs are the leading companies on the list.

Internet Of Robotic Things Market Drivers

The widespread use of IoRT in the healthcare sector to improve clinical workflow and modernize surgical systems:

IoRT is being widely adopted in the healthcare industry since it increases operational efficiencies while enhancing patient care and outcomes. Surgery assistance and clinical workflow management are all facilitated by medical robots. The remote monitoring system consists of smart wireless sensors and real-time streaming analytics which help in the real-time monitoring of patient's health. In March 2019, PYMNTS in their article stated that Samsung released Bot Care, a healthcare robot to enhance its Internet Of Robotic Things market share. A robot is 90% more efficient and is designed for tasks like checking vitals with a finger scan and dialing 911 for emergencies.

The high adoption of IoRT in the warehouse industry with increased use of autonomous systems to enhance productivity:

The widescale use of IoRT in the warehouse industry is due to the rapid switch towards smart autonomous systems to enhance productivity. Robots and humans are employed together to enhance productivity. Robots take over riskier activities like moving heavy items and retrieving inventory from heights. Customer satisfaction increases as a result of faster services and decreased human error rates with real-time streaming analytics features. In July 2022, Logiwa, Inc. stated that Chinese warehouses widely use Autonomous Mobile Robots as they form one of the fastest-growing segments with 40% of the world’s parcels delivered in China. AMRs can sort up to 18,000 parcels an hour and reduce manual labor costs by 70%.

Internet Of Robotic Things Market Challenge

The lack of high security in the IoRT devices:

There is a lot of research and development work being done on IoRT technology. Globally, its potential applications are being studied. The studies stated that high-security features are currently lacking in the IoRT field, which is essential for the safety of various IoT and robotics applications. In June 2021, ACIT in their IoRT report stated that more than 50% of security concerns have been seen in IoRT technology due to insecure communication, authentication failure and hardware flaws. It can lead to potential cyber-attacks by leaking vital data. This failure in robot systems leads to harmful accidents.

Key Market Players

Product launches, collaborations and R&D activities are key strategies adopted by players in the Internet Of Robotic Things Market. The top 10 companies in the Internet Of Robotic Things market are:

  1. ABB Group
  2. Aethon, Inc.
  3. Amazon.com, Inc.
  4. Cisco Systems, Inc.
  5. ECA Group
  6. FANUC Corporation
  7. Gecko Systems Intl. Corporation
  8. Google LLC
  9. Intel Corporation
  10. iRobot Corporation

Recent Developments

  • In July 2022, ABB, to enhance its Internet Of Robotic Things market share, introduced the IRB 1660ID robot with QuickMoveTM technology for industrial application.
  • In January 2020, Amazon in their Internet Of Robotic Things market report stated that it had 200,000 robots in operation within its warehouses in the US.
  • In March 2020, Amazon, to increase its Internet Of Robotic Things market share, announced that Amazon Robotics was dedicated to building a $40 million research and development center for its robotics business in Westborough, Massachusetts.

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1. Internet Of Robotic Things Market Overview
    1.1 Definitions and Scope
2. Internet Of Robotic Things Market - Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends By Product Type
    2.3 Key trends segmented by Geography
3. Internet Of Robotic Things Market – Market Landscape
    3.1 Comparative Analysis
        3.1.1 Product/Company Benchmarking - Top 5 Companies
        3.1.2 Top 5 Financial Analysis
        3.1.3 Market Value Split by Top 5 Companies
        3.1.4 Patent Analysis
        3.1.5 Pricing Analysis (Comparison of General Price Offerings in the Market)
4. Internet Of Robotic Things Market – Market Entry Scenario Premium (Premium)
    4.1 Regulatory Scenario
    4.2 Ease of Doing Business Index
    4.3 Case Studies
    4.4 Customer Analysis
5. Internet Of Robotic Things Market – Startup Company Scenario (Premium)
    5.1 Venture Capital and Funding Scenario
    5.2 Startup Company Analysis
6. Internet Of Robotic Things Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porter's five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Internet Of Robotic Things Market – by Strategic Analysis (Market Size - $Million/Billion)
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Product Life Cycle/Market Life Cycle Analysis
    7.4 Suppliers and Distributors
8. Internet Of Robotic Things Market – by Component (Market Size - $Million/Billion)
    8.1 Sensors
    8.2 Actuators
    8.3 Power source
    8.4 Control systems
    8.5 Other
        a. Electrical
        b. Electronic
        c. Mechanical
9. Internet Of Robotic Things Market – by Software (Market Size - $Million/Billion)
    9.1 Real-time Streaming Analytics
    9.2 Remote Monitoring System
    9.3 Network Bandwidth Management
    9.4 Security Solution
    9.5 Data Management
10. Internet Of Robotic Things Market – by Platform (Market Size - $Million/Billion)
    10.1 Device Management Platform
    10.2 Application Management Platform
    10.3 Network Management Platform
11. Internet Of Robotic Things Market – by Service (Market Size - $Million/Billion)
    11.1 Professional Services
        a. Deployment and Integration
        b. Support and Maintenance
        c. Consulting Services
    11.2 Managed Services
12. Internet Of Robotic Things Market – by Application (Market Size - $Million/Billion)
    12.1 Collaborative industrial robots
    12.2 Service Sectors robots
    12.3 Smart robots
    12.4 Domestic tasks
    12.5 Maintenance tasks
    12.6 Factory facilities
    12.7 Demining
    12.8 Robotic Pets
    12.9 Fire and bomb fighting
    12.10 Logistic systems
    12.11 Others
13. Internet Of Robotic Things Market - by End-users (Market Size - $Million/Billion)
    13.1 Automotive
    13.2 Food and Beverages
    13.3 Warehouse
    13.4 Consumer Electronics
    13.5 Retail
    13.6 Entertainment and Media
    13.7 Defense and Security
    13.8 Agriculture
    13.9 Healthcare
    13.10 Logistics
    13.11 Construction
    13.12 Others
14. Internet Of Robotic Things Market - by Geography (Market Size -$Million/Billion)
    14.1 North America
        14.1.1 The US
        14.1.2 Canada
        14.1.3 Mexico
    14.2 South America
        14.2.1 Brazil
        14.2.2 Argentina
        14.2.3 Chile
        14.2.4 Colombia
        14.2.5 The Rest of South America
    14.3 Europe
        14.3.1 Germany
        14.3.2 France
        14.3.3 The UK
        14.3.4 Italy
        14.3.5 Spain
        14.3.6 Russia
        14.3.7 The Netherlands
        14.3.8 The Rest of Europe
    14.4 APAC
        14.4.1 China
        14.4.2 Japan
        14.4.3 South Korea
        14.4.4 India
        14.4.5 Australia
        14.4.6 Indonesia
        14.4.7 Malaysia
        14.4.8 Others
    14.5 RoW
        14.5.1 The Middle East
        14.5.2 Africa
15. Internet Of Robotic Things Market - Market Entropy
    15.1 New product launches
    15.2 M&As, collaborations, JVs and partnerships
16. Internet Of Robotic Things Market – Industry Competition Landscape (Premium)
    16.1 Market Share Global
    16.2 Market Share by Region
    16.3 Market Share by End-user
    16.4 Competition Matrix
17. Internet Of Robotic Things Market – Key Company List by Country Premium (Premium)
18. Internet Of Robotic Things Market - Company Analysis
    18.1 Company 1
    18.2 Company 2
    18.3 Company 3
    18.4 Company 4
    18.5 Company 5
    18.6 Company 6
    18.7 Company 7
    18.8 Company 8
    18.9 Company 9
    18.10 Company 10
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