The internet of robotic things (IoRT) market revenue was estimated at US$ 21.4 billion in 2022 and is anticipated to grow at a CAGR of 25.6 % from 2022 to 2032. By the end of 2032, the IoRT market is expected to reach a valuation of US$ 210 billion. The service sector segment will dominate the market at a projected CAGR of 25.4 % from 2022 to 2032.
The rise in the adoption of the IoRT in industrial automation around the world is projected to expand the market.
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The capabilities of robots have been greatly enhanced by the development of sophisticated sensors, artificial intelligence (AI), machine learning, and computer vision technologies. These developments have resulted in efficiency, accuracy, and environment adaptability of IoRT solutions.
These solutions are becoming more popular as automation requirements rise in sectors like manufacturing, logistics, and healthcare. Robots are being used more frequently to complete tasks like material handling, inspection, and assembly, increasing productivity and lowering costs.
The emergence of connected devices, including robots, has resulted from the rise of the Internet of Things (IoT). This has increased productivity and enhanced automation across various industries.
The demand for IoRT solutions is being fueled by recent innovations and developments in autonomous vehicles, such as drones and self-driving cars. These vehicles need sophisticated sensors, Artificial Intelligence (AI), and machine learning (ML) algorithms to navigate and carry out advanced tasks. The demand for IoRT solutions have been rising in demand as a result of these developments.
Key Takeaways from the Internet of Robotic Things Market
The global internet of robotic things market has seen remarkable growth, boasting a substantial Compound Annual Growth Rate (CAGR) of approximately 25.6% over the historical period. Projections for North America's market indicate significant potential, expected to reach a value of US$ 41.4 billion by 2032, with the USA alone forecasted to contribute a staggering absolute dollar growth of US$ 67.81 billion by the same year. Among the top platforms, the device management platform segment is poised for accelerated growth at a CAGR of 25.5% from 2022 to 2032. Additionally, within applications, the service sector stands out with notable growth, showcasing a robust CAGR of 25.4% from 2017 to 2021. These trends underscore the expanding landscape and opportunities within the internet of robotic things market, particularly in North America and the USA, with significant growth expected across various platforms and sectors.
Leading key players:
Major key players in the Internet of Robotics Things market include ABB Ltd., Kuka AG., iRobot Corporation, Fanuc Corporation, Amazon.com Inc., Google Inc., Cisco Systems Inc., Intel Corporation, Honda MotorsCo., Ltd., Yaskawa Electric Corporation, Northrop Grumman Corporation, Aethon Inc., Robert Bosch GmbH, and Samsung Electronics Co., Ltd. These companies play pivotal roles in shaping the landscape of robotics integrated with IoT technologies, driving innovation, and advancing automation solutions across various industries.
For instance,
In January 2022 – The high-speed, 4-axis, compact IRB 460 robot with artificial was developed by ABB for industrial use. It is made specifically for applications involving palletizing, depalletizing, and material handling and has smart wireless sensors.
In February 2019 – FedEx announced the deployment of a robotic delivery system that can help retailers distribute same-day orders to their customers. It is also equipped with pedestrian-safe technology that makes use of LIDAR and multiple cameras to detect its surroundings.
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