The Internet of Robotic Things (IoRT) market is likely to surpass $210 billion amid demand for automation in the manufacturing and service sector, according to Future Market Insights.
The IoRT market revenue was estimated at $21.4 billion in 2022 and is anticipated to grow at a compound annual growth rate of 25.6 percent from 2022 to 2032.
By the end of 2032, the IoRT market is expected to reach a valuation of $210 billion. The service sector segment will dominate the market at a projected CAGR of 25.4 percent from 2022 to 2032.
The rise in the adoption of IoRT in industrial automation around the world is projected to expand the market.
The market for the Internet of Robotic Things (IoRT) is expected to grow rapidly for a variety of causes. It includes technological developments, rising demand for automation across a number of industries, and the expanding popularity of connected devices.
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 the 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 has been rising in demand because of these developments.
- The global Internet of robotic things market exhibited a high CAGR of around 25.6 percent during the historical period.
- The North American Internet of robotic things market is projected to be worth $41.4 billion in 2032.
- The USA Internet of Things market is set to create an absolute dollar growth of $67.81 billion through 2032.
- Based on the top platform, the device management platform segment is anticipated to accelerate at a CAGR of 25.5 percent from 2022 to 2032.
- Based on application, the service sector segment witnessed prominent growth at a CAGR of 25.4 percent from 2017 to 2021.
“In recent times, the rise of automation in the service sector has paved the way for mass manufacturing. Especially, the hospitality sector will be a prominent consumer in this segment by 2032,” says a lead FMI analyst.
The market players are investing heavily in research and development for new and efficient products. The companies are also focusing on product launches to augment their market positions.
The key players include:
- Cisco Systems
- Honda Motors
- Yaskawa Electric
- Northrop Grumman
- Samsung Electronics
- 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 surrounding.