Increasing adoption of robotics across a range of technologies, rise in proliferation of the e-commerce platform, high-speed data access, particularly in developing nations, and less time needed to get a healthy return on investment drive the global internet of robotic things market.
PORTLAND, Ore., Jan. 12, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Internet of Robotic Things Market by Component (Software, Services), by Software Type (Network Bandwidth Management, Data Management, Remote Monitoring System, Security Solution, Real Time Streaming Analytics), by Type (Sensors, Actuators, Control System, Power Source, Others), by Platform (Device Management Platform, Application Management Platform, Network Management Platform), by End User (Aerospace and Defense, Automotive and Manufacturing, Healthcare, Food and Beverages, Logistics, Media and Entertainment, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global internet of robotic things industry is estimated to generate $208 billion in 2021 and $2461.9 billion by 2031, witnessing a CAGR of 28.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
Increasing adoption of robotics across a range of technologies, rise in proliferation of e-commerce platform, high-speed data access, particularly in developing nations, and less time needed to get a healthy return on investment fuel the growth of the global internet of robotic things market. However, lack of technological know-how in the undeveloped and developing economies and long product development cycles hinder the global market growth. On the other hand, increasing deployment of robotics in education and health industry will present new growth opportunities for the global market in the coming years.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic positively impacted the global internet of robotic things market. Governments and enterprises were compelled to switch their priorities and policies.
- Many enterprises became financially unstable and were forced to reduce their number of employees.
- IoRT helped such enterprises by cutting down the cost and reducing the workforce needed for production and maintenance. Thus, the loRT market is expected to grow further in future.
The sensors segment to dominate the market in terms of revenue during the forecast period
Based on type, the sensors segment contributed to the largest share of nearly one-third of the global internet of robotic things market in 2021, and is expected to rule the roost during the forecast period. This is owing to the ability of sensors to detect outside information and replace it with a signal that both humans and machines can recognize. However, the power source segment is projected to witness the fastest CAGR of 30.8% from 2022 to 2031, owing to its enhanced load control and higher process efficiency resulting in lower costs.
The device management platform segment to maintain a progressive revenue growth during the forecast period
Based on platform, the device management platform segment held the largest share of more than two-fifths of the global internet of robotic things market in 2021, and is expected to maintain a prominent growth during the forecast period. This is due to the increase in adoption of platform as it simplifies the data management and analytics by integrating all functions on a single platform. However, the network management platform segment is expected to exhibit the highest CAGR of 30.2% in 2031, owing to the increase in need for utilization tracking, problem solving, security patches, and system updates for an infrastructure that is both optimized and safe.
The software segment to dominate during the forecast period
Based on component, the software segment held the largest share of more than three-fourths of the global internet of robotic things market in 2021, and is expected to maintain a prominent growth during the forecast period. This is due to the advancements of new technologies in vision software and robot guidance that attract companies to innovate and launch new products to meet customer requirements. However, the services segment is expected to exhibit the highest CAGR of 30.7% in 2031, owing to the widespread adoption of IoRT. IoRT robot's performance is enhanced by sophisticated software design and architecture.
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Asia-Pacific to garner the fastest revenue and growth by 2031
Based on region, the market in North America was the largest in 2021, capturing more than one-third of the global internet of robotic things market, owing to the rise in awareness about the internet of things and artificial intelligence in the region. However, the market in Asia-Pacific is likely to attain the largest revenue and grow at the fastest CAGR of 32.2% during the forecast period. This is due to the rise of the manufacturing sector which is anticipated to increase the demand for industrial safety in this region.
Leading Market Players
- FANUC CORPORATION
- Google LLC
- Amazon.com Inc.
- Intel Corporation
- Aethon Inc.
- Bluefin Robotics Corporation
- eca group
- iRobot Corporation
- ABB Ltd.
- Cisco Systems Inc.
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