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Internet Of Robotic Things Market - Forecast(2024 - 2030)
Internet Of Robotic Things Market Overview
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.
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 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:
- ABB Group
- Aethon, Inc.
- Amazon.com, Inc.
- Cisco Systems, Inc.
- ECA Group
- FANUC Corporation
- Gecko Systems Intl. Corporation
- Google LLC
- Intel Corporation
- 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.
Relevant Reports:
Report Code: ESR 0279
Report Code: ESR 0329
Report Code: AIR 0199
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