USD 21.4 billion
Internet of Robotic Things Market Size, Share, Growth Analysis, By Component(Sensors, Actuators, Power Sources, Control Systems), By Software(Real-time Streaming Analytics, Security Solutions, Data Management, Remote Monitoring Systems), By Platform(Device Management Platform, Application Management Platform, Network Management Platform), By Application(Collaborative Industrial Robots, Service Robots), By Service(Professional Services, Managed Services), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2284 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|Tables:
145
|Figures:
75
Internet of Robotic Things Market Insights
Global Internet of Robotic Things Market size was valued at USD 21.4 billion in 2022 and is poised to grow from USD 26.58 billion in 2023 to USD 150.49 billion by 2031, growing at a CAGR of 24.2% in the forecast period (2024-2031).
Internet of robotic things is a network of devices and sensors that is capable of observing and combining sensor data to move objects physically. It basically refers to the integration of Internet of Things (IoT) and robotics technologies. Growing use of IoT sensors in different industry verticals is a key factor promoting the demand for internet of robotic things. High availability of low cost sensors and growing popularity of cloud computing solutions are other factors that could promote internet of robotic things market development over the coming years. Surging adoption of automation in different industry verticals and growing popularity of the Industry 4.0 trend are also slated to uplift internet of robotic things demand outlook going forward. On the contrary, data privacy concerns and scalability challenges are expected to be key constraints for internet of robotic things market growth in the future. Surging use of robots in China and Japan is slated to help internet of robotic things demand grow at a rapid pace in the Asia Pacific region going forward.
Market Snapshot - (2024-2031)
Global Market Size
Largest Segment
Service Robots
Fastest Growth
Collaborative Industrial Robots
Growth Rate
24.2% CAGR
Global Internet of Robotic Things Market ($ Bn)
Country Share for North America Region (%)
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Internet of Robotic Things Market Segmental Analysis
The global internet of robotic things market is segmented based on component, platform, service, software, application, and region. In terms of component, the market is segmented into sensors, actuators, power sources, and control systems. On the basis of software, the market is bifurcated into real-time streaming analytics, security solutions, data management, remote monitoring systems, and network bandwidth management. Based on application, the market is divided into collaborative industrial robots and service robots. In terms of platform, the market is segmented into device management platform, application management platform, and network management platform. On the basis of service, the market is bifurcated into professional services and managed services. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Application
Service robots are projected to account for a dominant share of the global internet of robotic things market. High amount of repetitive tasks in the service sector and efforts to reduce manual labor in service sector are projected to bolster the use of internet of robotic things for service robots in the future. Growing demand for remote monitoring in the service industry will also favor internet of robotic things market growth via this segment.
Use of internet of robotic things for collaborative industrial robots is predicted to surge at a notable CAGR across the forecast period and beyond. Growing use of robotics and the need for human expertise to manage them efficiently is promoting the demand for collaborative industrial robots and promoting internet of robotic things market growth as well.
Analysis by Platform
Device management platform accounts for a major chunk of the global internet of robotic things market share at present. Growing demand for unified device management solutions to keep track of various IoT devices is allowing this segment to hold sway over others. Companies are focusing on developing integrated device management platforms that are also capable of performing other functions.
Application management platform demand is slated to soar high at a notable CAGR across the forecast period. Increasing use of cloud-based applications in the internet of robotic things marketplace is projected to boost market growth via this segment in the long run.
Global Internet of Robotic Things Market By Application
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Internet of Robotic Things Market Regional Insights
North America is predicted to dominate the global internet of robotic things demand outlook across the forecast period. High investments in robotics adoption and growing availability of novel internet of robotic things solutions are key factors that allow North America to maintain its dominant stance across the forecast period. Rising use of automation in different industry verticals is also slated to help internet of robotic things market expansion in this region. The United States and Canada are slated to spearhead internet of robotic things demand outlook in this region going forward.
The presence of robust manufacturing and industrial activity in the Asia Pacific region makes it the fastest-growing regional market in the world for internet of robotic things companies. Rapid urbanization and the adoption advanced automation technologies in industries are also slated to bolster internet of robotic things market growth over the coming years. China, Japan, and India are estimated to be the most opportune markets for internet of robotic things providers in the long run. Rapid surge in use of robots in China and Japan creates highly lucrative space for internet of robotic things companies in the Asia Pacific region.
Global Internet of Robotic Things Market By Region
- Largest
- Fastest
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Internet of Robotic Things Market Dynamics
Drivers
Advancements in Robotics and IoT
- Continual investments in research and development of novel technologies has resulted in significant strides in robotics and Internet of Things technologies. Advancements in both technologies open up new opportunities for internet of robotic things companies and drive market growth.
Surge in Automation Adoption
- The Industry 4.0 trend is taking over the world and promoting the use of digital technologies in industrial and commercial settings. Growing use of automation technology is slated to bolster the demand for internet of robotic things over the coming years.
Restraints
Scalability Issues
- Scaling an internet of robotic things solution could be very tricky as it would involve a lot of moving and non-moving components that could compromise the reliability and functionality of the system. This limited scalability is slated to hurt market growth in the future.
Security Risks
- Internet of robotic things solutions are always connected to the internet or cloud in some or the other way and this makes them prone to cyberattacks and hacks. Concerns regarding security and privacy of internet of robotic things systems are also slated to impede internet of robotic things market development through 2031.
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Internet of Robotic Things Market Competitive Landscape
Internet of robotic things providers should emphasize on capitalizing on the growing adoption of automation and rising popularity of the Industry 4.0 trend. Internet of robotic things companies should also closely track developments in the robotics space to keep innovating and driving their revenue. Internet of robotic things market players should also focus on collaborations and mergers to expand their market presence on a global level.
Top Player’s Company Profiles
- Cisco Systems Inc.
- ABB Ltd.
- Honda MotorsCo. Ltd.
- Yaskawa Electric Corporation
- Northrop Grumman Corporation
- Bluefin Robotics Corporation
- Aethon Inc.
- Robert Bosch GmbH
- Samsung Electronics Co. Ltd.
- Kuka AG.
- Irobot Corporation
- eca group
- FANUC CORPORATION
- Intel Corporation
- iRobot Corporation
- Google LLC
- Amazon.com Inc.
Recent Developments
- In November 2021, Amazon, a leading multinational organization operating in different industry verticals, announced the launch of its new AWS IoT RoboRunner. The company launched a public preview of this tool to help people manage fleets of robots seamlessly.
- In April 2021, AMBER Robotics, a leading name in the IoT robotics space, announced the kickstarter launch of its generation of collaborative 7-axis robot called AMBER B1.
Internet of Robotic Things Key Market Trends
- Human-Robot Collaboration: Internet of robotic things providers should focus on improving the scope of human-robot collaboration. Mastering human-robot collaboration will be essential for internet of robotic things companies looking to target industries where human interaction is of paramount importance such as healthcare and hospitality.
Internet of Robotic Things Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, rapid adoption of automation in different industry verticals and advancements in IoT technology are predicted to bolster the demand for internet of robotic things over the coming years. On the contrary, scalability and privacy concerns are estimated to hurt internet of robotic things market development in the future. North America is expected to account for a substantial share of the global internet of robotic things market share owing to rapid adoption and acceptance of novel technologies. Internet of robotic things companies should invest in improving human-robot collaboration to make their business futureproof in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 21.4 billion |
| Market size value in 2031 | USD 150.49 billion |
| Growth Rate | 24.2% |
| Base year | 2023 |
| Forecast period | (2024-2031) |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Internet of Robotic Things Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Internet of Robotic Things Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Internet of Robotic Things Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Internet of Robotic Things Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Internet of Robotic Things Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Internet of Robotic Things Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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