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

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.