The internet of robotic things (IoRT) industry is undergoing a hypergrowth phase. It is expected to witness sizeable growth by the end of forecast period 2022 to 2032.
From USD 21.4 billion valuation in the financial year 2022, the market is likely to hit an expected valuation of USD 210 billion by end of 2032. Future Market Insights (FMI), in its latest report, takes a deep dive in this market and reveals that it is poised to grow at 25.6% CAGR.
A major driver of this market has been the rising adoption of Internet of Things (IoT) sensors across several industries. The increasing use of cloud computing and the availability of low-cost sensors are also contributing to the growth of the IoRT market.
The healthcare industry is expected to also be a significant contributor to the growth of the IoRT market. Robots equipped with sensors and artificial intelligence can assist doctors and nurses in patient care, monitor patient health, and perform routine tasks.
Collaborative robots, also known as cobots, are designed to work alongside humans in a collaborative environment. Cobots are equipped with advanced sensors and safety features that enable them to work safely and efficiently with humans.
The market for cobots is expected to grow significantly in the coming years, as more companies adopt automation technologies.
Smart manufacturing is a trend that is transforming the manufacturing industry. Smart manufacturing involves the use of advanced technologies, such as robotics, IoT, and AI, to create highly automated and flexible production systems. This segment is also expected to significantly boost demand for the IoRT industry.
Autonomous mobile robots (AMRs) are designed to navigate and operate in dynamic environments, without the need for human intervention. AMRs are increasingly being used in logistics and warehousing, as they can transport goods autonomously and efficiently. The market for AMRs is also anticipated to drive the growth for IoRT.
| Attributes | Key Insights |
|---|---|
| Internet of Robotic Things Market Estimated Size (2022) | USD 21.4 billion |
| Projected Market Valuation (2032) | USD 210 billion |
| Value-based CAGR (2017 to 2021) | 29.5 % |
| USA Value-based CAGR (2022 to 2032) | 24.3 % |
| Key Companies Covered | ABB Ltd.; Kuka AG.; Irobot Corporation; Fanuc Corporation; Amazon.com Inc.; Google Inc; Cisco Systems Inc; Intel Corporation; Honda MotorsCo. Ltd.; Yaskawa Electric Corporation; Northrop Grumman Corporation; Aethon Inc; Robert Bosch GmbH; Samsung Electronics Co., Ltd |
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Historically, from 2017 to 2021, the value of the internet of robotic things industry increased by around 4.3% CAGR. The market was estimated at a valuation of USD 21.4 billion by the end of historical period.
With an absolute USD opportunity of USD 188.6 billion during the forecast period, the market is projected to reach USD 210 billion by 2032.
This growth is due to the increasing demand for automation and efficiency. This demand can be found in industries such as manufacturing, logistics, and healthcare.
IoRT allows for the integration of robotic devices, sensors, and software, enabling machines to communicate with each other and make autonomous decisions.
Advancements in technology have enabled the development of sophisticated robotics devices, sensors, and software, driving the growth of the IoRT market.
These advancements have also made robotics devices accessible and affordable for small and medium-sized enterprises, leading to an increase in adoption.
The IoRT market is experiencing significant growth due to the growing investment in robotics technology by governments and private organizations. This investment is being driven by the potential benefits of robotics, such as increased efficiency, improved safety, and reduced labor costs.
The adoption of cloud computing is driving the growth of the IoRT market, as it provides a platform for storing and processing large amounts of data generated by robotics devices. Cloud computing also enables real-time monitoring and remote control of robotics devices, increasing their efficiency and reducing downtime.
Principal Consultant
The Rising Trend of Automated Manufacturing Will Turn North America into a High Growth Market
North America is projected to become a high growth market for IoRT manufacturers. The region would reach USD 86.9 billion in 2032. The historical CAGR between 2017 to 2021 is 42%. The forecasted CAGR till 2032 is expected to be 41.4%.
The North American region would become a high-growth market for manufacturers. The increasing adoption of advanced technologies such as Industry 4.0, the Industrial Internet of Things (IIoT), and smart manufacturing is driving the demand for IoRT solutions in the region.
The IoRT market in North America is expected to grow at a CAGR of over 22% during the forecast period.
The region has a highly developed and advanced manufacturing sector, which is driving the adoption of robotics and automation technologies. According to the International Federation of Robotics (IFR), North America is the second largest market for industrial robots, with over 293,000 units sold in 2020.
The increasing use of robots in manufacturing is expected to boost the demand for IoRT solutions, as they enable remote monitoring and control of industrial systems, real-time data analysis, and predictive maintenance.
The region has a highly developed healthcare industry, which is also a key driver of the IoRT market. The increasing demand for telemedicine and remote patient monitoring solutions is driving the adoption of IoRT in the healthcare sector.
IoRT enabled medical devices such as surgical robots, remote patient monitoring systems, and smart medical equipment are increasingly being used in healthcare facilities, which is driving the demand for IoRT solutions.
The USA as a Manufacturing Hub to Provide Sizeable Boost for Iort Demand!
The USA market is expected to grow to be worth USD 67.8 billion with an absolute USD growth of USD 60.1 billion till 2032. The report estimates that the market has grown at a CAGR of 27.7 % from 2017 to 2021. It would grow at a CAGR of 24.3 % from 2022 to 2032.
This region has a significant economy and has prominent manufacturing industries, which contributes to around 11% of the country’s GDP. The region has installed around 33,000 units of industrial robots in the year 2019 which increased to around 35,000 units of industrial robots installed in 2021.
Such implementation of IoRT can improve efficiency, reduce costs, and enable predictive maintenance. This is possible by allowing remote monitoring and control of industrial systems, real-time data analysis, and customization of processes.
With the adoption of robots, manufacturing in the USA is projected to increase the demand for IoRT in the region. This would lead to market expansion during the assessment period.
Remote Monitoring and Real-Time Insights Will Enhance Productivity for The United Kingdom Manufacturing Sector
The United Kingdom IORT market is expected to grow to be worth USD 10.1 billion with an absolute USD growth of USD 9 billion till 2032. The IoRT market in the United Kingdom has grown at a CAGR of 28.1 % from 2017 to 2021 and is expected to grow at a CAGR of 24.7 % by 2022 to 2032.
In 2020 there were around 23,000 functional industrial robots in the United Kingdom. As manufacturers seek to improve productivity, reduce costs, and enhance efficiency, the demand for IoRT is projected to expand during the assessment period.
This is prominently because IoRT can provide remote monitoring and control of industrial systems, real-time data analysis, and customization of processes. This results into market expansion.
The Rising Trend Of Industrial Robots Will Balloon Manufacturing Economy Of China
The IoRT market in China is expected to grow to be worth USD 17.8 billion with an absolute USD growth of USD 16.2 billion till 2032. This market in China has grown at a CAGR of 31.3% from 2017 to 2021 and is expected to grow at a CAGR of 26.8 % from 2022 to 2032.
The region is a predominant manufacturing economy. Numerous corporations set up up their manufacturing units in China. With the rise in manufacturing activity, companies are extensively implementing automation to improve the productivity and efficiency of the plant.
By forecast period, China would have high demand for IoRT units due to the rising adoption of automation in the industry.
In 2018, there were around 155,000 new industrial robots installed in the country. In 2021, the number of installed robots in industries were around 2,68,000. With the rise in the adoption of robots across the country for manufacturing is projected to increase the demand for IoRT in the country, therefore, expanding the market during the assessment period
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Device Management Platform Will Exhibit All-In-One 360 Cybersecurity Troubleshooting For Robotic Devices
The device management platform is projected to witness significant growth as it has grown at a CAGR of 29.0 % from 2017 to 2021 and is expected to grow at a CAGR of 25.5 % from 2022 to 2032.
As the use of IoRT devices and systems continues to expand across various industries, the complexity of these systems is also increasing. Managing and monitoring a large number of devices, ensuring their security, and ensuring their interoperability with other systems can be challenging.
A device management platform that provides centralized control and monitoring of IoRT devices can help simplify the management of these systems, making them scalable and efficient.
With the growing adoption of IoRT devices and systems, the need for robust cybersecurity measures is also increasing. As IoRT devices become connected and integrated with other systems, the risk of cyber-attacks also increases.
A device management platform that provides strong security features, such as encryption, authentication, and access control, can help mitigate these risks and ensure the security and integrity of IoRT systems.
Such attributes will lead to high growth in device management platform segment.
Service Sector Will Witness Robotic Devices Executing Manual Labor Tasks In Hospital Setting
The internet of robotic things used in the service sector is projected to witness significant growth as it has grown at a CAGR of 28.5 % from 2017 to 2021 and is expected to grow at a CAGR of 25.4 % from 2022 to 2032.
The service sector is characterized by a high degree of manual labor and repetitive tasks, which can be time-consuming and prone to errors. The use of IoRT devices such as robots, drones, and autonomous vehicles can help automate these tasks, reducing labor costs and improving overall efficiency.
This is particularly relevant in industries such as hospitality, where robots can be used for tasks such as cleaning, room service, and concierge services.
With the increasing complexity of service sector operations, the need for remote monitoring and maintenance is also growing. IoRT devices can be used to remotely monitor and control equipment, detect malfunctions, and perform predictive maintenance, reducing downtime and improving reliability.
This is particularly relevant in industries such as healthcare, where IoRT-enabled medical devices can be used for remote patient monitoring and real-time diagnosis.
The market players are investing heavily in research and development for new and efficient products. The companies are also focussing on product launches to augment their market positions.
The key players in the market include ABB Ltd., Kuka AG., Irobot Corporation, Fanuc Corporation, Amazon.com Inc., Google Inc, Cisco Systems Inc, Intel Corporation, Honda MotorsCo., Ltd., Yaskawa Electric Corporation, Northrop Grumman Corporation, Aethon Inc, Robert Bosch GmbH, Samsung Electronics Co., Ltd
For instance,
In January 2022 - The high-speed, 4-axis, compact IRB 460 robot with artificial intelligence was unveiled 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.
| Attribute | Details |
|---|---|
| Estimated Market Size (2022) | USD 21.4 billion |
| Projected Market Valuation (2032) | USD 210.0 billion |
| Value-based CAGR (2022 to 2032) | 29.5 |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | Value (USD billion) |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Covered | USA, United Kingdom, Germany, France, Spain, Italy, Japan, China, Singapore, Malaysia, Sri Lanka, Kingdom of Saudi Arabia, United Arab Emirates, South Korea, Finland, Hungary, Rest of the World |
| Key Segments Covered | Type, Spill Material, Spill Environment, Application, Region |
| Key Companies Profiled | ABB Ltd.; Kuka AG.; Irobot Corporation; Fanuc Corporation; Amazon.com Inc.; Google Inc; Cisco Systems Inc; Intel Corporation; Honda MotorsCo. Ltd.; Yaskawa Electric Corporation; Northrop Grumman Corporation; Aethon Inc; Robert Bosch GmbH; Samsung Electronics Co., Ltd |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The growth potential of the market is 25.6% through 2033.
The market registered a CAGR of 29.5% from 2018 to 2022.
Advancements in AI, ML, and computer vision technologies are top trends.
The market in North America is expected to thrive at a CAGR of 41.4% until 2033.
China is expected to record a growth of 26.8% .
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Component 5.1. Sensors 5.2. Actuators 5.3. Power Sources 5.4. Control Systems 5.5. Others 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Software 6.1. Real-time Streaming Analytics 6.2. Security Solutions 6.3. Data Management 6.4. Remote Monitoring Systems 6.5. Network Bandwidth Management 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Platform 7.1. Device Management Platform 7.2. Application Management Platform 7.3. Network Management Platform 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Service 8.1. Professional Services 8.1.1. Deployment and Integration 8.1.2. Support and Maintenance 8.1.3. Consulting Services 8.2. Managed Services 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 9.1. Collaborative Industrial Robots 9.1.1. Automotive 9.1.2. Electronics 9.1.3. Food & Beverages 9.2. Service Robots 9.2.1. Personal Services 9.2.2. Professional Services 10. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. Asia Pacific 10.5. MIDDLE EAST AND AFRICA 11. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 15. MIDDLE EAST AND AFRICA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. ABB Ltd. 18.2. Kuka AG. 18.3. Irobot Corporation 18.4. Fanuc Corporation 18.5. Amazon.com Inc. 18.6. Google Inc 18.7. Cisco Systems Inc 18.8. Intel Corporation 18.9. Honda Motors Co., Ltd. 18.10. Yaskawa Electric Corporation 18.11. Northrop Grumman Corporation 18.12. Aethon Inc 18.13. Robert Bosch GmbH 18.14. Samsung Electronics Co., Ltd 19. Assumptions & Acronyms Used 20. Research Methodology
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Internet of Robotics Things Market
