Internet of Robotic Things (IoRT) Market Highlights

• Global internet of robotic things (IoRT) market revenue is poised to garner USD 324.4 billion by 2032 with a CAGR of 30.7% from 2023 to 2032
• North America internet of robotic things (IoRT) market value occupied almost USD 9 billion in 2022
• Asia-Pacific internet of robotic things (IoRT) market growth will record a CAGR of over 30% from 2023 to 2032
• Among service, the managed services sub-segment generated over US$ 13.6 billion revenue in 2022 
• Based application, the service sector sub-segment generated around 60% share in 2022
• Advancements in artificial intelligence is a popular internet of robotic things (IoRT) market trend that fuels the industry demand

Robots assist humans in their day-to-day lives at work, at home, or in public surroundings. The visualization of the forthcoming world would be to have robot butlers whose vital task would be to assist individuals as an acquaintance in their regular lives and relieve humans from irksome, dirty, heavy, and monotonous tasks. The domestic robot is not only considered a smart device but also an artificial mortal, which develops its abilities in a continuous procedure by obtaining new information and expertise. Also, the growing urbanization and aging population are contributing to its growth.

Global Internet of Robotic Things (IoRT) Market Dynamics

Market Drivers

• Increasing need for operational efficiency
• Rising demand for Service Sector
• Government initiatives and investments
• Surging industrial automation

Market Restraints

• High cost
• Limited availability of skilled labor
• Cybersecurity concerns

Market Opportunities

• Expansion into new industries
• Advancements in artificial intelligence
• Growth of service robotics

Internet of Robotic Things (IoRT) Market Report Coverage

Internet of Robotic Things (IoRT) Market Insights

The market for the internet of robotic things is driven owing to the feature of the machine acting humanly, population demand for functioning efficiently, accurate outcomes, and effective completion of tasks from artificial intelligence. On the other hand, the initial cost for development and regular maintenance cost can hamper the growth of the internet of robotic things market. The end user shift towards artificial intelligence over human intelligence is expected to boost the growth of the IoRT market in the forthcoming years.

Internet of Robotic Things (IoRT) Market, By Segmentation

The worldwide market for internet of robotic things IoRT is split based on component, software, service, platform, application, and geography.

Internet of Robotic Things IoRT Market, By Component

• Actuators
• Control Systems 
• Sensors
• Power Source
• Others (Electrical, Electronic and Mechanical)

Sensors, according to internet of robotic things industry analysis, are one of the most critical components in IoRT systems because they provide the data required for robots to interact with their surroundings and make decisions. As a result, sensors are frequently regarded as a critical component in the IoRT market.

The fastest-growing component is also determined by application and industry. According to some reports, control systems are expected to be the fastest-growing component in the IoRT market. Control systems are critical for managing and coordinating robot activities in real time, and with the growing demand for automation and collaborative robots, the demand for control systems is expected to skyrocket.

Internet of Robotic Things IoRT Market, By Software

• Real Time Streaming Analytics
• Remote Monitoring System
• Data Management
• Network Bandwidth Management
• Security Solution

The IoRT market is expected to be significantly impacted by real-time streaming analytics software. This software is used to analyse data generated in real-time by sensors and other components, allowing robots to make intelligent decisions and adapt to changes in the environment.

The fastest-growing software is determined by the application and industry. Data management software, on the other hand, is expected to be a critical software solution for the IoRT market's future growth. As the amount of data generated by robots grows, so does the demand for software that can efficiently store, process, and analyse this data. Data management software assists in data management and provides insights into how robots can perform more efficiently and effectively.

Internet of Robotic Things IoRT Market, By Service

• Managed Services
• Professional Services
  • Deployment and Integration
  • Support and Maintenance
  • Consulting Services

Managed services accounted for the majority of the share in 2022 and will continue to do so in the coming years. Maintenance and repair, software updates, and performance monitoring are examples of managed services. As more organisations adopt IoRT solutions, there is a greater demand for managed services to ensure that these solutions run efficiently and effectively. Managed service providers can assist organisations in optimising their IoRT solutions and ensuring peak performance.

Professional services, such as consulting and implementation, are also important in the IoRT market. When organisations decide to implement new IoRT solutions, they need expert advice and assistance to ensure that these solutions are seamlessly integrated into their existing infrastructure and business processes.

Internet of Robotic Things IoRT Market, By Platform

• Device Management Platform
• Network Management Platform
• Application Management Platform

As per the internet of robotic things (IoRT) market forecast, the device management platform segment will have a significant impact on the IoRT market. Device management platforms are used in IoRT systems to manage and monitor the performance of devices, sensors, and other components. The demand for device management platforms is expected to rise as the number of devices and sensors in IoRT systems grows.

The fastest-growing platform segment is also determined by application and industry. However, network management platforms are expected to be an important platform segment for the future growth of the IoRT market. Network management platforms aid in the management of network infrastructure, allowing IoRT systems to operate effectively and efficiently.

Internet of Robotic Things IoRT Market, By Application

• Service Sector
• Collaborative Industrial Robots

Services sector robots carry out cleaning, distribution, and customer service jobs in a range of industries, including healthcare, hotel, and retail. These robots are intended to interact with people in a friendly and approachable manner, making them appropriate for applications requiring human-robot interaction.

Collaborative industrial robots, on the other hand, are used alongside human operators in manufacturing and industrial applications. These robots are built to be safe and to collaborate with humans, thereby increasing productivity and efficiency in manufacturing and industrial settings.

Internet of Robotic Things (IoRT) Market Regional Outlook

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Internet of Robotic Things (IoRT) Market Regional Analysis

North America is likely to be one of the foremost regions for the IoRT market, with a noteworthy presence of technology and industrial companies. The United States and Canada are expected to be the primary contributors to the growth of the IoRT market in this region.

Europe is also expected to be a significant market for IoRT solutions, owing to the presence of numerous manufacturing and industrial firms. Germany, the United Kingdom, and France are expected to be key contributors to the growth of the IoRT market in this region.

The Asia Pacific region is expected to see rapid growth in the IoRT market, owing to increased adoption of automation technologies in the manufacturing and industrial sectors. The key countries contributing to the growth of the IoRT market in this region are expected to be China, Japan, and South Korea.

Internet of Robotic Things (IoRT) Market Players

Some of the top internet of robotic things (IoRT) companies offered in the professional report include ABB Ltd., Aethon Inc., Amazon.com, Inc., Apple Inc., Bluefin Robotics Corporation, Cisco Systems Inc., eca group, Fanuc Corp., Google Inc., Huawei Technologies Co. Ltd, Hitachi Vantara Corporation, iRobot Corp., KUKA AG, and Siemens.