Internet of Robotic Things Market

Internet of Robotic Things Market Outlook (2023 to 2033)

According to the newly published study by Fact.MR, the global Internet of Robotic Things (IoRT) Market size was valued at US$ 34.51 billion in 2022. During the forecast period (2023 to 2033), the market is projected to expand swiftly at 26.8% CAGR and reach a value of US$ 470.5 billion by 2033-end.

Increasing adoption of IoT (Internet of Things) sensors in several industries, including automotive & manufacturing, aerospace & defense, and healthcare, is driving internet of robotic things market growth. In addition, the growing use of cloud computing along with the availability of various low-cost sensors is predicted to fuel demand for the internet of robotic things.

Prominent Market Growth Drivers

• Several regulatory bodies and governments are recognizing the benefits of IoRT. They are taking the required steps for the creation of regulatory frameworks to support the responsible and safe adoption of these services.
• Integration of machine learning and artificial intelligence (AI) algorithms into the internet of robotic systems enables robots to understand and adapt to changing environments to make them more capable and versatile.

The healthcare sector is projected to contribute to the rising demand for smart robots. These AI-powered robots assist doctors or healthcare providers in performing routine tasks and monitoring patient health.

• The market in China is predicted to advance at a CAGR of 25.9% CAGR and reach a value of US$ 38.21 billion by 2033-end.
• The North American market is forecasted to reach US$ 87 billion by 2033.

Collaborative robots are also addressed as cobots and are designed to work in collaborative environments alongside humans. They are equipped with some safety features and advanced sensors that assist them in working efficiently and safely.

The trend of smart manufacturing is transforming industries. Application of smart technologies, including artificial intelligence (AI), IoT, and robotics, to design highly flexible and automated production systems is forecasted to contribute to growth opportunities.

Report Attributes	Details
Internet of Robotic Things Market Size (2022A)	US$ 34.51 Billion
Estimated Market Value (2023E)	US$ 43.76 Billion
Forecasted Market Value (2033F)	US$ 470.5 Billion
Global Market Growth Rate (2023 to 2033)	26.8% CAGR
United States Market Value (2022)	US$ 10.81 Billion
IoRT for Professional Services (2033)	US$ 150.7 Billion
Japan Market Growth Rate (2023 to 2033)	23.9% CAGR
Germany Market Growth Rate (2023 to 2033)	18.7% CAGR
Key Companies Profiled	ABB Ltd. Amazon.com, Inc. Aethon, Inc. Cisco Systems, Inc. FANUC Corporation ECA Group Gecko Systems Intl. Corporation Honda Motor Co., Ltd. Google LLC Intel Corporation iRobot Corporation Northrop Grumman Corporation KUKA AG Robert Bosch GmbH Omron Adept Technologies, Inc. Samsung Electronics Co., Ltd. Yaskawa Electric Corporation.

Which Aspects are Projected to Generate Market Opportunities for IoRT Providers?

“Market Benefitting from Availability of High-speed Network Connectivity”

Seamless web connectivity and high-speed data connectivity are some of the prominent drivers boosting demand for IoRT. In addition, high-speed data connectivity (5G network), especially in developing economies, is predicted to boost the adoption of smart robots. Demand for quick returns on investment in diverse sectors such as healthcare and automotive has led to the surge in demand for high-speed robotics.

“Growing Need for Increased Efficiency and Productivity in Industrial Processes”

The need for increased efficiency, precision, and productivity in industrial processes is projected to serve as one of the noticeable drivers for the adoption of the IoRT. Industrial robots are equipped with IoT capabilities to optimize production lines, enhance automation, and monitor equipment health.

What Challenges are Predicted to Inhibit Demand for IoRT?

“High Cost of IoRT Implementation”

Robotic automation is sometimes challenging, especially for organizations with no or limited experience. Replacement of human workers with robots may not always reduce the operation costs for organizations. Multiple expenditures, including the costs of industrial robots and their integration, can make automation a costly affair.

“Lack of Skilled Personnel Impeding Market Expansion”

A lack of skilled labor force along with limited technological knowledge in underdeveloped and developing economies is estimated to limit market expansion opportunities. Ignorance of consumers about the IoRT technology and associated challenges can slow down the market growth rate.

What Strategies are Helping Start-ups Generate Significant Revenue?

“Investments in AI and IoT to Enhance Production Capabilities”

Smart and innovative technologies are used extensively in industrial production. Repetitive tasks can be completed easily with the aid of multiple improved automation systems. Production of high-quality goods is possible with the assistance of advanced robotics while at the same time maintaining the value of current workers. Therefore, it is estimated that start-ups need to invest in cutting-edge technologies, IoT, AI (artificial intelligence), machine learning, etc., to increase production capacities.

Country-wise Insights

North America is forecasted to continue its dominance because of the presence of several vendors and the rising deployment of smart robotics. Further, the increasing adoption of different types of connected devices in Asia Pacific to reduce unnecessary economic expenses is generating opportunities for players.

Why is the United States a Key Market for IoRT?

“Rising IoRT Implementation for Predictive Maintenance and Cost Reduction”

Demand for IoRT solutions in the United States reached US$ 10.81 billion in 2022. Moreover, the U.S. internet of robotic things market is projected to advance at a CAGR of 24.4% and reach US$ 60 billion by 2033.

Presence of a large number of prominent manufacturing units in the United States is predicted to contribute an 11.1% share to the country’s GDP. Implementation of IoRT enables predictive maintenance, reduces costs, and improves efficiency. Process customization, real-time data analysis, and remote monitoring of industrial systems are some other key features of these smart robots that are contributing to revenue streams.

What is the Stance of the United Kingdom Market on Internet of Things?

“Growing Emphasis on Enhancing Manufacturing Efficiency”

The United Kingdom market is forecasted to expand at a 24.8% CAGR and reach a value of US$ 10.11 billion by 2033-end. Demand for IoRT solutions is forecasted to increase as manufacturers in the country are seeking to enhance efficiency, reduce costs, and improve productivity. The increased use of robotics is attributed to their ability to offer remote monitoring as well as control of industrial systems, customization of processes, and real-time data analysis.

Why is Demand for IoRT Solutions Accelerating Significantly in China?

“Rising Adoption of Industrial Automation for Improved Productivity”

Sales of the IoRT solutions in China are projected to advance at a CAGR of 25.9% and reach US$ 38.21 billion by the end of 2033. Many companies worldwide are planning to set up their manufacturing units in the country. Companies are implementing automation to improve the efficiency and productivity of their respective plants. Therefore, the growing adoption of automation is forecasted to contribute to higher demand for IoRT solutions.

Category-wise Insights

With efficient security features, worldwide demand for IoRT solutions for device management platforms accelerated at a CAGR of 29.1% through 2022. Further, sales of smart robots in the service sector advanced at a 28.6% CAGR through 2022 owing to their use to remotely control and monitor equipment.

Which IoRT Platform is Gaining Traction across the World?

“Device Management Platforms Ensuring Security and Interoperability of IoRT Systems”

Demand for IoRT solutions for device management is predicted to advance at a 25.5% CAGR through 2033, according to Fact.MR, a market research and competitive intelligence provider.

Deployment of IoRT systems and devices is expanding across various industries, including healthcare, logistics, and manufacturing, which is further predicted to increase the complexity of systems. Management and monitoring of multiple devices, ensuring their security and interoperability with similar systems can be a challenging task.

An efficient device management platform with centralized monitoring and control of IoRT devices helps simplify the management task. Access control, authentication, and encryption are some key features of device management platforms.

Which IoRT Application is Generating Significant Revenue Streams?

“Widespread Use of Robotic Devices in Service Sector for Repetitive Tasks”

Use of IoRT in the service sector is projected to increase at 25.5% CAGR through 2033. The service sector is marked by a significant number of repetitive tasks and manual labor, which can be time-consuming and susceptible to errors. Application of different IoRT devices, including autonomous vehicles, drones, and robots is helpful in task automation, improving overall efficiency, and reducing labor costs.

Among various other sectors, hospitality is one of the prominent sectors that use robots to complete several tasks, including room service, concierge services, and cleaning.

Market Competition

Providers of IoRT solutions are focusing on innovation, quality control of products, and efficient management of supply chain systems. Product launches, collaborations, partnerships, etc., are some key strategies that are adopted by players to expand their reach across geographies.

For instance :

• ABB Ltd., in January 2022, unveiled its compact four-axis IRB 460 robots with AI capabilities and high speed for industrial applications. It is particularly designed for applications involving material handling, palletizing, and depalletizing and comes with smart sensor technology.
• FedEx, in February 2019, announced the deployment of its robotic delivery system to help retailers in the distribution of orders on the very same day. Equipped with pedestrian-safe technology, it ensures the use of multiple cameras and LIDAT to detect surroundings.

Prominent players in the internet of robotic things market include ABB Ltd., Amazon.com, Inc., Aethon, Inc., Cisco Systems, Inc., FANUC Corporation, ECA Group, Gecko Systems Intl. Corporation, Honda Motor Co., Ltd., Google LLC, Intel Corporation, iRobot Corporation, Northrop Grumman Corporation, KUKA AG, Robert Bosch GmbH, Omron Adept Technologies, Inc., Samsung Electronics Co., Ltd., and Yaskawa Electric Corporation.

Segmentation of Internet of Robotic Things Market Research

• By Service :

  • Professional
  • Managed

• By Component :

  • Sensors
  • Power Sources
  • Actuators
  • Control Systems

• By Software :

  • Real-time Streaming Analytics
  • Data Management
  • Security Solutions
  • Remote Monitoring Systems
  • Network Bandwidth Management

• By Platform :

  • Device Management
  • Application Management
  • Network Management

• By Application :

  • Collaborative Industrial Robots
  • Service Robots

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa