Key Players
The major players operating in the global internet of robotic things market are:
- ABB Ltd (Switzerland)
- iRobot Corp (U.S.)
- KUKA AG (Germany)
- Google, Inc (U.S.)
- Amazon.com, Inc (U.S.)
- Fanuc, Corp (Japan)
- Intel Corporation (U.S.)
- Cisco Systems, Inc (U.S.)
- Honda Motors Co., Ltd (Japan)
- Yaskawa Electric Corporation (Japan)
- Aethon Inc (U.S.)
- Northrop Grumman Corporation (U.S.)
- Bluefin Robotics Corporation (U.S.)
- Adept Technologies, Inc (U.S.)
- ECA Group (France)
- Geckosystems International Corporation (U.S.)
- Robert Bosch GmbH (Germany)
- Samsung Electronics Co., Ltd (South Korea)
Market Dynamics
The key driving factor of the IoRT market is its high-speed data connectivity and smoothness in web connectivity. The increase in the use of smart devices, e-commerce, automation in the manufacturing processes, digitalization, the elderly population, the rise in the availability of broadband infrastructure, and modernization are helping in the growth of the IoRT market.
Drivers: High demand from the e-commerce industry
The e-commerce fulfillment centers that are seeking to make their operations more efficient and cost-effective, Internet of Robotic Things technology can enable an efficient solution to enhance order throughput and order precision while decreasing labor costs and optimizing space utilization. There is significant growth in the e-commerce market.
Companies such as Wal-Mart Stores, Inc. (US), Amazon.com, Inc. (US), Dell Inc. (US), and Apple Inc. (US), are struggling with large stock keeping unit (SKU) counts, insufficient warehouse space, and pressure of fast delivery, among others. The internet of robotic things can help to overcome these issues. With the growth of online ordering, the increased usage of smart robotics has been observed in the e-commerce sector.
Robots have numerous applications in industrial manufacturing environments. However, huge investments have been undertaken in designing robotic applications that can be used outside plants. Smart robots have been the focus of many R&D centers in recent years. Presently, smart robots find applications in numerous areas that include cognitive and social sciences; computers; electrical; and electronic and mechanical engineering.
Robots are becoming a stimulating area of advancement in robotics owing to the integration of robots with different technologies such as smartphones, tablets, and other electronic appliances, AI, and computational vision.
Restraints: Incompatibility of legacy equipment with new data communication networks
Machines used in manufacturing plants require in-built hardware to facilitate M2M communication. These hardware components are either connected to a wired or a wireless network. The connected components gather necessary data from machines and send them to a central server for storage, processing, and analysis.
Machines in old manufacturing units might not be equipped with these new data transmission components, requiring them to be fitted externally. Some legacy machines may also need alterations to implant these components in them, thereby resulting in greater spending. This acts as a major restraint for manufacturing firms using old machinery.
The impact of this restraint is anticipated to decrease slowly in the upcoming years, as many manufacturing firms have begun to realize the advantages of M2M communication. Many companies have already begun developing solutions to combine their legacy equipment with new communication networks. For instance, General Electric has developed field agents or gateways that can be connected directly to industrial equipment to help network connectivity.
Segment Analysis
Internet of Robotic Things Services Insights
The Internet of Robotic Things services market is expected to witness significant growth rate over the forecast period. Factors such as the growing adoption of connected devices across businesses and advancements in high-speed networking technologies have encouraged enterprises in every industry vertical to adopt Internet of Robotic Things solutions. However, for the deployment of new solutions into the organization’s existing infrastructure, enterprises would require professional and managed services to make better use of Internet of Robotic Things solutions.
Internet of Robotic Things Platforms Insights
The market for device management platforms was the largest in the Internet of Robotic Things platform market in 2021 and is expected to witness the highest rate over the forecast period. Enterprises while using Internet of Robotic Things devices need platforms to manage data and applications. The major reason for the growth of device management platforms is due to increasing requirements for access and control over the Internet of Robotic Things devices among industries.
Internet of Robotic Things Software Solutions Insights
The market for security solutions is expected to grow at the highest CAGR over the forecast period in the Internet of Robotic Things software market. The Internet of Robotic Things has brought several security challenges including threats at point-of-sale (PoS), sensors, gateways, and end devices, which boosts demand for robust security solutions for the Internet of Robotic Things.
Internet of Robotic Things Components Insights
The Internet of Robotic Things market for smart robot components held the largest market size in 2021 as producing the Internet of Robotic Things products requires large-scale integration and assembly of different components such as sensors, actuators, control systems, power systems, and various other electrical and electronic devices. These are the crucial contributors to smart robotic products. More customized and application-specific products require even more classified components.
Internet of Robotic Things Applications Insights
The market for service robots application was the largest in 2021. The wide variety of applications in service robotics is still growing with the evolution of the Internet of Things and its various capabilities in robotics. Healthcare, medical, domestic, and security are some industries that have been increasingly adopting Internet of Robotic Things technology in their operations.
Geographic Analysis
North America held the largest market share of the Internet of Robotic Things market followed by Europe in 2021. North America leads the Internet of Robotic Things market and will continue to flourish its dominant trend over the forecast period owing to the presence of numerous leading vendors in this region and the growing adoption of smart robotics for a wide variety of applications. Asia-Pacific is expected to witness the highest CAGR for this period. This is due to the increasing adoption of connected devices and growth in spending to strengthen the manufacturing industry in the region.
Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product Portfolio, New Product Launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
Customization Options
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Company Profiling
- Detailed profiling of additional market players (up to three players)
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Competitive Benchmarking
- Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances
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Recent Developments
- In November 2022, Amazon introduced Sparrow, a state-of-the-art intelligent robot that handles millions of diverse products before they get packaged.
- In August 2022, ABB India ‘Smart Power portfolio’ expanded its capacity with cobots, one of the first in India to transition to Industry 5.0. The company reported productivity enhancement by 40%, energy productivity by over 15%, test automation ratio by 50%.