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(Hosting-NewsWire.com, November 29, 2016 ) The Internet of Robotic Things (IoRT) market is expected to be valued at USD 21.44 billion by 2022, growing at a CAGR of 29.7% between 2016 and 2022. The growth of this market is majorly driven by the adoption of IoRT by e-commerce industry, increasing application areas owing to integration of robots with various technologies, short payback period and ROI.
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During this research study, major players of the Internet of Robotic Things ecosystem in various regions have been identified and their offerings, regional presence, and distribution channels have been understood through in-depth discussions. To find the overall market size, top-down and bottom-up approaches have been used to estimate the sizes of other individual markets by using percentage splits from secondary sources such as Hoovers, Bloomberg Business, Factiva, and OneSource and primary research. The entire procedure includes the study of the annual and financial reports of the top market players and extensive interview of industry leaders such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) pertaining to the market. The figure below shows the breakdown of the primaries on the basis of the company type, designation, and region conducted during the research study.
The ecosystem of Internet of Robotic Things market comprises a well-established network of manufacturers, distributors, hardware vendors, and service providers. The key companies in the Internet of Robotic Things include ABB Ltd. (Switzerland), KUKA AG (Germany), iRobot Corp. (U.S.), Amazon.com, Inc. (U.S.), Google, Inc. (U.S.), Fanuc, Corp. (Japan). The prominent companies in the markets include the well-established, financially stable and technically expertise players that have been operating in the industry for several years and have diversified product portfolios, proprietary technologies, and strong distribution networks through collaborations and acquisitions.
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The IoRT services market is expected to grow at the highest rate during the forecast period. Factors such as increasing adoption of connected devices across organizations and evolution of high-speed networking technologies have encouraged organizations in every industry sector to adopt IoRT solutions. However, for the integration of new solutions into the company’s existing infrastructure, companies would need managed and professional services to adopt IoRT solutions.
ABB Ltd. (Switzerland) is one of the leading companies in the IoRT market, followed by KUKA AG (Germany) providing integrated and connected robotic solutions with advancing technology to sustain in the collaborative industrial robots market. Key players in this market are increasingly undertaking mergers and acquisitions to acquire new technologies.
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The market for service robots application was the largest in 2015. The wide range of applications in service robotics is still expanding with the introduction of Internet of Things and its different capabilities in robotics. The medical, healthcare, domestic, and defense and security are few industries that have been adopting IoRT technology in its operations.
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