Internet of Robotic Things (IoRT) Market to Reach USD 21.44 Bn till 2020, Projects M&M in Its Insightful Report Published MarketPublishers.com06 Oct 2016 • by Natalie Aster
LONDON – Nowadays, the global internet of robotic things (IoRT) market is gaining traction, significantly boosted by the rising adoption of service application robots. By 2022, the IoRT market is projected to reach USD 21.44 billion in value, recording almost a 30% CAGR from 2016. The increasing adoption of IoRT in e-commerce, rising number of IoRT applications (due to an easy integration of robots with different technologies) and short payback period are amid the key growth driving forces for the IoRT market.
The collaborative industrial robots sector is anticipated to be the fastest growing sector in the total IoRT market in the years ahead.
As of 2015, the IoRT domestic robots sector held the dominant position amid the personal service robotic applications. Growth in the domestic robot sector is driven primarily by the rising elderly population number and expanding urbanization.
Region-wise, North America was the biggest regional IoRT market in the previous year; furthermore, this regional market is set to grow at the highest CAGR through 2022 owing to mushrooming demand for personal robots, rising adoption of collaborative industrial robots by medium and small companies and also high adoption rate of smart robots in various professional application, for example, logistics, defense, healthcare, etc.
The latest MarketsandMarkets’ comprehensive research report “Internet of Robotic Things Market by Component, Service, Platform, Software, Application - Global Forecast to 2022” gives a deep analysis of the current situation in the worldwide market for IoRT. A clear understanding of the market landscape, segmentation and dynamics is provided in this in-demand research study. It covers the key forces driving and hindering the global IoRT market growth, outlines future market opportunities and discusses the main market challenges. The report also includes Porter’s five forces analysis, touches upon the current and emerging trends, highlights the market competitive environment and provides detailed profiles of 19 leading companies. A future outlook for the market up till 2022 is available here.
For other comprehensive research reports by MarketsandMarkets follow to this page.