1h Free Analyst Time
The Internet of Robotic Things Market grew from USD 24.28 billion in 2023 to USD 28.72 billion in 2024. It is expected to continue growing at a CAGR of 18.31%, reaching USD 78.83 billion by 2030. Speak directly to the analyst to clarify any post sales queries you may have.
The Internet of Robotic Things (IoRT) refers to a network system where intelligent devices can monitor events, fuse sensor data from a variety of sources, use intelligence to determine actions, and act to control or manipulate objects in the physical world. The necessity of IoRT emerges from the need for automated, efficient, and intelligent processing and real-time decision-making in industries such as manufacturing, healthcare, logistics, and smart homes. It enables advanced applications like predictive maintenance, improved supply chain logistics, enhanced patient care, and smart city solutions. The end-use scope spans across industrial automation, healthcare, automotive, agriculture, and residential sectors, offering sophisticated capabilities like robotics-assisted surgery, autonomous vehicles, and precision agriculture.
The market is primarily driven by technological advancements in AI, machine learning, and IoT infrastructure, alongside decreasing costs of robotic systems and sensors. Opportunities lie in areas such as developing interoperable standards, enhancing cybersecurity measures, and expanding IoRT applications in emerging economies. Companies can capitalize on these by investing in R&D, forming strategic partnerships, and focusing on user-friendly and scalable solutions. However, limitations such as high initial capital investment, complex integration processes, and data privacy concerns pose significant challenges, potentially restraining market growth.
Innovation and research areas with promising growth potential include AI-powered sensor fusion, edge computing for real-time processing, and open-source platforms for seamless integration. Developing user-centric interfaces and robust cybersecurity frameworks are crucial to gain a competitive edge. The market is inherently dynamic with a gradual shift towards open standard systems, promoting broader adoption and interoperability. Firms are advised to adopt flexible business models and focus on collaborative ecosystems to effectively capture market potential. By addressing the complexities of data management and scalability, businesses can position themselves for long-term success in the rapidly evolving IoRT landscape.
Understanding Market Dynamics in the Internet of Robotic Things Market
The Internet of Robotic Things Market is rapidly evolving, shaped by dynamic supply and demand trends. These insights provide companies with actionable intelligence to drive investments, develop strategies, and seize emerging opportunities. A comprehensive understanding of market dynamics also helps organizations mitigate political, geographical, technical, social, and economic risks while offering a clearer view of consumer behavior and its effects on manufacturing costs and purchasing decisions.- Market Drivers
- Increasing adoption by e-commerce industry
- Increasing use of smart devices, automation in manufacturing process
- Rise in availability of network infrastructure and urbanization
- Market Restraints
- High cost of research & development
- Market Opportunities
- Growing demand of robots in education sector
- Growing areas of application due to the surge of robot adoption
- Market Challenges
- Data security and interoperability issues
Exploring Porter’s Five Forces for the Internet of Robotic Things Market
Porter’s Five Forces framework further strengthens the insights of the Internet of Robotic Things Market, delivering a clear and effective methodology for understanding the competitive landscape. This tool enables companies to evaluate their current competitive standing and explore strategic repositioning by assessing businesses’ power dynamics and market positioning. It is also instrumental in determining the profitability of new ventures, helping companies leverage their strengths, address weaknesses, and avoid potential pitfalls.Applying PESTLE Analysis to the Internet of Robotic Things Market
External macro-environmental factors deeply influence the performance of the Internet of Robotic Things Market, and the PESTLE analysis provides a comprehensive framework for understanding these influences. By examining Political, Economic, Social, Technological, Legal, and Environmental elements, this analysis offers organizations critical insights into potential opportunities and risks. It also helps businesses anticipate changes in regulations, consumer behavior, and economic trends, enabling them to make informed, forward-looking decisions.Analyzing Market Share in the Internet of Robotic Things Market
The Internet of Robotic Things Market share analysis evaluates vendor performance. This analysis provides a clear view of each vendor’s standing in the competitive landscape by comparing key metrics such as revenue, customer base, and other critical factors. Additionally, it highlights market concentration, fragmentation, and trends in consolidation, empowering vendors to make strategic decisions that enhance their market position.Evaluating Vendor Success with the FPNV Positioning Matrix in the Internet of Robotic Things Market
The Internet of Robotic Things Market FPNV Positioning Matrix is crucial in evaluating vendors based on business strategy and product satisfaction levels. By segmenting vendors into four quadrants - Forefront (F), Pathfinder (P), Niche (N), and Vital (V) - this matrix helps users make well-informed decisions that best align with their unique needs and objectives in the market.Strategic Recommendations for Success in the Internet of Robotic Things Market
The Internet of Robotic Things Market strategic analysis is essential for organizations aiming to strengthen their position in the global market. A comprehensive review of resources, capabilities, and performance helps businesses identify opportunities for improvement and growth. This approach empowers companies to navigate challenges in the increasingly competitive landscape, ensuring they capitalize on new opportunities and align with long-term success.Key Company Profiles
The report delves into recent significant developments in the Internet of Robotic Things Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Aethon Inc., Cisco Systems, Inc., Exail, Fanuc, Corp., Google, Inc. by Alphabet, Inc., Honda Motors Co., Ltd., iRobot Corp. by Amazon.com, Inc., Kuka AG by Midea Group, Microsoft Corporation, Northrop Grumman Corporation, Omron Corporation, Robert Bosch GmbH, Samsung Electronics Co. Ltd., and Yaskawa Electric Corporation.Market Segmentation & Coverage
This research report categorizes the Internet of Robotic Things Market to forecast the revenues and analyze trends in each of the following sub-markets:- Platform
- Application Management Platform
- Device Management Platform
- Network Management Platform
- Service
- Managed Services
- Professional Services
- Software
- Data Management
- Network Bandwidth Management
- Real Time Streaming Analytics
- Remote Monitoring System
- Security Solution
- Smart Robot Component
- Actuators
- Control systems
- Power source
- Sensors
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report provides a detailed overview of the market, exploring several key areas:
- Market Penetration: A thorough examination of the current market landscape, featuring comprehensive data from leading industry players and analyzing their reach and influence across the market.
- Market Development: The report identifies significant growth opportunities in emerging markets and assesses expansion potential within established segments, providing a roadmap for future development.
- Market Diversification: In-depth coverage of recent product launches, untapped geographic regions, significant industry developments, and strategic investments reshaping the market landscape.
- Competitive Assessment & Intelligence: A detailed analysis of the competitive landscape, covering market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, technological advancements, and innovations in manufacturing by key market players.
- Product Development & Innovation: Insight into groundbreaking technologies, R&D efforts, and product innovations that will drive the market in future.
Additionally, the report addresses key questions to assist stakeholders in making informed decisions:
- What is the current size of the market, and how is it expected to grow?
- Which products, segments, and regions present the most attractive investment opportunities?
- What are the prevailing technology trends and regulatory factors influencing the market?
- How do top vendors rank regarding market share and competitive positioning?
- What revenue sources and strategic opportunities guide vendors' market entry or exit decisions?
Table of Contents
1. Preface
2. Research Methodology
4. Market Overview
5. Market Insights
6. Internet of Robotic Things Market, by Platform
7. Internet of Robotic Things Market, by Service
8. Internet of Robotic Things Market, by Software
9. Internet of Robotic Things Market, by Smart Robot Component
10. Americas Internet of Robotic Things Market
11. Asia-Pacific Internet of Robotic Things Market
12. Europe, Middle East & Africa Internet of Robotic Things Market
13. Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
The leading players in the Internet of Robotic Things Market, which are profiled in this report, include:- ABB Ltd.
- Aethon Inc.
- Cisco Systems, Inc.
- Exail
- Fanuc, Corp.
- Google, Inc. by Alphabet, Inc.
- Honda Motors Co., Ltd.
- iRobot Corp. by Amazon.com, Inc.
- Kuka AG by Midea Group
- Microsoft Corporation
- Northrop Grumman Corporation
- Omron Corporation
- Robert Bosch GmbH
- Samsung Electronics Co. Ltd.
- Yaskawa Electric Corporation
Methodology
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 180 |
| Published | October 2024 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 28.72 Billion |
| Forecasted Market Value ( USD | $ 78.83 Billion |
| Compound Annual Growth Rate | 18.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
