The internet of robotic things market is expected to grow at a CAGR of 30.1% during the forecast period of 2024 to 2032, driven by key drivers such as sensor advancements, real-time streaming analytics, and the demand for collaborative industrial robots. However, challenges related to network bandwidth management pose constraints. Geographically, Asia-Pacific is anticipated to experience the highest CAGR, while North America remains a significant contributor to overall revenue. The competitive landscape showcases the dominance of key players and their strategic focus on innovation and holistic solutions, setting the stage for a transformative period in the IoRT market.

Key Market Drivers

Advancements in Sensor Technologies

The IoRT market is experiencing a substantial boost from continuous advancements in sensor technologies. The proliferation of highly sophisticated and efficient sensors has revolutionized the capabilities of robotic devices, enhancing their perception and interaction with the surrounding environment. These advancements have resulted in a diverse range of applications, spanning industries such as manufacturing, healthcare, and logistics. Evidence suggests that companies like Bosch and STMicroelectronics have been pivotal in driving sensor innovation, introducing solutions that cater to the specific needs of IoRT applications.

Rapid Evolution of Real-Time Streaming Analytics

Real-time streaming analytics is emerging as a crucial driver for the IoRT market. The demand for instantaneous data processing and actionable insights is pushing the development of robust analytics solutions. Companies like IBM and Microsoft are at the forefront of providing cutting-edge real-time streaming analytics platforms, enabling businesses to make informed decisions in dynamic environments. This trend is further substantiated by the widespread adoption of these solutions across various sectors, including smart manufacturing and autonomous vehicles.

Growing Need for Collaborative Industrial Robots

The demand for collaborative industrial robots is witnessing a significant upswing, fostering market growth. As industries increasingly embrace automation, there is a growing need for robots that can work collaboratively with human operators. Companies such as Universal Robots and ABB are spearheading the development of collaborative robots, offering solutions that prioritize safety, flexibility, and ease of integration. This trend is underscored by the substantial adoption of collaborative robots in sectors like manufacturing and logistics.

Restraint

Despite the positive momentum, the IoRT market faces a notable restraint related to network bandwidth management. The increasing complexity of IoRT systems and the massive amount of data generated pose challenges in terms of efficient network bandwidth utilization. Companies are grappling with the need for advanced network bandwidth management solutions to ensure seamless communication and data transfer within IoRT ecosystems. This restraint is evident in the struggles faced by companies such as Cisco Systems in addressing the evolving network demands of IoRT applications.

Market Segmentation Analysis

By Component: Sensors Dominate the Market

In 2023, the IoRT market's highest revenue was generated from Sensors, with their crucial role in enabling robotic devices to perceive and respond to the environment. Simultaneously, the highest Compound Annual Growth Rate (CAGR) during the forecast period (2024 to 2032) was observed in the Power source segment, driven by innovations in energy-efficient solutions that sustain the continuous operation of robotic devices.

By Software: Real-Time Streaming Analytics Dominate the Market

The Software segment in 2023 saw the highest revenue from Real Time Streaming Analytics, reflecting the growing demand for instant data processing. Conversely, the highest CAGR during the forecast period was observed in the Network Bandwidth Management segment, emphasizing the increasing need for efficient data transfer and communication within IoRT systems.

By Platform: Device Management Platform Dominate the Market

Device Management Platform led in both revenue and CAGR in 2023, showcasing its critical role in ensuring the proper functioning of robotic devices. However, during the forecast period, the highest CAGR shifted to the Network Management Platform, indicating the rising importance of managing and optimizing network resources for IoRT applications.

By Service: Professional Services Dominate the Market

Professional Services dominated both in revenue and CAGR in 2023, emphasizing the importance of specialized expertise in implementing and maintaining IoRT systems. However, during the forecast period, Managed Services exhibited the highest CAGR, showcasing the increasing reliance on outsourced management and support services.

By Application: Collaborative Industrial Robots Dominate the Market

In 2023, Collaborative Industrial Robots led in both revenue and CAGR, underscoring the widespread adoption of robots that can work seamlessly with human operators. However, during the forecast period, the Service Sector emerged with the highest CAGR, indicating expanding applications in service-oriented industries.

North America Remains the Global Leader

The geographic trends in the IoRT market highlight the Asia-Pacific region as the one with the highest CAGR, driven by increasing industrial automation and technological advancements. North America, with its established infrastructure and early adoption of IoRT, contributed the highest revenue percentage. The reasons for these trends are rooted in the rapid industrialization and technological investments in Asia-Pacific, while North America benefits from a mature market and widespread IoRT integration.

Market Competition to Intensify during the Forecast Period

In 2023, the IoRT market's top players, including IBM, Microsoft, Universal Robots, ABB, Kuka AG., Irobot Corporation, Fanuc Corporation, Amazon.com Inc., Google Inc, Cisco Systems Inc, Intel Corporation, Honda MotorsCo., Ltd., Yaskawa Electric Corporation, Northrop Grumman Corporation, Aethon Inc, Robert Bosch GmbH, and Samsung Electronics Co., Ltd, demonstrated robust performances. Their key strategies encompassed continuous innovation in sensor technologies, real-time streaming analytics, collaborative industrial robots, and comprehensive network management solutions. These companies are expected to maintain their positions and continue evolving in response to the dynamic IoRT landscape throughout the forecast period from 2024 to 2032.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Internet Of Robotic Things market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Internet Of Robotic Things market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Internet Of Robotic Things market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Internet Of Robotic Things market?
• Which is the largest regional market for Internet Of Robotic Things market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Internet Of Robotic Things market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Internet Of Robotic Things market worldwide?