Internet of Robotic Things Market to Advance at 26.8% CAGR to Hit US$ 470.5 Billion by 2033 | Fact.MR

Rockville , Oct. 18, 2023 (GLOBE NEWSWIRE) -- As per a newly published study by Fact.MR, a market research and competitive intelligence provider, the global Internet of Robotic Things Market reached US$ 34.51 billion in 2022. Worldwide demand for robotic sensors is projected to increase at 26.8% CAGR from 2023 to 2033.

Internet of robotic things helps organizations reduce the cost of operational tasks by automating them, minimizing downtime with real-time monitoring, and enabling predictive maintenance. Growing requirements for increased precision, efficiency, and productivity in industrial and manufacturing processes are set to lead to the increased adoption of robotic things across several regions and countries.

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Key Segments of Internet of Robotic Things Industry Research Report

Key Takeaways from Market Study

• The global internet of robotic things market reached US$ 34.51 billion in 2022.
• The market is estimated at a value of US$ 43.76 billion in 2023.
• Revenue from IoRT is projected to reach US$ 470.50 billion by the end of 2033.
• Worldwide demand for robotic sensors is forecasted to rise at a CAGR of 26.8% through 2033.
• The United States market was valued at US$ 10.81 billion in 2022.
• Sales of IoRT solutions in Japan are projected to rise at a CAGR of 23.9% from 2023 to 2033.
• The market in China is forecasted to advance at 25.9% CAGR and reach a value of US$ 38.21 billion by 2033.
• The German market is predicted to advance at 18.7% CAGR through 2033.
• Global demand for IoRT solutions for professional services is forecasted to increase at 27.3% CAGR and reach a market size of US$ 150.7 billion by 2033-end.

“Growing use of robots in dangerous or hazardous environments, including construction, mining, and disaster response, is estimated to enhance workers’ safety by reducing exposure to risks,” says a Fact.MR analyst.

Adoption of Smart Manufacturing Practices in United States Contributing to Increased Sales of IoRT Solutions

The United States market reached a value of US$ 10.81 billion in 2022. Growing demand for autonomous robots in the country is attributed to the adoption of smart manufacturing practices, the IIoT (industrial internet of things), and Industry 4.0.

Leading Market Players

Key suppliers of IoRT solutions are ABB Ltd., Amazon.com, Inc., Aethon, Inc., Cisco Systems, Inc., FANUC Corporation, ECA Group, Gecko Systems Intl. Corporation, Honda Motor Co., Ltd., Google LLC, Intel Corporation, iRobot Corporation, Northrop Grumman Corporation, KUKA AG, Robert Bosch GmbH, Omron Adept Technologies, Inc., Samsung Electronics Co., Ltd., and Yaskawa Electric Corporation.

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Market Competition

Companies offering Internet of Robotic Things (IoRT) solutions are placing emphasis on innovation, product quality assurance, and effective management of supply chains. Key strategies such as launching new products, forming collaborations, and establishing partnerships are being employed by industry participants to extend their market presence.

For example:

• In January 2022, ABB Ltd. introduced its compact four-axis IRB 460 robots with advanced AI capabilities and high speed, designed for various industrial applications like material handling, palletizing, and depalletizing. The robots incorporate smart sensor technology for enhanced functionality.
• In February 2019, FedEx announced the implementation of a robotic delivery system to assist retailers in same-day order distribution. Equipped with pedestrian-safe technology, this system utilizes multiple cameras and LIDAR to detect and navigate its surroundings.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the internet of robotic things market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.

The study divulges essential insights into the market based on service (professional, managed), component (sensors, power sources, actuators, control systems), software (real-time streaming analytics, data management, security solutions, remote monitoring systems, network bandwidth management), platform (device management, application management, network management), and application (collaborative industrial robots, service robots), across major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).

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