Internet of Robotic Things (IoRT) Market Worth $21.44 Billion by 2022 - Growing Need For Personal Robots (Domestic Cleaning, Elderly Assistance, etc) - Research and Markets

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Sep 28, 2016, 01:10 ET

DUBLIN, September 28, 2016 /PRNewswire/ --

Research and Markets has announced the addition of the "Internet of Robotic Things Market - Global Forecast to 2022" report to their offering.

The Internet of Robotic Things 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 adoption of IoRT by e-commerce industry, increasing application areas owing to integration of robots with various technologies, short payback period and ROI.

The collaborative robots in industrial sector are used in manufacturing industries to speed up the production processes, increase productivity and efficiency, and minimize the costs involved in production in the long term. The smart robots are being adopted by the industrial sector to work along with the humans. Collaborative robots are used in the various industrial segments to help humans in the activities such as welding, painting, sorting, among others. It is expected that smart robots performing autonomous tasks would solve the problem of scarcity of labor among industries.

The domestic robot or assistant serves humans in their daily lives at home, at work, or in public environments. The vision of the future would be to have robot butlers whose ultimate task would be to serve humans as companions in their daily lives and relieve humans of heavy, dirty, monotonous, and irksome tasks. The domestic robot is considered not only as a smart device but also as an artificial creature, which improves its capabilities in a continuous process by acquiring new knowledge and skills. Also, the increasing elderly population and urbanization is driving its growth.

The market for IoRT in North America was the largest in 2015 and is expected to grow at a highest CAGR during the forecast period. This is mainly because of the growing need for personal robots, such as domestic cleaning, elderly assistance among others, the increasing adoption of collaborative industrial robots by small and medium enterprises, and the high adaption rate of smart robots across the different professional application areas such as defense, field, medical, and logistics among others.

The high cost of R&D and long process of new product development are few restraints for the growth of IoRT market.

Companies Mentioned:

ABB Ltd.
Aethon Inc.
Amazon.Com, Inc.
Blufin Robotics Corporation
Cisco Systems, Inc.
ECA Group
Fanuc Corporation
Geckosytems International Corporation
Google, Inc
Honda Motors Co., Ltd
Intel Corporation
Irobot Corporation
Kuka AG
Northrop Grumman Corporation
Omron Adept Technologies, Inc.
Robert Bosch GmbH
Samsung Electronics Co., Ltd
Yaskawa Electric Corporation

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Trends

7 Market, By Smart Robot Component

8 Market, By Software

9 Market, By Platform

10 Market, By Service

11 Market, By Application

12 Market, By Geography

13 Competitive Landscape

14 Company Profiles

15 Appendix

For more information about this report visit http://www.researchandmarkets.com/research/64qq6f/internet_of

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Laura Wood , +353-1-481-1716, [email protected]

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SOURCE Research and Markets