Internet of Robotic Things Market by Component, Software, and Application - Global Forecast to 2022

Press Release   •   Aug 17, 2017 06:41 EDT

The IoRT services market is expected to grow at the highest rate during the forecast period. Factors such as increasing adoption of connected devices across organizations and evolution of high-speed networking technologies have encouraged organizations in every industry sector to adopt IoRT solutions. However, for the integration of new solutions into the company’s existing infrastructure, companies would need managed and professional services to adopt IoRT solutions.

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The market for device management platform was the largest in IoRT platform market in 2015 and is expected to grow at the highest rate during the forecast period. Organizations while using IoRT devices require platforms to manage information and applications. The major reason for growth for device management platform is because of growing requirements for access and control over IoRT devices across industries.

The market for security solutions is expected grow at the highest CAGR during the forecast period in the IoRT software market. The IoRT has brought about several security challenges such as point-of-sale (PoS) threat, threats at sensors, gateways, and end devices.

The internet of robotic things market for smart robot component held the largest market size in 2015 as developing the IoRT products requires a lot of integration and assembly of various components such as sensors, actuators, power systems, control systems, and many other electrical and electronic devices. These are the key contributors for the connected robotic products. More customized and application-specific product requires more and more classified components.

The market for service robots application was the largest in 2015. The wide range of applications in service robotics is still expanding with the introduction of Internet of Things and its different capabilities in robotics. The medical, healthcare, domestic, and defense and security are few industries that have been adopting IoRT technology in its operations.

North America accounted for the largest market share of internet of robotic things market followed by Europe in 2015. The rate of adoption of IoRT in North America is expected to be more as compared to other regions; it is expected to grow at the highest rate during the forecast period.

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