TMCnet News

Internet of Robotic Things (IoRT) Market Worth $21.44 Billion by 2022 - Driven by Adoption of IoRT in E-commerce Industry - Research and Markets

[September 28, 2016]

Internet of Robotic Things (IoRT) Market Worth $21.44 Billion by 2022 - Driven by Adoption of IoRT in E-commerce Industry - Research and Markets

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 rbot 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.

Companies Mentioned: