The market of Internet of Robotic Things is emerging with increasing demand for collaborative robots in automotive, electronics, warehouse and logistics management and domestic applications. The Internet of Robotic Things market is expected to grow at a CAGR of 29.7% between 2016 and 2022. With the latest technologies such as Hive Mind and unmanned operation, new products are being launched in this market which can further be customized as per end user application.
The Internet of Robotic Things market has limited number of well-established players providing complete integrated solutions as high technical expertise and huge capital investment is needed to enter into this market. Strategic collaborations and partnerships is the key strategy adopted by companies to grow in the IoRT market. This market is evolving worldwide and many partnerships and collaborations are happening globally to integrate the robotic solutions, IoT software platforms, and other complementary technologies according to business requirements. The second dominant strategy in this market is new product developments and launches. High R&D investment helps to remain and grow in the technically competitive market. With emerging technology many new inventions are taking place, companies are increasingly developing robots with new features embedded. There is a significant amount of competition among the top players even though there are limited players in this market. ABB Ltd. (Switzerland), KUKA AG (Germany), iRobot Corp. (U.S.), Amazon.com, Inc. (U.S.), Google, Inc. (U.S.), Fanuc, Corp. (Japan) are the key players in the Internet of Robotic Things market.
ABB Ltd. (Switzerland) is one of the leading companies in the Internet of Robotic Things market. The company is pioneering technology leader which operates as a power and automation technology company. The company focuses on collaborative industrial robots. The company is embarking on Industry 4.0 supporting the concept of Internet of Robotic Things, Services and People (IoTSP). IoTSP has created software-led differentiation in ABB-robotics and discrete automation to strengthen competitiveness in current era of technology. The company’s competitive strength lies in technological expertise and advancement through acquisitions and collaborations for developing new products.
Google, Inc. (U.S.) is one of the global technology leaders and has expertise in Internet-related services. The company acquired following robotics companies in a row including Boston Dynamics (U.S.), Schaft, Inc. (Japan), Industrial Perception, Inc. (U.S.), Redwood Robotics (U.S.), and Meka Robotics. These companies have expertise in different robotic applications and complementary technologies such as artificial intelligence, computer vision, and so on. The company collaborated with Ford Motor Company (U.S.) to develop self-driven cars. The company has been at the front in testing driverless system models.
Internet of Robotic Things Market by Component (Sensor, Power, Control), Service (Professional, Managed), Platform (Device, Application, Network), Software (Analytics, Data, Security, Monitoring, Bandwidth), Application - Global Forecast to 2022
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