The Internet of Robotic Things Market was valued at USD 3.89 billion in 2015 and is expected to reach USD 21.44 billion by 2022, at a CAGR of 29.7% between 2016 and 2022.
The years considered for the study are as follows:
• Historic Year: 2014
• Base Year: 2015
• Estimated Year: 2016
• Projected Year: 2022
• Forecast Period: 2016 to 2022
The ecosystem of Internet of Robotic Things market comprises a well-established network of manufacturers, distributors, hardware vendors, and service providers. The key companies in the Internet of Robotic Things include ABB Ltd. (Switzerland), KUKA AG (Germany), iRobot Corp. (U.S.), Amazon.com, Inc. (U.S.), Google, Inc. (U.S.), Fanuc, Corp. (Japan). The prominent companies in the markets include the well-established, financially stable and technically expertise players that have been operating in the industry for several years and have diversified product portfolios, proprietary technologies, and strong distribution networks through collaborations and acquisitions.

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The e-commerce fulfillment centers that are struggling to make their operations more efficient and cost-effective, systems with smart robotics technology can provide an efficient solution to improve order throughput and order accuracy while reducing labor costs and optimizing space requirements. There is an increase in the e-commerce business. Companies such as Amazon.com, Inc. (U.S.), Wal-Mart Stores, Inc. (U.S.), Apple Inc. (U.S.), and Dell Inc. (U.S.) are facing challenges such as insufficient warehouse space, large stock keeping unit (SKU) counts, and pressure of fast delivery, among others. The Internet of robotic things would help to overcome these challenges. With the increase in the growth of online ordering, the adoption of smart robotics has been witnessed by the e-commerce sector.
Robots have several applications in industrial manufacturing environments. However, significant investments have been undertaken into designing robots applications that can be used outside factories. Smart robots are the focus of several research and development centers in the recent years. Currently, smart robots find applications in several areas such as computers; cognitive and social sciences; electrical; and electronic and mechanical engineering. Robots are becoming a stimulating area of development in robotics owing to the integration of robots with various technologies such as smartphones, tablets, and other electronic appliances, artificial intelligence, and computational vision.
ABB Ltd. (Switzerland) is one of the leading companies in the IoRT market, followed by KUKA AG (Germany) providing integrated and connected robotic solutions with advancing technology to sustain in the collaborative industrial robots market. Key players in this market are increasingly undertaking mergers and acquisitions to acquire new technologies.
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