[187 Pages Report] 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 growth of this market is majorly driven by the adoption of IoRT by e-commerce industry, increasing application areas owing to integration of robots with various technologies, short payback period and ROI.

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.

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 IoRT 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.

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North America accounted for the largest market share of IoRT 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.

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), Cisco Systems, Inc. (U.S.), Intel Corporation (U.S.), Honda Motors Co., Ltd. (Japan), Yaskawa Electric Corporation (Japan), Northrop Grumman Corporation (U.S.), Aethon Inc. (U.S.), Bluefin Robotics Corporation (U.S.), Adept Technologies, Inc. (U.S.), Geckosystems International Corporation (U.S.), ECA Group (France), Robert Bosch GmbH (Germany), and Samsung Electronics Co. Ltd. (South Korea).

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