Internet of Robotic Things are smart robots that are integrated through Internet for performing professional processes or personal activities such as manufacturing process and monitoring of elderly activities.
According to Stratistics MRC, the Global Internet of Robotic Things market is accounted for $4.37 billion in 2016 and is expected to reach $28.03 billion by 2023 growing at a CAGR of 30.4%. Factors such as increasing e-commerce platforms, rising demand for robots from education sector are some of the key factors fueling the market growth.
However, interoperability and data security problems, expensive research and development costs are hindering the market.
They are intelligent devices that assist in monitoring events and controlling objects in the physical world by gathering sensor data from a variety of sources to determine course of action.
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Device management platform segment commanded the largest market share due to growing surge for access and control. North America is expected to be largest market due to proliferation of smart robotics application and increasing demand for elderly assistance.
However, Asia Pacific will grow during the forecast period due to insistence for connected robotics in e-commerce sector.Some of the key players in global Internet of Robotic Things market include Intel Corporation, Northrop Grumman Corporation, ABB Ltd., Google, Inc, Omron Adept Technologies, Inc., Cisco Systems, Inc., Kuka AG, Robert Bosch GmbH, Amazon.Com, Inc., Samsung Electronics Co., Ltd, Irobot Corporation, Yaskawa Electric Corporation, Aethon Inc, Fanuc Corporation and Honda Motors Co., Ltd.
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