- While IoT and robots may appear distinct, they both are collaborating to simplify and improve our lives.
- The increasing popularity and heightened awareness of IoRT have significantly shaped its growth and market visibility.
In a tech-transformed world, the convergence of robotics and the Internet of Things (IoT) is creating the Internet of Robotic Things (IoRT). The next big question is: what does it do? It revolutionizes industries, boosts efficiency, and expands possibilities for automation.
Simply put, IoRT is reshaping practices, ushering in a connected and intelligent future. As technology progresses, it’s vital to address challenges and responsibly harness IoRT’s potential to strike a balance between innovation, ethics, and societal well-being.
Let’s start with the basics to dig deeper.
What is the Internet of Robotic Things (IoRT)?
As mentioned above, the Internet of Robotic Things is a combination of the Internet of Things and robots. The former involves smart devices that can collect a lot of data in real-time without needing human input. These devices, like your smart thermostat or fitness tracker, can communicate wirelessly. They are a big deal for making things more efficient in various areas.
On the other hand, robots that learn from their surroundings use artificial intelligence (AI) and machine learning (ML) to perform different tasks. Even though IoT and robots seem different, they are actually working together to make our lives easier.
IoRT is a leading technology where smart devices can watch and gather data from sensors and make smart decisions. This initial information about IoRT may seem intriguing, but delving into its market analysis adds an extra layer of interest.
Outlook in the Future Internet of Robotic Things Market
The transformative impact of combining IoT and robotics on human life makes everyday tasks more compelling. The growing popularity and heightened awareness surrounding IoRT have strongly influenced its expansion and market presence.
Here are some predictions for the future of IoRT by major market research organizations:
- In its latest report, Future Market Insights (FMI) takes a deep dive into the IoRT market and reveals that it is poised to grow at 25.6% CAGR. From a USD 21.4 billion valuation in the financial year 2022, the market is likely to hit an expected valuation of USD 210 billion by the end of 2032.
- The global IoRT market was valued at USD 208 billion in 2021 and is projected to reach USD 2461.9 billion by 2031, growing at a CAGR of 28.6% from 2022 to 2031. (Allied Market Research)
- The IoRT market, valued at USD 24.97 billion in 2022, will reach USD 168.22 billion by 2030, growing at a CAGR of 26.93% from 2023 to 2030. (Data Bridge Market Research)
- Internet of Robotic Things Market size is expected to reach USD 141.19 B in 2029, at a CAGR of 30.9 % during the forecast period. (Maximize Market Research)
To bring together in one spot, market reports forecast significant growth for the Internet of Robotic Things (IoRT) sector. Projections from Future Market Insights, Allied Market Research, Data Bridge Market Research, and Maximize Market Research estimate valuations ranging from USD 141.19 billion to USD 2461.9 billion by 2032.
The consistent compound annual growth rates (CAGR) between 25.6% and 30.9% highlight the robust potential and transformative impact of IoRT in reshaping the technological landscape over the next decade.
Embracing the interconnected systems of the Internet of Things and robotics, IoRT is poised to advance technology and automation across industries to help businesses grow indirectly.
How Does the Blend of Robotics and the Internet of Things Enhance Your Business Growth?
Think of IoT and robotics as a powerful team that makes things smarter and more connected.
Here are some advantages of the Internet of Robotic Things:
- Better automation: IoT helps robots connect and share information in real-time, making them smarter and more efficient. For example, robots in a factory can change what they’re doing based on real-time data from sensors.
- Smart teamwork: When IoT’s smart data meets the physical abilities of robots, they can work alongside people. This makes work safer and more efficient. For instance, robots can help people in warehouses by moving things around and working together.
- Remote management: Businesses can control robots from far away. This is super useful in places where it’s hard for humans to be, like during medical procedures or space missions. Doctors can operate robots from a distance, and astronauts can control robots on other planets.
- Learn from data: The combo of IoT and robots creates much data. We can use this data to improve things, like farming, where robots with sensors help farmers decide when to water or fertilize crops.
These benefits help businesses grow and succeed in different areas. Like the benefits, this new technology has various uses across other sectors.
Internet of Robotic Things Applications to Help Varied Users
The applications of IoRT are reshaping how we live, work, and interact with the world around us. These applications showcase the endless possibilities when IoT and robotics intertwine.
Here are the applications:
IoT (Internet of Things) and robotics have made home automation easier. Smart devices now handle tasks like adjusting lights, managing heating, and even doing household chores.
From smart vacuum cleaners to automated cooking bots, these devices communicate data over the cloud and IoT networks, which makes household management more convenient.
IoT robots are taking over hazardous tasks in industries, improving safety and efficiency. Global sales of Industrial Internet of Things robots are on the rise, with a forecasted spike from 384,000 units in 2020 to 518,000 units by 2024, as per Statista.
These robots contribute to assembling heavy parts, minimizing accidents, reducing errors, and accelerating production.
Educational activities are becoming more interactive with IoT and robotics. Technologies like interactive displays and cloud-based lesson delivery networks transform the learning experience.
IoT robots facilitate distance learning, automated attendance, special education, and student monitoring, contributing to connected learning experiences.
Security and defense
IoRT plays a vital role in security by gathering data, detecting disturbances, and notifying owners. In military applications, these robots monitor areas, handle explosives, track enemy activities, and provide real-time information to soldiers, enhancing overall security measures.
The transportation sector is undergoing a revolution with the advent of IoRT, notably seen in driverless cars. These vehicles, combining IoT, robotics, artificial intelligence, and machine learning, communicate with each other, predict traffic, and choose optimal routes.
McKinsey and Company’s research indicates a significant shift to autonomous vehicles by 2030, reaching a USD 750 billion industry revenue.
Integrating the Internet of Things and robotics reshapes daily activities across various sectors, offering enhanced convenience, safety, and efficiency.
Considerations for Businesses
The teamwork of the Internet of Things and robotics is creating amazing inventions. If you’re interested in this field, it’s important to keep learning about the latest developments, gain the right skills, and approach it with a strong sense of ethics.
The possibilities of the Internet of Robotic Things are huge, and by exploring them and helping to shape the future, we can make a world where these technologies make our lives better.
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