(MENAFN- EIN Presswire) EINPresswire/ -- According to a new report published by Allied Market Research, Internet of Robotic Things Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component (Software, Services), by Software Type (Network Bandwidth Management, Data Management, Remote Monitoring System, Security Solution, Real Time Streaming Analytics), by Type (Sensors, Actuators, Control System, Power Source, Others), by Platform (Device Management Platform, Application Management Platform, Network Management Platform), by End User (Aerospace and Defense, Automotive and Manufacturing, Healthcare, Food and Beverages, Logistics, Media and Entertainment, Others): Global Opportunity Analysis and Industry Forecast, 2021 - 2031, The global internet of robotic things market was valued at $208 billion in 2021, and is projected to reach $2461.9 billion by 2031, growing at a CAGR of 28.6% from 2022 to 2031.

The Internet of Robotic Things (IoRT) market combines the capabilities of intelligent robots with the connectivity and data exchange features of the Internet of Things (IoT). This integration enables robots to sense, process, and act on information from their environment, significantly improving automation, safety, and decision-making processes.

Rapid advancements in AI, cloud computing, and wireless communication technologies have accelerated IoRT adoption across sectors such as manufacturing, logistics, healthcare, and agriculture. The growing need for connected systems that enhance productivity and reduce human intervention is fueling investments in IoRT infrastructure and solutions worldwide.

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Market Dynamics
Drivers:
The increasing demand for automation and data-driven decision-making is a major factor propelling market growth. IoRT systems offer real-time analytics, predictive maintenance, and optimized operations, reducing downtime and operational costs for businesses.

Restraints:
High implementation costs and cybersecurity concerns continue to challenge widespread adoption. Securing interconnected robotic systems against data breaches and operational disruptions remains a top priority for stakeholders.

Opportunities:
Expanding 5G networks and edge computing capabilities are creating new opportunities for low-latency robotic communication and coordination. These technologies enhance the performance of IoRT systems in remote and critical environments, such as defense operations and offshore facilities.

Challenges:
The lack of universal standards and interoperability between IoT platforms and robotic systems can hinder integration. Collaborative efforts among technology providers and regulatory bodies are needed to create a unified IoRT ecosystem.

Trends:
The integration of AI and machine learning within IoRT frameworks is enabling robots to learn autonomously and adapt to changing environments. This trend is transforming industries such as logistics, retail, and healthcare by enabling smart robots that can interact seamlessly with humans and other devices.

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Segment Overview
The IoRT market is segmented by component (hardware, software, and services), by technology (sensor networks, cloud computing, Wi-Fi, and Bluetooth), and by application (industrial robots, service robots, and collaborative robots). Among these, the software segment is expected to register robust growth due to increasing demand for analytics and remote management tools that enhance robotic intelligence and efficiency.

Based on software type, the network bandwidth management segment dominated the Internet of Robotic Things (IoRT) market in 2021 and is expected to maintain its lead in the coming years. This dominance is attributed to its crucial role in ensuring seamless communication and data flow between interconnected robotic systems. However, the data management segment is projected to witness the highest growth during the forecast period. The increasing adoption of IoRT solutions across industries is driving the need for robust data management frameworks that establish procedures and guidelines to enhance decision-making accuracy and reduce operational errors.

Regional Analysis
Region-wise, North America held the largest share of the IoRT market in 2021 and is anticipated to retain its dominance throughout the forecast period. This growth is fueled by the rising awareness and integration of the Internet of Things (IoT) and artificial intelligence (AI), which enable efficient system integration and accelerate IoRT adoption. Meanwhile, the Asia-Pacific region is expected to record significant growth due to the rapid expansion of the manufacturing sector. The increasing focus on industrial automation and safety standards in countries such as China, Japan, and South Korea is expected to further drive IoRT market growth across the region.

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The key players profiled in the internet of robotic things market analysis are ABB Ltd., Aethon inc., Amazon, Bluefin Robotic Corporation, Cisco, ECA Group, FANUC Corporation, Google, Intel corporation, iRobotic Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the internet of robotic things industry.

Key Findings of the Study
.By component, the software segment accounted for the internet of robotic things market share in 2021.
.On the basis of software type, the network bandwidth management segment generated the highest revenue in 2021.
.On the basis of type, the sensors segment generated the highest revenue in 2021.
.By platform, the device management segment accounted for the largest internet of robotic things market size in 2021.
.On the basis of end user, the aerospace and defense segment generated the highest revenue in 2021.
.Region-wise, North America generated the highest revenue in 2021 for internet of robotic things industry.

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