Forget the Internet of Things market, the Internet of Robotic Things (IoRT) is expected to be a multibillion-dollar business by 2022. That’s according to Research and Markets, which on Wednesday (Sept. 28) issued a new report looking at the prospective growth rate of this burgeoning market.
According to Research and Markets, the Internet of Robotic Things market is expected to be valued at $21.44 billion by 2022, growing at a CAGR of 29.7 percent between 2016 and 2022. The growth of this market is being largely driven by adoption of IoRT by the eCommerce industry, increasing application areas owing to integration of robots with various technologies, short payback period and return on investment.
“The collaborative robots in industrial sector are used in manufacturing industries to speed up the production processes, increase productivity and efficiency and minimize the costs involved in production in the long term,” a press release announcing the new report stated. “The smart robots are being adopted by the industrial sector to work along with the humans. Collaborative robots are used in the various industrial segments to help humans in the activities, such as welding, painting, sorting, among others. It is expected that smart robots performing autonomous tasks would solve the problem of scarcity of labor among industries.”
According to Research and Markets, domestic robots or assistants is another area where there will be growth as these robots start to serve humans in their daily lives, whether at home, work or in public settings. The vision of the future would be to have robot butlers that are created to serve humans as companions and relieve humans of heavy, dirty, monotonous and often irksome tasks, the report said. “The domestic robot is considered not only as a smart device but also as an artificial creature, which improves its capabilities in a continuous process by acquiring new knowledge and skills. Also, the increasing elderly population and urbanization is driving its growth.”