The global internet of robotic things market is gaining traction as internet of things (IoT) increasingly becomes ubiquitous. IoRT is an ecosystem wherein smart robots that are integrated into IoT to perform an array of functions. It assists to monitor events and control objects in the physical world by collecting sensor data from a variety of sources to determine the course of action.
Before we delve into the market, here’s a quick primer on the phenomenon – Internet of Robotic Things refers to robot connected as a thing to IoT technology which builds connections with other objects over the Internet. Using IoRT intelligent devices can monitor events, fuse sensor data from different sources, use local and distributed intelligence to determine a best course of action. This follows by an act to control or manipulate objects in the physical world.
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The global internet of robotic things market is driven by a number of favorable factors. Expansion of the e-commerce industry and increasing application areas due to integration of robots with various technologies is serving to boost the use of internet of robotic things. Increasing use of smart devices, automation in manufacturing processes, and proliferation of e-commerce are some factors driving the IoRT market.
On the downside, lack of awareness of Internet of robotics technology and high cost factor for research of internet of robotic things are some factors challenging the market’s growth. Nevertheless, increasing adoption of industrial robots by small and medium enterprises is likely to create opportunities for vendors in the internet of robotic things market.
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Applications of Internet of robotic things are varied that can range from warehouse automation to parking lot management to elderly care. In parking lot management, an internet of robotic things technology device can check in a corporate parking lot is only used by authorized cars, and raise an alert in the event of unauthorized cars enter the lot.
Internet of robotic things finds application in warehouse automation fulfillment center. This is where mobile robots move bins and pallets and can coordinate their movements.