Internet Of Robotic Things To Be Multibillion-Dollar Market - Internet Of Robotic Things To Be Huge PYMNTS.com

Forget the Internet of Things market, the Internet of Robotic Things (IoRT) is expected to be a multibillion-dollar business by 2022. 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."