Albany, NY -- (SBWIRE) -- 11/25/2016 -- A new market research report by Transparency Market Research, titled "Internet of Robotic Things Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024," presents a detailed overview of the global market after studying it from various angles. To that end, both primary and secondary research has been carried out by analysts. The research methods entailed gathering inputs from industry experts and extracting relevant information from industry body databases, paid sources, and trade journals.

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Internet of things (IoT) is all the rage these days. Simply put, it is machine-to-machine, machine-to-human, or machine-to-animal communication using sensors via the internet. The data generated from it is analyzed for valuable insights. The Internet of Robotic Things (IoRT) takes the concept of IoT a step ahead. Robots are connected to machines to monitor events, gather sensor data from various sources, and then use it to decide upon the best course of action and manipulate objects in the physical world.

In other words, IoRT are smart robots connected and controlled via the internet for carrying out designated tasks such as in manufacturing processes or monitoring of elderly activities. One of the areas where IoRT is growing popular is in the fast expanding e-commerce industry, where it can help stock up shelves and draw inventory. The report finds that seamless and high-speed internet connectivity is one of the major growth drivers in the market. Additionally, the spurt in smart device usage, growing digitalization, the rising thrust of automated manufacturing processes, an increasing elderly population, and rapid urbanization have contributed to the growth of global IoRT market. Counteracting the growth of the market are lack of awareness about the relatively new IoRT, the complexity of navigating the entire process to extract value from it, and high cost of research and development. 

The global IoRT market is segmented based on various parameters: platform, services, component, geography, software, and application. The component segment can be further divided into actuators, sensors, control systems, power systems, and others, including electric and electronic components. Similarly, the platform segment can be subdivided into network platform, management platform, and application platform. Based on software, it can be categorized into data software, monitoring software, analytics software, and security software. Likewise, the services and application segment has also been fragmented in the report.

Geographically, the global IoRT market is segmented into South America, North America, the Middle East and Africa, Europe, and Asia Pacific. The market in North America is predicted to be the leader due to a stable economy, the rising requirement for elderly assistance, and the growing demand for the interconnection of various applications. Asia Pacific and Europe are also expected to grow moderately due to an expanding e-commerce sector. 

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Some of the key vendors listed in the report are: Cisco Systems Inc., Samsung Electric Co. Ltd., Intel Corporation, ABB Ltd., Google Inc., FANUC Corporation, Amazon.com, KUKA AG, Aethon Inc., Honda Motors Co. Ltd., and iRobot Corporation.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.