The Advent of IoT Virtualization Galvanized the Prosperity of the Collaborative Robots Market
Gadgets Tech

The Advent of IoT Virtualization Galvanized the Prosperity of the Collaborative Robots Market

Collaborative Robots Market

 

Scientists from all across the world toiled hard in R&D to figure out the impact of IoT virtualization on collaborative robots. In 2020, the Global Collaborative Robots Market accounted for up to USD 609 Mn. It is predicted to reach a landmark of around USD 1671 Mn by 2027, with a CAGR of almost 15.2% throughout the estimated period of 2020-2027.

 

The main aim of the researchers is to provide a novel perspective on IoT that involves a decent level of communication among robotic things and humans, as well as to highlight the convergence of different technologies & interactions between various taxonomies implemented in the robotic literature.

 

Robotic Conceptualization & Iort

 

The INV (IoT Network Virtualization) is much similar to the concept of NFV (Network Function Virtualization) in cloud computing and SDN. NFV augments the rapid development of the real device functionalities as a software package and manages the cloud environment’s deployment process.

 

With the advent of IoRT (Internet of Robotic Things), collaborative robots can easily communicate safely with the environment, humans, and other things and gain qualities like self-awareness, self-healing, self-maintenance, & operational behavior. The IoRT applications are programmed in such a way that they can easily implement the collective intelligence of robotic things, along with adequate information regarding the operating contexts to plan. It also has the potential to accomplish some of the daunting tasks under a variety of uncertainties and environmental conditions.

 

The real-time interactions of the cobots with the surrounding environment for a continuous period make location, communication, perception, computation, connectivity, cognition, integration of federated IoRT, propulsion, and digital platforms as some of the pivotal components of the new-generation IoRT applications.

 

 

Benefits of iot installation in the cobots (collaborative robots)

 

  • Due to the advent of IoT virtualization, cobots have become easily accessible and cheaper than ever. They have eased the operation processes in comparison to the other devices that are widely used for training purposes. This will provide the organizations with a lot of options to increase the number of cobot production, thus enabling the sustainability of the SMEs in the highly competitive market. According to Statista, the number of IoT devices worldwide is forecasted to get tripled from around 8.74 Bn in 2020 to more than 25.4 Bn IoT devices by 2030. In 2020, China produced the highest number of IoT devices of approximately 3.17 Bn.

 

  • The IoRT is a self-assisted technology that prevents data loss even when there is a system failure. Moreover, in an unknown location, a large network of IoT-installed cobots can easily provide more information during its exploration as compared to the other robotic devices.

 

  • IoRT provides a higher ROI (Return of Investments) compared to the other robots due to its enhanced product quality, general competitiveness, and increased robot efficiency. Also, the IoRT is so highly programmed that sometimes it shows more efficiency in work than the Homo sapiens.

 

Conclusion

 

The research experts have delineated that the introduction of IoT virtualization in cobots will witness a revolutionary change in the robotics market over the upcoming years. According to a research study, it was discovered that the Nordic countries manufacture almost three times as many industrial robots as any other country’s average production. Finland, Denmark, and Sweden are ranked 15th, 6th, and 5th on the list of countries with the greatest number of collaborative robot productions. The Nordic robotics technology optimizes the business’ operations, production, and maintenance to a great extent.

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