My project requires me to setup a wireless connection between MATLAB and Arduino. The task is simple, MATLAB will process the data and tell a robot, which is run by Arduino how much further the bot has to move. In that case, what sort of wireless connection should I establish?
Presuming Matlab is running on a PC then the first question is how to get the Matlab output to a wireless transmitter on the PC. I don't know anything about Matlab but I presume it can send data to a serial port which should give the option of using Bluetooth (many PCs include Bluetooth) or connecting the PC by USB cable to an Arduino that has an nRF24L01+ transceiver.
The Arduino on the robot would need a corresponding Bluetooth or nRF24L01+ module.
If Matlab can be used to send data using WiFi (and if the PC includes WiFi) then other options are available. The simplest might be to use an ESP8266 device (such as a Wemos D1) as the controller for the robot as the ESP8266 combines WiFi and a powerful microprocessor.
If you are not already familiar with web programming I reckon either of the first options would be easier to implement.