Artificial Intelligence Robots Market Size Report
Artificial Intelligence Robots Market Size, Share, Growth Drivers and Regional Analysis, Global Forecast 2024 – 2031
AUSTIN, TEXAS, UNITED STATES, June 6, 2024 /EINPresswire.com/ — Market Size & Growth Prospect
The Artificial Intelligence Robots Market is expected to reach USD 162.03 Billion by 2031, growing at a significant CAGR of 35.6% over the forecast period 2024-2031. This growth is Drive by,
• Increasing investments in AI across various industries, leading to advancements in AI technologies like machine learning and deep learning.
• Expanding acceptance of AI robots for personal and industrial use, with government support for developing these technologies.
• Continuously growing demand for robots in industries like manufacturing, BFSI, and IT, driven by the need to reduce human errors, improve efficiency, and lower operational costs.
Growing Demand for AI Robots
The increasing investments in AI are paving the way for more sophisticated AI robots with advanced capabilities. These robots are finding applications in various industries, including manufacturing, healthcare, logistics, and retail. For instance, AI-powered industrial robots are being used for assembly, welding, painting, and material handling tasks, leading to improved operational efficiency and cost savings. Additionally, the growing demand for automation in various sectors is fuelling the adoption of AI robots.
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KEY PLAYERS:
– ABB
– Anki
– Robotics Hanson Inc.
– Blue Frog Robotics
– CloudMinds
– Mayfield Robotics
– Nvidia Corporation
– Promobot LLC
– UBTech Robotics Limited
– Brain Corporation
Market Analysis and Opportunities
The Artificial Intelligence Robots Market presents Huge opportunities for businesses and investors.
• Rising adoption of AI-powered cobots that can work alongside human workers, improving safety and productivity.
• Advancements in natural language processing (NLP) technology, allowing robots to understand and respond to human language, creating a more natural and user-friendly experience.
• Growing demand for robots in extreme environments like disaster zones and underwater applications, where human intervention is risky or impractical.
The market also faces certain challenges
High initial investment costs associated with AI robots. Concerns about job displacement due to automation. Ethical considerations surrounding the development and use of AI robots. Despite these challenges, the long-term growth prospects for the Artificial Intelligence Robots Market remain positive. Businesses that can develop and deploy AI robots that address specific industry needs and overcome these challenges are well-positioned to succeed in this market.
Recent Developments
– February 2021, ABB launched new GoFa and SWIFTI cobot families with higher payloads and speeds, catering to the growing demand for automation across various industries.
– May 2020, Hanson Robotics and CereProc collaborated on Sophia, the first robot to sing a duet with a human on a talk show. This project demonstrates the progress in AI-powered communication capabilities.
– January 2022, Brain Corporation partnered with Tennant Technology to launch Inventory Scan, a robotic solution for automatic in-store inventory management. This highlights the growing adoption of AI robots in retail applications.
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Segment Analysis
By Robot Type, The Industrial Robot segment dominates the market, holding a share of over 56%. This dominance is due to the widespread adoption of AI-powered industrial robots in manufacturing and production facilities. These robots offer advantages like improved automation, precision, productivity, and operational efficiency. The advancements in collaborative robots (cobots) are further driving the growth of this segment.
By Technology, The Natural Language Processing (NLP) segment is expected to witness the highest CAGR during the forecast period. NLP is Important for AI robots to understand and process human language. This technology enables robots to engage in natural conversations, understand user intent, and perform various language-based tasks. Advancements in NLP will be a key driver for the future of human-robot interaction.
Impact of Russia-Ukraine War on the AI Robots Market
The Russia-Ukraine war and subsequent sanctions have triggered a global rise in raw material costs, impacting the production cost of AI robots. Essential materials such as metals and semiconductors have become more expensive, squeezing profit margins for manufacturers and potentially leading to price increases for end-users. The war has created economic uncertainty, leading some companies to delay or reduce investments in research and development (R&D) for AI robots. This can slow down innovation and hinder the development of next-generation AI robotic technologies. Governments and businesses may prioritize defence spending and essential supplies over investments in advanced technologies such as AI robots during wartime.
Impact of Economic Slowdown
During economic downturns companies are reduced investments in new technologies such as AI robots, especially for companies with limited cash flow. A slowdown can weaken demand for AI robots across various industries. Companies may be hesitant to make large capital expenditures on robots if they are facing declining sales or profits. This can lead to a decrease in overall market growth. Economic instability can make investors risk-averse, leading them to shy away from investing in emerging technologies Such as AI robotics. This can hinder the development and commercialization of new AI robot solutions.
Regional Developments
The Asia Pacific (APAC) region dominates the AI robots market, holding a revenue share more than 35%. This dominance is driven by Leading APAC economies like China, Japan, South Korea, and Singapore are experiencing rapid growth in manufacturing and AI adoption. These countries are investing heavily in developing and deploying AI robots to enhance their manufacturing capabilities and productivity. Governments in the APAC region is actively promoting AI research and development through significant investments and favourable policies. This fosters innovation and creates a conducive environment for the growth of the AI robot industry. As labor cost rise in some developed countries, APAC nations offer a cost advantage in terms of robot production and deployment. This makes AI robots a more attractive option for manufacturers in the region.
Key Takeaways
• The report highlights the significant growth potential of the AI Robots Market, driven by factors like rising automation, AI adoption, and increasing demand for robots across industries.
• It provides a detailed segmentation of the market by robot type and technology this segmentation helps understand the dominant segments and identify emerging trends.
• The report analyses the key challenges facing the market, such as supply chain disruptions and economic slowdowns.
• It also explores the opportunities presented by advancements in AI technology and growing demand for AI robots in various applications.
• The report provides insights into the key regional developments driving the AI Robots Market.
Table of Content – Analysis of Key Points
Chapter 1. Executive Summary
Chapter 2. Global Market Definition and Scope
Chapter 3. Global Market Dynamics
Chapter 4. Artificial Intelligence Robots Market Impact Analysis
Chapter 4.1 COVID-19 Impact Analysis
Chapter 4.2 Impact of Ukraine- Russia war
Chapter 4.3 Impact of ongoing Recession
Chapter 5. Value Chain Analysis
Chapter 6. Porter’s 5 forces model
Chapter 7. PEST Analysis
Chapter 8. Artificial Intelligence Robots Global Market, by Robot Type
Chapter 9. Artificial Intelligence Robots Global Market, by Technology
Chapter 10. Artificial Intelligence Robots Global Market, by Offering
Chapter 11. Artificial Intelligence Robots Global Market, by Deployment Mode
Chapter 12. Artificial Intelligence Robots Global Market, by Application
Chapter 13. Regional Outlook
Chapter 14. Competitive Intelligence
Chapter 15. Key Companies Analysis
Chapter 16. Research Process
Continued…
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