The increasing demand for artificial intelligence (AI) robots in industrial automation is driving the market demand.
Wilmington, Delaware, United States, Oct. 18, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global artificial intelligence (AI) robot market is projected to flourish at a CAGR of 20.5% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 52.6 billion is anticipated for the market in 2031. As of 2023, the artificial intelligence (AI) robot market is expected to close at US$ 11.8 billion.
The increasing technological innovation and increased government investment in AI research and development have accelerated the growth of AI robots in various sectors, including defense and public services, fueling the market growth during the forecast period. The increasing demand for robots in security and surveillance applications, patrolling and monitoring areas for security purposes, and detecting and responding to potential threats, driving the market demand
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The growing e-commerce and logistics industry is expected to propel the market demand as artificial intelligence (AI) robots are used in warehouses for order picking, packaging, and delivery. They can operate autonomously in large distribution centers, improving efficiency in supply chain management.
Increasing adoption of AI robots in industries to automate repetitive and labor-intensive tasks. The Industry 4.0 revolution, which focuses on smart manufacturing and automation, has driven the adoption of AI robots in factories and logistics.
Competitive Landscape
The global artificial intelligence (AI) robot market is consolidated with a small number of large-scale vendors controlling the majority of the share. Most companies are trying to enhance their technological capabilities by spending significantly on comprehensive research and development activities, primarily developing different AI platforms. Transparency Market Research has profiled the following players in its global artificial intelligence (AI) robot market report:
- NVDIA
- SoftBank
- Intel
- Xilinx
- ABB
- Fanuc
- IBM Corporation
- Brain Corporation
- Neurala, Inc.
- Veo Robotics, Inc.
- Microsoft Corporation
- Kawasaki
- Yaskawa
- Mitsubishi
- Omron
Key Takeaways from the Market Study
- As of 2022, the artificial intelligence (AI) robots market was valued at US$ 9.8 billion
- Based on robot type, the industrial robots segment is expected to account high share of the global market, owing to increased uptime and productivity due to predictive maintenance.
- In terms of component, hardware segments is expected to hold the largest market share.
- Based on the End-use Industry, the industrial segment to generate high revenue during the forecast period.
Artificial Intelligence (AI) Robots Market: Key Trends and Opportunistic Frontiers
- The rise in Internet penetration and increase in digitization activities among various developing countries fueled the demand for AI robots.
- Increasing applications of AI robots in manufacturing and industrial settings to optimize production processes, reduce errors, and enhance efficiency.
- The market players are focusing on the development of energy-efficient and environmentally friendly AI robots aligned with global sustainability goals.
Artificial Intelligence (AI) Robots Market- Regional Analysis
- North America is the prominent global Artificial Intelligence (AI) robot market. Growth in industrialization and an increase in spending on advanced manufacturing systems are driving the market in the region.
- The strong presence of technology companies and research institutions in the United States. The region is a robotics research and development hub, with applications in healthcare, manufacturing, and consumer robotics.
- The Artificial Intelligence (AI) robot industry in Asia Pacific is anticipated to grow at the highest rate in the near future. This can be ascribed to the presence of several prominent multinational corporations in these regions that offer solutions for end-users such as automotive, industrial, and other manufacturing sectors. Increased focus on manufacturing automation and consumer robotics in countries like China and India has driven substantial growth.
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Key developments in the artificial intelligence (AI) robot market
- In May 2023- Doosan Robotics Americas, a global leader in industrial and collaborative robotics, announced a strategic partnership with Indiana-based Finch Automation today. The new relationship expands the reach of Doosan service robots and cobots to OEM machine builders and end users in the Midwest region of the United States
- In August 2023 – Brain Corp, an artificial intelligence (AI) company creating transformative core technology in robotics, together with Tennant Company, today announced the deployment of autonomous robotic scrubbers with Götz Group, a leading German facilities management company.
Artificial Intelligence (AI) Robots Market – Key Segments
Component
- Hardware
- Software
- Machine Learning
- Computer Vision
- Context Recognition
- Natural Language Processing (NLP)
- Services
Robot Type
- Service
- Industrial
- Others
End Use Industry
- Automotive
- Aerospace and Defense
- Retail
- Healthcare
- Industrial
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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