WESTFORD, Mass., June 25, 2024 /PRNewswire/ -- As per SkyQuest, the global Artificial Intelligence (AI) Robots Market size was valued at USD 12 billion in 2022 and is poised to grow from USD 14.58 billion in 2023 to USD 69.24 billion by 2031, growing at a CAGR of 21.5% in the forecast period (2024-2031).
Artificial intelligence (AI) robots can operate autonomously through artificial intelligence technology. Advancements in robotics technology and the growing integration of artificial intelligence with the same are slated to primarily drive AI robots market growth. Surging demand for automation is slated to bolster sales of AI robots across the forecast period and beyond. The global artificial intelligence (AI) robots' market is segmented into component, deployment, technology, robot type, application, and region.
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Artificial Intelligence (AI) Robots Market Overview:
Report Coverage | Details |
Market Revenue in 2023 | $ 14.58 billion |
Estimated Value by 2031 | $ 69.24 billion |
Growth Rate | Poised to grow at a CAGR of 21.5% |
Forecast Period | 2024-2031 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Component, Application, Technology, Deployment and Robot Type |
Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | High Adoption of Automation |
Key Market Drivers | Advancements in AI and Robotics |
Segments covered in Artificial Intelligence (AI) Robots Market are as follows:
- Component
- Hardware, Software
- Application
- Manufacturing, Transportation, Security, Healthcare, Energy, Others
- Technology
- Machine Learning, Computer Vision, Context Awareness, Natural Language Processing
- Deployment
- Cloud, On-premises
- Robot Type
- Service Robots, Industrial Robots, Other
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Hardware Plays a Crucial Role in Artificial intelligence (AI) Robots Market Development
Hardware is of the utmost importance for any good artificial intelligence robot, and this is why this sub-segment brings in the most revenue. The rising use of advanced sensors and hardware components to increase the functionality of AI robots will help this segment bolster market growth in the future. Advancements in artificial intelligence will bolster the demand for advanced software to run these robots and the need for customization will also drive market development going forward. The demand for AI robot services is slated to increase at a robust CAGR owing to the growing need for maintenance and repair of robots.
Machine Learning Plays a Vital Role in Training AI Robots
Machine learning is estimated to be the most utilized technology in AI robots as it is being used to train robots for different applications. The development of advanced machine learning algorithms for specific robotic applications will also help this sub-segment bolster market growth in the future. Context awareness technology is predicted to help AI robots function better by correctly interpreting and assessing situations to improve efficiency. Emphasis on improving machine-machine collaboration is forecasted to help promote the adoption of context awareness technology going forward.
High demand for better human-machine collaboration is estimated to promote the adoption of natural language processing technology in artificial intelligence robots over the coming years. Computer vision is another key technology that is projected to uplift the global artificial intelligence (AI) robots market development in the long run.
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Industrial Robots Take the Crown When it Comes to Artificial Intelligence Robots
Industrial robots are estimated to account for a substantial share of the global artificial intelligence (AI) robots market owing to the high adoption of robotics in the manufacturing sector. The growing use of automation in the industrial sector and the rising adoption of the Industry 4.0 trend are also forecasted to help sales of industrial robots. Meanwhile, service robots are estimated to increase worldwide. An increasing number of companies opting for robots for different services that are usually risky or dangerous for humans. From personal service robots to custom-application-focused service robots' integration of artificial intelligence is projected to increase all kinds of robots to promote their functionality and operational efficiency.
To sum it up, the global artificial intelligence (AI) robots' market is rife with opportunities from multiple industry verticals. Artificial intelligence (AI) robot providers should target the development of novel service robots to amplify their business scope across the forecast period and beyond. Incoming artificial intelligence (AI) robot companies should focus on machine learning and natural language processing technologies to create unique AI robots that stand out in the market.
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