In its latest report, Market Research Future (MRFR) states that the global artificially intelligence (AI) robots market could achieve a robust CAGR of 28.24% during the forecast period (2018-2023). The report further mentions that the market value in 2017 was USD 2.96 billion and could touch the valuation of USD 12.01 billion by the end of the forecast period.
Growth Boosters and Top Barriers
Artificially intelligent robots can be described as service and industrial robots, which are integrated with artificial intelligence (AI) technology. AI robots have the ability to certain repetitive tasks with no human intervention and are able to communicate with humans. Sometimes, they are also able to interact with other peer robots. Hardware like AI processors as well as network devices coupled with the AI platform are the primary components that differentiate AI robots from traditional robots.
Rising adoption rate of big data, as well as advanced AI, has majorly benefited the worldwide artificial intelligence robots market. A number of end-use industries are making use of artificial intelligence robots, including retail and business analysis which also augments market demand. Plus, increasing need in the machine interpretation zones, protest observation, and question acknowledgment further stimulate demand for artificial intelligence robots.
Other important factors driving the market growth include high adoption of robots for personal use like for companionship and entertainment along with massive funding from governments for development of modern technologies.
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The worldwide AI robots market has been divided based on offering, type, technology, and application.
In terms of offering, the global AI robots market includes software and hardware. The types of software are AI platforms and AI solutions, while the types of hardware are processors, storage devices, and network devices segments. The software segment is at the top position in the AI robots market, but the hardware segment is touted to achieve the fastest CAGR during the review period.
With respect to type, the global AI robots market consists of service robots and industrial robots. Industrial robots could be the fastest-growing segment in the coming years and can be narrowed down to traditional industrial robots and collaborative industrial robots.
Depending on the technology, the global AI robots market is considered for machine learning, context awareness, computer vision, and natural language processing. Machine learning has emerged as the leading segment in the AI robots market but can be toppled from the top spot by the computer vision segment in the near future.
Application-wise, the AI robots market caters to public relations, healthcare, education and entertainment, law enforcement, personal assistance and care, military and defense, industrial, agriculture, stock management, research and space exploration, and others. Stock management AI robots are projected to achieve the fastest growth rate during the given timeframe, owing to rapid expansion of the retail and ecommerce sector as well as the increasing adoption of AI tools in these sectors. The military and defense segment, however, is at the forefront of the AI robots market.
The global AI robots market is split into the key regions of North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW).
North America stands as the most lucrative market for AI robots market, thanks to the massive development of the robotics sector in the United States (U.S). Fast-paced development of the robotics technology could ensure the region’s dominance in the global market in subsequent years. Booming healthcare sector along with retail and military sectors within the region are embracing robotics, which has given rise to favorable growth prospects for the market in the conjectured period.
Asia Pacific is presumed to have the fastest growth in the global AI robots market over the evaluation period. The expeditious market growth in the region is in response to the rapid technological advancements in countries like India, China and Japan. These countries have noted the emergence of robotics, which is a major field of study.
Factors such as the accelerated adoption rate of customer-centric marketing methods along with increased use of social media for advertising has worked in favor of the Europe market for AI robots. Surge in the demand for virtual assistants also induce market growth in the region.
Some of the esteemed vendors shaping the worldwide AI robots market are Intel, Alphabet, Jibo, IBM, NVIDIA, Xilinx, Fanuc, Amazon, Asustek Computer, Softbank, Hanson Robots, Mayfield Robotics, Microsoft, Harman International Industries, Kuka, ABB, Neurala, LG, Blue Frog Robotics, Promobot, to name a few.
Toyota has partnered with AI startup Preferred Networks Inc. with the aim of designing robots that can help at home. These AI robots have the ability to learn in typical living environments, and would be used in hospitals and homes to cater to the aging population.
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List of Figures
FIGURE 1 Global AI Robots Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Five Forces Analysis Of Global AI Robots Market
FIGURE 4 Value Chain Of Global AI Robots Market
FIGURE 5 Share Of Global AI Robots Market In 2018, By Country (In %)
FIGURE 6 Global AI Robots Market, 2018-2023,
FIGURE 7 Sub Segments Of
FIGURE 8 Global AI Robots Market Size By, Offering 2018
FIGURE 9 Share Of Global AI Robots Market By, Offering 2018 To 2023
FIGURE 10 Global AI Robots Market Size By Type, 2018
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