Diversity in Application to Drive AI Robots Market Significantly

AI robots are robots with artificial intelligence, meaning that they can learn behaviors and apply lessons in future encounters, on the basis of data collected and analyzed. The advent of artificial intelligence has led to the emergence of humanoid robots that resemble humans and have a vast scope of applications in various industrial verticals. The global AI robots market is anticipated to capture a lucrative CAGR of 28.24% during the forecast period of 2018-2023. The widespread popularity and growing government support are primarily driving the global AI robots market.

Furthermore, one of the factors influencing significant growth is the application of artificial intelligence-based robots in various industry verticals. Speedy diversification of new applications is estimated to propel the market growth for AI robots market. The development of AI robots for assisting the differently able and geriatrics is projected to steer the market growth in an upward direction. Also, a rapidly mushrooming demand for AI robots for entertainment and companionship is another factor significantly pushing the AI robots market.

Alternatively, the absence of universally set standards for AI robots is likely to hinder the market growth in the foreseeable future. A vast range of innovations and integrations have been made by different players in the AI robots market to gain a competitive advantage, leading to a set of different standards. Although, with the advancement in technology and a rise in the user-accessibility, the AI robot standards are likely to become more uninformed, streamlining growth in the AI robots market.

Market Segmentation

The global AI robots market is segmented on the basis of offering, type, technology, and application. Based on offering, the AI robots market is segmented into hardware and software. The software segmented is further segmented into AI platform and AI solutions. The hardware segment is further segmented into processors, storage devices, and network devices.

Based on type, the AI robots market is segmented into service and industrial robots. Service robots are sub-segmented into the ground, underwater, and aerial. On the other hand, industrial robots are further segmented into traditional and collaborative industrial robots. Traditional robots include articulated robots, parallel robots, Scara Robots, and cartesian robot. 

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By technology, the AI robots market is segmented into machine learning, context awareness, computer vision, and natural language processing. Market segmentation for AI robots, on the basis of application, includes law enforcement, military & defense, public relations, personal assistance and care, education & entertainment robots, research & space exploration, agriculture, healthcare, industrial, and stock management.

Detailed Regional Analysis

The AI robots market is segmented, by geography, into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). North America is estimated to lead the AI robots market during the review period owing to a speedy development of the robotics sector in the developed economies such as the U.S. Various sectors in the region such as healthcare, military, and retail are projected to emerge as major adopters of the AI robotics technology for economical and efficient business processes. The APAC is anticipated to be the fastest growing market for AI robots in the foreseeable future owing to snowballing technological advancements in the developing nations such as India, China, and Japan.


Key Players

The global AI robots market comprises a lengthy list of notable players. Some of these key players include NVIDIA, ABB, Intel, Microsoft, Alphabet, IBM, Harman International Industries, Xilinx, Fanuc, Kuka, Amazon, Blue Frog Robotics, Promobot, Softbank, Hanson Robots, Mayfield Robotics, Neurala, LG, Asustek Computer, and Jibo.

Industry Update

January 2019: Hanson Robotics introduced Little Sophia, a 14-inch-tall humanoid to the general public to introduce kids between the ages of 7 to 13 years, especially girls, to STEM, coding and AI. Little Sophia can be programmed with a companion app, using Blockly and Python languages.

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The Figures:

The global AI robots market is anticipated to capture a lucrative CAGR of 28.24% during the forecast period of 2018-2023. The AI robots market was valued at USD 2.96 billion in 2017 and is estimated to garner a USD 12.01 billion revenue by 2023

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Ehtesham Peerzade

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