USD 12 billion
Artificial Intelligence (AI) Robots Market Size, Share, Growth Analysis, By Component, By Application, Technology(Machine Learning, Computer Vision, Context Awareness, NLP), Deployment, Robot Type(Service Robots, Industrial Robots), and Region - Industry Forecast 2024-2031
Report ID:
SQMIG45J2218 |
Region:
Global |
Published Date: June, 2024
Pages:
197
|Tables:
146
|Figures:
78
Artificial Intelligence (AI) Robots Market Insights
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% during the forecast period (2024-2031).
As the name suggests, artificial intelligence (AI) robots are robots that utilize AI technology to improve their capabilities and act autonomously. Advancements in robotics and increasing acceptance of robots in commercial as well as personal applications are creating an opportune setting for artificial intelligence (AI) robot companies. Growing adoption of automation technologies and a dearth of skilled workforce around the world are also predicted to boost sales of artificial intelligence (AI) robots over the coming years. Rising emphasis on improving human-machine collaboration is also expected to offer new opportunities for artificial intelligence (AI) robot providers in the future. High initial investments, workforce displacement, and complexity in integration are some key restraints that are projected to trouble artificial intelligence (AI) robot companies across the study period and beyond. Use of robots for delivery and cleaning services is also expected to offer new business scope for AI robot manufacturers.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hardware
Fastest Growth
Hardware
Growth Rate
21.5% CAGR
Global Artificial Intelligence (AI) Robots Market ($ Bn)
Country Share for North America Region (%)
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Artificial Intelligence (AI) Robots Market Segmental Analysis
Global artificial intelligence (AI) robots market is segmented based on robot type, component, deployment, technology, application and region. Based on deployment, the market is divided into cloud and on-premise. In terms of robot type, the market is segmented into service robots, industrial robots, and others. On the basis of component, the market is segmented into hardware, and software. In terms of technology, the market is bifurcated into machine learning, computer vision, context awareness, and natural language processing. Based on application, the market is divided into law enforcement, military & defense, public relations, personal assistance and care, education and entertainment, research and space exploration, industrial, agriculture, healthcare assistants, stock management, others. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Technology
Machine learning is estimated to emerge as the dominant technology segment in the AI robots market as it is being used to train robots. Machine learning also enables AI robots to learn by themselves eliminating the need for specific training for robots that could result in their downtime. Companies can focus on the development of advanced machine learning algorithms for specific robotic applications to maximize their business scope. The use of machine learning in combination with deep learning will also provide opportunities to artificial intelligence (AI) robots companies in the long run.
The use of context awareness technology is estimated to rise at an impressive CAGR across the study period. High emphasis on improving the safety of AI robots is projected to promote the integration of context awareness technologies. Using this technology robots can assess their surroundings and consider the context of things to interpret surroundings and tasks aptly. Machine vision and context awareness are technologies that could be used in conjunction to boost artificial intelligence (AI) robots sales.
Analysis by Robot Type
Industrial robots are estimated to account for the highest share of the global artificial intelligence (AI) robots market owing to the high adoption of robotics in the manufacturing sector. Rapidly increasing investments by the industrial sector to automate manufacturing and other industrial applications will also favor the demand for industrial robots going forward. Emphasis on improving productivity and reducing errors in industrial operations will also help this segment maintain its dominance across the study period and beyond.
On the other hand, the demand for service robots is projected to increase at a rapid pace over the coming years. Growing use of AI robots to automate services such as delivery and customer support will help this segment boost market growth at a phenomenal CAGR in the future. Service robots are expected to be popular where risk to human life is more as emphasis on worker safety bolsters around the world. Currently, cleaning and delivery service AI robots are projected to be the most lucrative.
Global Artificial Intelligence (AI) Robots Market By Robot Type
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Artificial Intelligence (AI) Robots Market Regional Insights
North America is slated to emerge as the top region when it comes to artificial intelligence (AI) robots. High acceptance and adoption of artificial intelligence and robotics across multiple industries have set the tone for North America’s dominance in this market. Growing acceptance of AI robots in different applications and high investments in the R&D of the same is also boosting market growth. Rising use of automation and the presence of key AI robot providers in the United States allows it to spearhead market growth in North America with Canada following suit.
AI robots are projected to be massively popular in the Asia Pacific region over the coming years helping it gain the title of fastest-growing market as well. China, Japan, and India are estimated to be the top countries where sales of artificial intelligence (AI) robots are projected to shine bright. Rising use of automation in the robust automotive manufacturing industry of this region will bolster artificial intelligence (AI) robots sales going forward. Apart from this, high investments in adoption of new automation technologies will also create new business scope for artificial intelligence (AI) robots market players in the future.
Global Artificial Intelligence (AI) Robots Market By Region
- Largest
- Fastest
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Artificial Intelligence (AI) Robots Market Dynamics
Artificial Intelligence (AI) Robots Market Drivers
Dearth of Skilled Labor & Professionals
- There has been a notable shortage of skilled professionals and labor across multiple industry verticals. Use of AI robots can fill this gap by performing those tasks effectively as a skilled professional would do. Moreover, the cost benefits associated with the use of AI robots instead of skilled labor will also promote market growth.
Enhanced Capabilities of AI Robots
- AI robots are capable of performing every task better than humans and with reduced possibility of errors as well. Better precision and productivity offered by AI robots that can be trained easily and are highly adaptable also helps promote their sales around the world.
Restraints
High Initial Costs
- Purchasing an AI robot is quite expensive as it comprises advanced AI and robotics technologies. Moreover, the maintenance and repair of these advanced robots also add up to the operational costs and hinder market development potential in the long run.
Complexity in Integration and Interoperability
- Artificial intelligence and advanced robotics are both highly complex and technical technologies. This makes them very hard to integrate thereby adding up to challenges in development and even deployment in some cases. Ensuring interoperability of AI robots with other technologies is also a challenge that companies need to work on going forward.
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Artificial Intelligence (AI) Robots Market Competitive Landscape
Artificial intelligence (AI) robot providers need to focus on maximizing their business scope by reaching into new markets and developing AI robots for different industrial and personal uses. Raising new capital to fund their R&D and business expansion efforts will be highly essential for new artificial intelligence (AI) robot companies going forward. Development of custom robots for specific applications across different industry verticals will also help artificial intelligence (AI) robot companies expand their sales potential in the future.
Artificial Intelligence (AI) Robots Market Top Player’s Company Profiles
- ABB
- Omron
- Fanuc
- Veo Robotics Inc.
- Promobot
- Xilinx
- Alphabet
- Brain Corporation
- DataRobot Inc.
- UB Tech Robotics Inc.
- Kawasaki
- Intel Corporation
- Vicarious
- AIBrain Inc.
- International Business Machines Corporation
- Mitsubishi
- Hanson Robotics Ltd.
- CloudMinds Technology Inc.
- Blue Frog Robotics & Buddy - Emotional Robot
Artificial Intelligence (AI) Robots Market Recent Developments
- In March 2024, Physical Intelligence, a new start-up based in the United States focused on developing AI brains for robots, announced that it has raised USD 70 million in a seed funding round. Thrive Capital led this financing round and OpenAI, Sequoia Capital, Khosla Ventures, and Lux Capital were among other investors.
- To accelerate the commercialization of humanoid robots, Figure, a start-up developing AI robotics raised USD 675 million in a Series B funding round in February 2024. The company has also collaborated with OpenAI, a key investor in Figure, to develop new AI models for humanoid robots.
- LG Electronics, top South Korean consumer electronics company, launched its AI robot for pet monitoring at the CES 2024 event. This new smart home assistant will help monitor pets using AI and control various smart appliances.
- In January 2024, PROVEN Robotics, a robotic solution provider, announced the launch of its new AI service robot. OrionStar Mini is designed to create interactive experiences and is powered by Qualcomm Snapdragon 845 SOC chip.
Artificial Intelligence (AI) Robots Key Market Trends
- Human-AI Collaboration: Collaborative robots are gaining massive popularity around the world as they reduce workforce displacement by allowing humans and robots to work together. AI robots can benefit from improved human-machine interaction and this is what all artificial intelligence (AI) robots companies should work on going forward.
- Completely Autonomous Robots: Currently AI robots are not capable of operating fully autonomously but need some form of human intervention. Investing in the development of completely autonomous AI robots will be a key trend that market players should target in the future.
Artificial Intelligence (AI) Robots Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, artificial intelligence (AI) robots are bringing a science fiction world of robots and humans to life. Growing demand for automation, high emphasis on improving productivity, and rising availability of advanced AI robots are expected to drive artificial intelligence (AI) robot market growth. Meanwhile, workforce displacement, high costs of deployment, and technical complexity are forecasted to be the key restraints hindering artificial intelligence (AI) robot demand. North America is expected to be the top market for artificial intelligence robot companies owing to the high acceptance of AI robots in multiple industry verticals. AI robot providers are estimated to focus on improving human-robot collaboration capabilities to maximize their business scope in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 12 billion |
| Market size value in 2031 | USD 69.24 billion |
| Growth Rate | 21.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Artificial Intelligence (AI) Robots Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Artificial Intelligence (AI) Robots Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Artificial Intelligence (AI) Robots Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Artificial Intelligence (AI) Robots Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Artificial Intelligence (AI) Robots Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Artificial Intelligence (AI) Robots Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Artificial Intelligence (AI) Robots Market Report Snapshots
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