In its research report, Market Research Future (MRFR), emphasizes that the global AI robots market 2020 is expected to grow exponentially, securing a substantial market valuation from USD 2.96 billion in 2017 to USD 12.01 billion by 2023, and a healthy 28.24% CAGR over the review period.
Drivers and Restraints
Driven by the secure consumer base and government support, the AI robot market is expected to make smooth progress in the coming years. AI robots are the pinnacle of what is technologically feasible in the field of robotics and are being used in increasingly diverse applications. AI robots are incredibly diverse in applicability and are becoming increasingly diversified as new technologies are discovered continuously. Over the review period, the growing demand for the adoption of AI robots for companionship and entertainment is likely to be a significant driver for the global AI robot market. The development of AI robots for the assistance of the differently-abled and geriatrics is likely to be a significant avenue for the global AI robot market over the forecast period. Although the use of AI robots for companionship and entertainment has caught the imagination of the public, the enormous utility of AI robots means that they are more likely to be put to practical use in the coming years, with geriatric treatment and supporting the otherwise-abled likely to be manage to the top of the list. Through the introduction of AI robotics, the healthcare sector will receive a tremendous boost, as the robots' simple programmability will reduce the burden on the primary caregiver and ensure continuity in healthcare delivery.
On the other hand, the lack of a consistent set of AI robot standards could hamper the growth of the market for AI robots in the coming years. Although AI robots were a technological masterstroke, numerous inventions were credited to different players resulting in a diverse collection of standards.
The global AI robots market growth is segmented in terms of offering, type, technology, application, and region.
By offering, the global AI robots market is bifurcated into software and hardware. The software segment is divided into AI platforms and AI solutions, while the hardware segment contains the storage devices, processors, and network devices segments.
Based on the type, the global AI robots market is divided into service robots and industrial robots.
Based on the technology, the global AI robots market is segmented into context awareness, machine learning, computer vision, and natural language processing.
By application, the AI robots market is divided into law enforcement, public relations, military and defense, personal assistance and care, research and space exploration, agriculture, education and entertainment, industrial, healthcare, stock management, and others.
The geographical COVID-19 analysis of the global AI robots market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.
Thanks to the fast growth of the robotics industry in countries such as the US, North America is the leading regional market for AI robots. Rapid robotics technology growth is likely to ensure North America's supremacy over the projected period on the global AI robots market. The healthcare sector, as well as the region's retail and military sectors are highly supportive towards robotics, leading to favorable growth prospects over the forecast period for the AI robots industry.
Due to the rapid technological growth in countries like China, India and Japan, where robotics has emerged as a foremost field of study in recent years, Asia Pacific is anticipated to be the fastest rising regional market for AI robots over the review period.
The major market players operating in the global market as identified by MRFR are NVIDIA, ABB, Intel, Alphabet, Microsoft, Xilinx, IBM, Harman International Industries, Fanuc, Kuka, Amazon, Blue Frog Robotics, Asustek Computer, Promobot, Softbank, Mayfield Robotics, Neurala, Hanson Robots, LG, and Jibo.