The Artificial Intelligence (AI) Robots market comprises robots that are capable of performing tasks autonomously with the help of AI technologies. These robots can analyze complex data, learn from experiences, and identify objects, similar to human vision. They are highly useful for industrial processes that involve repetitive operations or those that need to be performed 24/7. The advantages of AI robots include increased productivity, quality control, precision, and efficiency. They eliminate human errors and help organizations optimize production costs. Additionally, rising labor costs and shortage of human workforce are driving companies to adopt industrial robots for automation.
The Global Artificial Intelligence (AI) Robots Market is estimated to be valued at US$ 111.65 Bn in 2024 and is expected to exhibit a CAGR of 32.% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Artificial Intelligence (AI) Robots Market Growth are ABB , AIBrain, Inc., Alphabet , Argo AI, LLC, Blue Frog Robotics & Buddy - Emotional Robot, Brain Corporation, CloudMinds Technology Inc., DataRobot, Inc., Fanuc, Hanson Robotics Ltd., Harman International Industries, IBM Corporation, Intel Corporation, International Business Machines Corporation, Kawasaki, Microsoft Corporation, Mitsubishi, Neurala, Inc., NVIDIA Corporation, Omron, Promobot, SoftBank Corp., UB Tech Robotics, Inc., Veo Robotics, Inc., Vicarious, Xilinx, and Yaskawa. The industrial robotics sector is experiencing a growing demand for collaborative robots that can work safely alongside humans without the need for safety cages. Some key players are focusing on developing human-aware collaborative robot systems for factories and warehouses. Technological advancements like machine learning, computer vision, advanced sensors and controls are allowing robots to develop more human-like capabilities, automate complex tasks and operate safely around humans.
Market Trends
Some of the key trends in the AI robots market include increased adoption of collaborative robots for optimized productivity. Collaborative robots or “cobots” are gaining more acceptance as they allow easy integration of robots in existing workflows without much infrastructure changes. Another major trend is the development of soft robotics which involves the use of flexible and compliant materials to build safe, versatile and easily deployable robots. Soft robotics helps overcome limitations of rigid materials and expands application areas.
Market Opportunities
The AI robots market provides opportunities for development of human-aware safety systems. Machines integrating advanced sensors, machine learning algorithms and responding in split seconds help secure human-robot collaboration. Another key opportunity lies in accelerating adoption of AI robots in healthcare for applications like patient assistance, telehealth, pharmacy automation and assisted living. Human-centered design of medical robots can revolutionize eldercare and post-pandemic needs.
Impact of COVID-19 on Artificial Intelligence (AI) Robots Market
The COVID-19 pandemic has significantly impacted the growth of the artificial intelligence (AI) robots market. Companies in various sectors have realized the importance of robots for operations during such situations. Robots can be deployed in sectors like healthcare, manufacturing and warehouse operations without risking human lives.
In the healthcare sector, AI robots saw increased adoption for tasks like delivery of medicines and food to covid patients, disinfecting hospital wards and monitoring patients remotely. This reduced the workload of frontline healthcare workers and minimised human contact.
The manufacturing industry faced shutdowns and labour shortages during lockdowns. AI robots helped fill this gap and ensured business continuity through tasks like production, packaging and material handling. This exemplified their benefits for critical manufacturing processes.
Warehousing and logistics faced disruptions due to restrictions. Robots streamlined operations through autonomous order fulfillment, inventory management and contactless deliveries. This kept essential supplies flowing smoothly.
However, supply chain delays impacted robot manufacturing initially. Lockdowns disrupted component sourcing and delayed new deployments. But post-lockdowns, demand has rebounded strongly as companies upgrade to solve workforce issues. Governments also increased funding for AI robot adoption to revive economies.
Going forward, companies will continue prioritizing automation to build resilience against future crises. AI robots are poised to see growing roles in several sectors to minimize human dependence. Their ability to work continuously without fear of the virus makes them critical to withstand disruptions.
Geographical Impact and Fastest Growing Region
In terms of value, North America accounted for the majority share of the AI robots market before the pandemic due to large-scale adoption by various industries in the US and Canada. However, COVID-19 impacted growth in the short-term due to initial supply chain delays.
Asia Pacific is poised to be the fastest growing region in the coming years. Countries like China, Japan and South Korea are global leaders in robotics technology and manufacturing. They have rebounded strongly post-lockdowns, driving regional demand. Rapid automation of industries will catalyze APAC growth.
India stands to gain significantly as well. The 'Make in India' program focuses on establishing a robotics industry to attract manufacturing investments. Rising labor costs are also pushing companies to deploy robots. Hence, combined with a hugeTalent pool, India is an emerging hotspot for AI robot developers and end-users.
Get More Insights On This Topic: Artificial Intelligence (AI) Robots Market
