The most recent study conducted by Report Ocean, titled “Global AI robots Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the AI robots. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global AI robots market to reach USD 48.91 billion by 2027. Global AI robots market is valued approximately USD 6.9 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 38.6 % over the forecast period 2021-2027. Artificial intelligence robots are robots controlled by a computer to perform tasks which are usually done by humans. With technological advancement AI robots are now used in various restaurants, healthcare departments and others. Installing industrial robots in the production process has helped in performing monotonous task in more effective manner and it also helps in reducing the labor cost.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
So, implementation of artificial intelligence serves as a key driver for the market. Another factor driving the Artificial Intelligence Robot market is increasing demand for robots that can socialize and perform tasks such as companionship, home security guard, taking care of patient. Major companies are focusing on developing a robot who can master all these tasks and expand their market and also hold their respective position in the market by introducing innovative changes in the robots. Hanson Robotics and CereProc cooperated on Sophia, an advanced AI project, in May 2020.
Sophia is the first robot to sing a duet with a human on Jimmy Fallon’s Tonight Show, utilizing CereProc’s singing TTS technology. Sophia now has an improved AI-based synthetic voice that can offer more dramatic and engaging performances in real time, as well as communicate comedy, tension, excitement, and the occasional cheeky comment, thanks to this joint AI initiative. NVIDIA will release the Jetson NanoTM 2GB Developer Kit in October 2020, which is intended for teaching and learning AI through hands-on projects in fields such as robotics and intelligent IoT. However, robots can be hacked which may lead to its misuse or data leaks. This is expected to be a challenge for the market. Also, increasing aging population worldwide boosting the demand for AI-based robots for elderly assistance is likely to increase the market growth during the forecast period.
The regional analysis of global AI robots market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading region across the world in terms of market share owing to the increasing demand for AI-integrated professional service robots for medical and underwater applications. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate over the forecast period 2021-2027. Factors such as growing adoption of deep learning and NLP technologies for retail and security applications would create lucrative growth prospects for the AI robots market across Asia-Pacific region.
Major market player included in this report are:
SoftBank (Japan),
Hanson Robotics (China),
NVIDIA (US),
Intel (US),
Microsoft (US),
IBM (US),
Alphabet (US),
Harman International Industries (Samsung) (US),
Xilinx (US),
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ABB (Switzerland),
FANUC (Japan),
KUKA (a subsidiary of Midea Group) (Germany),
Amazon (US),
Blue Frog Robotics (France)
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Offering:
Software
Hardware
By Robot Type:
Service Robots
Industrial Robots
By Technology:
Machine Learning
Computer Vision
Context Awareness
Natural Language Processing
By Deployment mode:
Cloud
On-premises
By Application:
Military & Defence
Law Enforcement
Personal Assistance and Care giving
Security and Surveillance
Public Relations
Education and Entertainment
Research and Space exploration
Industrial
Agriculture
Healthcare Assistance
Stock Management
Others
By Region:
North America
U.S.
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Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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