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Artificial Intelligence In Robotics Market Competitive Research, Industry Status, Key Drivers And Forecast To 2033
Artificial Intelligence In Robotics Market Share
According to The Business Research Company's, The artificial intelligence in robotics market size has grown exponentially in recent years. It will grow from $13.87 billion in 2023 to $17.97 billion in 2024 at a compound annual growth rate (CAGR) of 29.5%. The growth in the historic period can be attributed to advancements in machine learning algorithms, cost reduction in hardware, increased processing power, rising automation in industries, development of cloud robotics.
The artificial intelligence in robotics market size is expected to see exponential growth in the next few years. It will grow to $49.94 billion in 2028 at a compound annual growth rate (CAGR) of 29.1%. The growth in the forecast period can be attributed to ai integration across industries, focus on explainability and ethics, expansion of autonomous systems, ai in healthcare robotics, global connectivity and 5g adoption. Major trends in the forecast period include technological advancements, increased investments, cross-industry collaboration, edge computing for robotics, explainable ai in robotics.
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Market Drivers and Trends:
The rising automation technology is expected to propel the growth of artificial intelligence in the robotics market going forward. Automation technology refers to technology that includes the procedures and tools necessary to make facilities and systems operate automatically. Automation technologies are used in artificial intelligence-based robotics to provide great speed and high accuracy that results in increased efficiency and productivity in a wide range of industries, such as manufacturing, agriculture, logistics, and healthcare. For instance, in November 2021, according to the Association for Advancing Automation, a US-based automation trade association, the second quarter of 2021 had a 67% increase in robot orders compared to the same period in 2020. Additionally, in Q2 2021, North American corporations ordered 9,853 robots valued at $501 million, up from 5,196 sold in Q2 2020. Therefore, the rising automation technology is driving the growth of artificial intelligence in the robotics market going forward.
Major companies operating in the artificial intelligence in robotics market are focused on developing innovative solutions to increase efficiency. Chef Robotics, a California-based robotics and artificial intelligence company, launched an AI-enabled flexible robotics solution for food producers to assist overcome workforce shortages and enhance production volume through flexible automation. The technology, which replicates human pick-and-place actions, employs artificial intelligence and interchangeable utensils to be as adaptable as a person, picking a wide range of ingredients, working with any portion size and precisely placing components wherever on the tray. This method is intended to solve the continuous difficulty of hiring and retaining staff in cold room conditions that need repeated actions for manufacturing and assembly.
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Major Key Players of the Market:
Major companies operating in the artificial intelligence in robotics market report are Alphabet Inc., Microsoft Corporation, Intel Corporation, Medtronic, NVIDIA Corporation, ASUSTek Computer Inc., Kawasaki Heavy Industries, Ltd., FANUC Corporation, Kindred, Inc., iRobot Corporation, nuro ai, CloudMinds Technology Inc., AMP Robotics, Brain Corporation, Boston Dynamics, Inc., Magazino GmbH, Robust AI, Diligent Robotics, Hanson Robotics Ltd., Blue Frog Robotics SAS, Neurala, Inc., Veo Robotics, Inc., Agility Robotics, Miso Robotics Corporation, Gecko Robotics
Artificial Intelligence In Robotics Market 2024 Key Insights:
• The artificial intelligence in robotics market is expected to grow to $49.94 billion in 2028 at a compound annual growth rate (CAGR) of 29.1%.
• Automation Technology Fueling The Surge Of Artificial Intelligence In The Robotics Market
• Focus On Introduction Of Innovative Products To Increase Efficiency
• North America was the largest region in the artificial intelligence in robotics market in 2023
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