AI Robots Market Is Expected to Grow at a CAGR 21.5% Till 2031 Driven by A Surge in Demand for Better Human Machine Collaboration

June 03 19:30 2024
AI Robots Market Is Expected to Grow at a CAGR 21.5% Till 2031 Driven by A Surge in Demand for Better Human Machine Collaboration
Skyquest Technology
Artificial Intelligence (AI) Robots Market Size, Share, Growth Analysis, By Technology(Machine Learning, Computer Vision, Context Awareness, Natural Language Processing), By Application(Law Enforcement, Military & Defense, Public Relations, Personal Assistance and Care), By Component(Hardware, Software, Services), By Deployment(Cloud, On-premises), By Robot Type(Service Robots, Industrial Robots, Others), By Region – Industry Forecast 2024-2031

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% in the forecast period (2024-2031).

 

Artificial intelligence (AI) robots are simply robots that utilize artificial intelligence to improve human-machine interaction and improve the operational efficiency of robots as well. Advancements in AI technology is influentially driving the demand for autonomous robots thereby favoring artificial intelligence (AI) robots market growth as well.

 

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The use of smart home robots, advancements in AI technology, and rising demand for human-machine collaboration are also estimated to offer new business scope for artificial intelligence (AI) robot providers over the coming years. From manufacturing to home, AI robots find applications in multiple industry verticals, and this is what makes this a highly opportune business for multiple companies around the world. The rising acceptance of robots in multiple industry verticals to improve operational efficiency and productivity will make the industrial sector a highly opportune one for AI robot providers in the long run.

 

Development of AI Robots for Custom Applications Providing Market Players New Opportunities

Artificial intelligence (AI) robot manufacturers need to stay on top of the advancements in robotics as well as AI technologies to keep their products innovative.  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. Capital raise is of the essence for emerging AI robot developing companies as innovating in AI robotics requires substantial capital investments. Creative use of machine learning to train AI robots for custom applications is also forecasted to create new opportunities for artificial intelligence robot companies in the future.

 

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  • 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 May 2024, ABB Robotics, the robotics division of the multinational conglomerate ABB, announced the launch of a new robotics AI challenge for start-ups working in the artificial intelligence (AI) robots’ space. The aim of this initiative is to boost innovation in the use of AI in robotics.
  • An Israeli company, Mentee Robotics, came out of stealth to announce the launch of its new humanoid robot prototype in April 2024. The company is well known for its utilization of artificial intelligence across levels of its operations and functions on a new simulation to reality (Sim2Real) machine-learning technology. 
  • 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.

 

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The scope of artificial intelligence robots is limitless as the technology is still in its early stages of development and has a lot of untapped potential. Irrespective of whether artificial intelligence (AI) robot companies are new or established, they will have to constantly invest in the research and development of new products to maximize their business scope in the future.

 

Related Report:

Global Artificial Intelligence Market

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