The global artificial intelligence (AI) Powered Robot Market size was USD 61.72 Billion in 2022 and is expected to register a revenue CAGR of 10% over the forecast period, according to the latest report by Reports and Data.
Industry 4.0 and IoT integration with AI-powered robots are driving market revenue development by enabling businesses to improve operational procedures and streamline their supply chains. By connecting AI-powered robots to the IoT, businesses can remotely monitor and manage them, increasing production and efficiency. The market is developing as a consequence of the rising demand for service robots, such as those used in cleaning, security, and customer service. Service robots are ideal for customer-facing applications because they are equipped with cutting-edge AI technologies that allow them to understand human behaviour and respond accordingly. The increased competition among organisations to stay competitive is driving demand for AI-powered robots. These are some of the major factors driving revenue growth of the industry.
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Here are some key factors contributing to the growth of AI-powered robots:
- Automation and Efficiency: AI-powered robots automate repetitive and mundane tasks, freeing up human workers to focus on more complex and creative activities. This automation improves efficiency, productivity, and operational speed.
- Cost Reduction: Robots can work 24/7 without fatigue or breaks, leading to increased output and reduced labor costs. AI-powered robots can also optimize processes, identify areas of inefficiency, and help streamline operations, further reducing costs.
- Quality and Consistency: AI algorithms enable robots to perform tasks with high precision, accuracy, and consistency. This ensures consistent quality and reduces errors, leading to improved product or service quality.
- Adaptability and Flexibility: AI-powered robots can be programmed and trained to perform a wide range of tasks, making them highly adaptable to different industries and applications. They can also learn from their environment and adapt their behavior accordingly.
- Data Analysis and Decision-Making: AI algorithms enable robots to analyze vast amounts of data in real-time, extracting valuable insights and making data-driven decisions. This enhances the robot's ability to perform complex tasks and respond effectively to dynamic situations.
- Enhanced Safety: AI-powered robots can be equipped with advanced sensors and algorithms that enable them to detect and respond to potential safety hazards. This reduces the risk of accidents and creates a safer working environment for humans.
Top Companies Operating in the Global Artificial Intelligence (AI) Powered Robot Market:
ABB Ltd, Fanuc Corporation, KUKA AG, Yaskawa Electric Corporation, Boston Dynamics, iRobot Corporation, Softbank Robotics, Honda Motor Co., Ltd., NEC Corporation, Alphabet Inc., Nvidia Corporation, Intel Corporation, Qualcomm Inc., Microsoft Corporation, and Amazon Robotics.
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The global market is further segmented into type and application:
Component Outlook (Revenue, USD Billion; 2022-2032)
- Hardware
- Software
- Services
Application Outlook (Revenue, USD Billion; 2022-2032)
- Industrial Robots
- Service Robots
- Collaborative robots (Cobots)
- Medical Robots
- Others
End-User Outlook (Revenue, USD Billion; 2022-2032)
- Automotive Industry
- Healthcare Industry
- Retail Industry
- Food and Beverage Industry
- Others
Price Range Outlook (Revenue, USD Billion; 2022-2032)
- Low-cost AI-powered Robots
- Mid-range AI-powered Robots
- High-end AI-powered Robots
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Some Key Highlights from the Report
- The global Artificial Intelligence (AI) powered robot market is divided into hardware, software, and services. Throughout the projected period, the hardware segment is predicted to have the most revenue share. Increasing demand for cutting-edge hardware components that allow AI-powered robots to perform a broader range of jobs, which is likely to support category revenue growth. The hardware segment covers the actual components that make up AI-powered robots, such as sensors, actuators, controllers, and other hardware elements. These are some of the primary drivers influencing the segment's revenue growth.
- According to regional analysis, the Artificial Intelligence (AI) powered robot market in North America is expected to account for the largest revenue share during the forecast period due to the presence of cutting-edge technologies, a significant number of AI startups, and a significant number of early adopters of AI-powered robots in the region. Because of their ability to boost productivity and provide convenience, service robots such as customer service robots, telepresence robots, and personal care robots are becoming more popular in North America.
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Overall, the combination of AI and robotics is transforming industries by introducing intelligent automation. AI-powered robots are revolutionizing manufacturing, logistics, healthcare, agriculture, and many other sectors, providing significant benefits to businesses and society as a whole.
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