Artificial Intelligence (AI) Robots Market Is Driven by Growing...

Artificial Intelligence (AI) Robots Market Is Driven by Growing Adoption of Automation Technologies

Posted 2024-05-10 05:43:31

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The Artificial Intelligence (AI) Robots market has seen significant growth in recent years driven by the increasing adoption of automation technologies across various industries. AI robots are programmed machines that can perform tasks usually handled by humans. They are equipped with advanced capabilities such as computer vision, machine learning, natural language processing etc. which allow them to learn from their environment and previous experiences. Some key types of AI robots include industrial robots, service robots, inspection and maintenance robots etc.

Industrial robots dominate the market currently due to their widespread use in automation of manufacturing processes. They assist in performing repetitive and tedious tasks with high accuracy and efficiency. Service robots are also gaining popularity for applications like domestic assistance, elder care, agriculture, medical diagnostics and more.

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 growing demand for automation across industries due to rising labor costs and labor shortages is fueling the growth of AI Robots market. AI robots can perform tasks efficiently without fatigue and human errors thus improving productivity. The increasing focus on deploying automation technologies like AI robots for tasks that are hazardous, difficult, repetitive or require high precision is further driving their adoption.

Globally organizations are expanding their operations into new geographies through strategic partnerships and collaborations to leverage growth opportunities. Advancements in technologies like computer vision, machine learning and edge computing are making AI robots more intelligent and affordable which is encouraging global expansion of this market.

Market Drivers
One of the key drivers for the Artificial Intelligence (AI) Robots market is the growing need for predictive maintenance. AI robots equipped with advanced computer vision and machine learning capabilities can monitor equipment in real-time, detect anomalies and predict failures. This helps reduce downtime and maintenance costs significantly. The ability of AI robots to analyze vast amounts of operational data makes predictive maintenance highly effective.

Impact of Current Geopolitical Situation on AI Robots Market Growth
The artificial intelligence (AI) robots market is witnessing significant changes due to the prevailing geopolitical uncertainties across major regions. The ongoing Russia-Ukraine war has disrupted the supply chains of several robotics and AI companies. It has constrained the availability of crucial components like processors, sensors and software due to sanctions on Russia. This is negatively impacting the production and development activities of AI robot manufacturers.
At the same time, the growingIndo-China border tensions are also affecting the market. Many companies were relying on China for the large-scale production of AI robots. However, the strained relations are now prompting companies to shift their manufacturing bases to other growing economies in Southeast Asia and Europe. This is leading to additional costs and delays for businesses.
Furthermore, the rising intensity of USA-China tech wars has added more challenges. Both countries are actively supporting their national champions and restricting foreign investments and access to each other's markets. This is fragmenting the global AI industry and harming collaborative research activities. Overall, the complex geopolitics are making the business environment highly uncertain for AI robot players. They need to carefully devise multi-local strategies and diversify supply networks to mitigate risks.

Geographical Regions with Highest Concentration of AI Robots Market
In terms of value, North America represented the largest regional market for AI robots globally in 2024. The USA and Canada have emerged as major innovation hubs, with strong presence of leading tech giants, startups and universities working on robotics and AI. Large defense contracts from the USA government are also driving the adoption of military robots in the region.
Asia Pacific is another geography where the AI robots market is highly concentrated, majorly attributed to China and Japan. China is aggressively promoting industrial and service robotics under its 'Made in China 2025' initiative. Whereas Japan has a robust culture of robotics with major manufacturers pioneering various technologies. The region accounts for a substantial share of global manufacturing and is thus rapidly commercializing AI-powered machines.

Fastest Growing Regional Market for AI Robots
Europe is expected to exhibit the fastest growth in the AI robots market during the forecast period from 2024 to 2031. This can be attributed to strong government funding for research into robotics, as well as initiatives to support SMEs and startups in the space. Countries like Germany, UK and France are global innovation leaders and see robotics as a strategic sector.
Furthermore, Europe's aging population is propelling the demand for domestic and healthcare AI robots. European companies are focusing on collaborative robots and those assisting human workers. Rising labor costs also make a compelling case for robotics adoption across factories. Overall, extensive R&D investments and use cases are fueling the fast expansion of AI robots across European nations.