Artificial Intelligence Robots Market Size, Global Key Vendors and Segmentation

Posted by Ehtesham Peerzade on January 23rd, 2020

Market Highlights

Market Research Future presents a new half-cooked research report on the global AI robots market. The report contains a detailed look into the market’s present conditions, enabling an accurate assessment of the market’s growth potential in the 2018-2023 forecast period. According to the report, the global AI robots market is expected to grow at a robust CAGR of 28.24% over the 2018-2023 forecast period. The AI robots market was valued at USD 2.96 billion in 2017 and is expected to rise to USD 12.01 billion by 2023.

The global artificial intelligence robots market size is driven primarily by the growing demand for AI robots for companionship and entertainment purposes. Apart from this, the use of AI robots in the healthcare sector is also expected to rise, as they have the potential to be immensely useful in geriatric care and in caring for disabled and mentally challenged individuals. The steady technological progression of the AI robots industry is likely to lead to the creation of innovative new models with a wide range of applications in the coming years, driving the AI robots market at a stable growth rate. The development of AI robots has captured the public’s imagination in a big way and is likely to retain popular support in the coming years, along with government support in terms of funding for research and innovation.

Major Key players

• NVIDIA
• Intel
• Microsoft
• Alphabet
• IBM
• Harman International Industries
• Xilinx
• Fanuc

Segmentation:

The global AI robots market is segmented in terms of offering, type, technology, application, and region.

By offering, the global AI robots market is segmented into software and hardware. The software segment is further divided into AI platforms and AI solutions, whereas the hardware segment contains the processors, storage devices, and network devices segments. The software segment is leading the global AI robots market at present, however, the hardware segment is expected to exhibit the fastest growth rate over the forecast period.

By type, the global AI robots market is bifurcated into service robots and industrial robots. Industrial robots is likely to be the fastest growing segment over the forecast period and is further sub-segmented into traditional industrial robots and collaborative industrial robots.

By technology, the global AI robots market is segmented into machine learning, context awareness, computer vision, and natural language processing. Machine learning is the leading segment in the global AI robots market at present, but is likely to be shaded by the computer vision segment over the forecast period.

By application, the AI robots market is segmented into law enforcement, military and defense, public relations, personal assistance and care, education and entertainment, research and space exploration, agriculture, healthcare, industrial, stock management, and others. Stock management AI robots are expected to rise at the fastest growth rate over the forecast period, aided by the rapid growth of the retail and ecommerce sector and the rising adoption of AI tools in the same. The military and defense segment is the leading contributor to the AI robots market at present.

Regional Analysis:

Geographically, the global AI robots market is segmented into North America, Europe, Asia Pacific (APAC), and Rest of the World. North America is the leading regional AI robots market at present due to the strong development of the robotics sector in countries such as the U.S. Rapid development of robotics technology is likely to ensure North America’s dominance in the global AI robots market over the forecast period. The healthcare sector as well as the retail and military sectors in the region are highly welcoming towards robotics, leading to favorable growth prospects for the AI robots market over the forecast period.

Asia Pacific is likely to be the fastest growing regional market for AI robots over the forecast period due to the rapid technological development in countries such as China, India, and Japan, where robotics has emerged as a major field of study in recent years.