Global Artificial Intelligence Robots Market: Prevailing Demand of Robots for Personal Use is accelerating the Market Growth

Global Artificial Intelligence Robots Market

Artificial intelligence robots are those robots which uses artificial intelligence techniques to perform various tasks. The purpose of Artificial Intelligence Robot is to manipulate items by interpreting, selecting, moving and destroying them. They have the ability to perform same activities like humans and are mainly used in the situations where human can’t survive. Robotics is that branch of science which uses mechanical engineering, electrical engineering and computer science engineering so they can create, construct and add application in robots. Today, these AI robots are widely used in different industries because they enhance the productivity & efficiency and are very useful in solving problems. Different technologies such as machine learning, context aware computing and other are used in AI robots.

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Some of the factors responsible for the growth of this market are:

  • Increasing aging population worldwide boosting the demand for AI-based robots for elderly assistance: Today robots can do various activities which are not done by the human which includes keeping a constant track on someone’s health and making sure that they are safe & well. Large number of aging population is adopting these AI based robots because they can help them to perform various tasks easily. They have the ability to not just to care for our elders, but also to do so in such a manner as to enhance their flexibility and decrease their feelings of isolation. These robots work as a communication tool, help them to monitor their health, set important reminders, decrease their burdens and provide companionship as well
  • High adoption of robots for personal use such as companionship and entertainment: Many people are adopting robots in their day to day life as they have the ability shoulder higher duties and can be programmed for self-management. They enhance flexibility and help in performing different task easily. They are also a good source of entertainment and also provide companionship to the people. They are widely beneficial for the aging population because they have the ability to manage their day- to day works and also act as a companion so they decrease their loneliness. Robots are able to work day and night as they don't require holidays, sick days, or breaks. They also create fewer errors than humans, saving time for businesses

The global artificial intelligence robots market can be segmented into robots, offering, technology, end user and geographical segments. Based on robots the market is segmented into industrial and service robots; offering is segmented into hardware and software. The hardware is sub segmented into storage devices, network devices and processors and software is sub segmented into AI platforms and AI solutions. Technology is segmented into machine learning, natural language processing (NLP), and context awareness and computer vision and end user can be segmented into manufacturing, healthcare, BFSI, research and academia, transportation, retail and e-commerce and others (oil and gas, and advertising).

Some of the launches and acquisition by some prominent player in the market are:

  • In June 2019, Robust.AI announced the launch of their first industrial-grade cognitive platform for robots which will help the companies by making the robots smarter, more robust, safer, and more context aware. These robots can be used for various applications such as warehouses, construction, eldercare and other. The company will be using many advanced AI technologies to make it more productive and efficient
  • In November 2016, Citibank announced the launch of their first banking robot Lakshmi.  This new robot has the ability to communicate with clients on more than 125 topics, answering questions about interest rates on loans, checking the account balance, and more. It will also be incorporated with the Core Banking System via the Application Programming Interface (API) to allow multi-tasks such as the provision of account information and the ordering of check books

“According to Data Bridge Market Research, global artificial intelligence robots market is set to witness a healthy CAGR of 30.1% in the forecast period of 2018- 2025”

The renowned players in artificial intelligence robots market are Welltok, Inc., Intel Corporation, Nvidia Corporation, Google Inc., IBM Corporation, Microsoft Corporation, General Vision, Enlitic, Inc., Next IT Corporation, iCarbonX, Amazon Web Services, Apple, Facebook Inc., Siemens, General Electric, Micron Technology, Samsung, Xillinx, Iteris, Atomwise, Inc., Lifegraph,, Inc., Zebra Medical Vision, Inc., Baidu, Inc., H2O ai, Enlitic, Inc. and Raven Industries.

Rising government support to develop modern technologies is the factor driving the market growth. There is also rising focus towards developing robots with special features and application so they can perform specific task which positively impacts the market growth. These are widely adopted by the aging population which is also creating new opportunities in the growth of this market.