AI in aviation market is expected to grow from USD 3.49 billion in 2018 to USD 12.36 billion by 2023, at a CAGR of 28.78% during the forecast period.
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The high adoption of robots for personal use, such as companionship and entertainment; and support from governments worldwide to develop modern technologies are the key factors responsible for the growth of the AI in robots market.
However, reluctance to adopt new technologies and absence of standardized regulations to prevent risks associated with networked and autonomous robots are the key factors restraining the growth of the AI in robots market.
- Original equipment manufacturers (OEMs)
- OEM technology solution providers
- Research institutes
- Market research and consulting firms
- Forums, alliances, and associations
- Technology investors
- Governments and financial institutions
- Analysts and strategic business planners
- End users of AI-integrated robots
North America is expected to hold the second-largest share of the AI in robots market in 2018.This is because, the US is a global leader in adopting AI technology for robots for use in multiple application areas.
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In addition, several prominent AI technology providers such as IBM, Alphabet, Microsoft, NVIDIA, Intel, Facebook, MetaMind, Tute Genomics, Amazon, Celect, Bay Sensors, Narrative Science, and Prism Skylabs are based in the US. However, the market in APAC is expected to grow at the highest rate between 2018 and 2023.
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Machine learning methods are particularly applicable when it comes to powering new insights within the robotics industry because the data sets are large and diverse, and they change quickly. Also, machine learning is required for voice recognition, voice search, recommendation engines, sentiment analysis, image recognition, and motion detection applications in smart robots.
This is a key factor driving the growth of the AI in robots market for machine learning.
2 AI in Robots Market Ranking Analysis, 2017
3 Competitive Situations and Trends
3.1 Product Launches
3.2 Partnerships and Collaborations
3.4 Contracts and Agreements
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The AI in robots market has been segmented on the basis of robot type, technology, offering, application, and geography. Depending on the type of robot, the market has been segmented into service robots and industrial robots.
The AI in robots market has been segmented on the basis of offering into hardware (processors, network devices, and storage devices) and software. Based on application, the market has been segmented into military & defense, personal assistance and care giving, public relations, and stock management.
Based on technology, the AI in robots market has been segmented into machine learning, natural language processing (NLP), context awareness, and computer vision. The report also forecasts the size of the Ai in robots market in 4main regions—North America, Europe, APAC, and RoW.
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