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Artificial intelligence robots market worth 12.36 billion USD by 2023

IT Market Research

The artificial intelligence (AI) robots 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% between 2018 and 2023. Support from governments worldwide to develop modern technologies is driving the growth of the market. Further, the high adoption of robots for personal use, such as companionship and entertainment, is propelling the growth of the AI robots market.

According to the new market research report on the "Artificial Intelligence (AI) Robots Market by Robot Type (Service, Industrial), Offering (GPU, MPU), Technology (Machine Learning, Computer Vision), Application (Public Relations, Stock Management), and Geography - Global Forecast to 2023", the 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. The growth of the AI robots market is driven by factors such as the high adoption of robots for personal use, such as companionship and entertainment; and support from governments worldwide to develop modern technologies.

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Software to capture the largest share of the AI robots market in 2018

Software is expected to hold the largest share of the AI robots market in 2018 owing to the advancements in AI software and related software development kits.AI systems require several types of software, including application program interfaces such as language, speech, vision, and sensor data, along with machine learning algorithms, to realize the applications of robotics.

The software platforms and solutions are available at higher costs as the number of experts developing machine learning algorithms is limited.

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Market for computer vision to grow at a high rate during the forecast period

Various AI technologies are being adopted in several robotics applications to achieve complete automatization. However, computer vision plays a vital role in robots as they cannot understand human hand signals or any other gesture without this technology.

Due to this, the AI robots market for computer vision is expected to grow at a high rate during the forecast period.

APAC to hold the largest share of the AI robots market during the forecast period

Among the 4 regions considered (North America, Europe, APAC, and RoW) in report, APAC is expected to hold the largest share of the AI robots market during the forecast period (2018–2023). Countries such as China, Japan, and Republic of Korea contribute to the growth of the AI robots market in APAC.

Also, the increasing adoption of deep learning and NLP technologies for retail and security applications is driving the growth of the market in this region.

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The AI robots market is currently dominated by players such as SoftBank (Japan), Hanson Robotics (China), Amazon (US), Alphabet (US), and NVIDIA (US). Applied Brain Research (US), Insightness (US), and Promobot (Russia) are some of the key emerging players in the AI robots market.

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