The global AI powered robot market size is experiencing a significant growth, and is expected to grow considerably in next few years. Robots are designed to improve efficiency of processes by performing repetitive tasks with more accuracy, precision, and increased speed. Combining AI with robotics makes robots learn and perform tasks without any human intervention. AI in robotics provide flexibility in processes and allows robots to learn processes for various applications. Thus, integrating robotics and AI help in increasing productivity of processes and save people valuable time. These reasons are expected to increase the market growth as various end users such as agriculture, military & defense, space exploration, healthcare, and manufacturing have started adopting AI powered robots in various applications.
The global AI powered robots market is segmented into technologies, type, end user, and region. Based on technologies, the market is further segmented into machine learning, natural language processing, context awareness, and computer vision. In terms of type, the market is sub-divided into service robots, and industrial robots. Based on industry vertical, the market is bifurcated further into military & defense, law enforcement, agriculture, research & space exploration, stock management, healthcare assistance, manufacturing, and others. Geographically, the global market is divided across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Key players of the AI powered robot market analyzed in the research include Intel, Microsoft, NVIDIA, IBM, Xilinx, Softbank Robotics, Alphabet Corporation, Amazon Corporation, Hanson Robotics, Promobot, and others. They have adopted various strategies including new product launches, collaborations, partnerships, mergers & acquisitions, joint ventures, agreements, and others to gain a stronghold and international presence across the world.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The major driving factor for the AI powered robot market growth is the increase in overall labor costs across the world. Technology advanced organizations find involvement of AI powered robotics in their tasks and processes cheaper rather than manual labor. Moreover, it helps in boosting productivity and improving precision of processes. However, high initial investment makes AI powered robots unaffordable for small businesses and industries, which hinders the market growth. Nonetheless, high penetration of AI powered robots in e-commerce, private use in companies & entertainment, agriculture, and manufacturing drives the market further.
New product launches to flourish the AI powered robot market
Brain-Builder was announced and launched by Neurala in 2019. It is used to streamline formation of custom vision AI solutions through an end to end SaaS platform. This has proved to be beneficial for various organizations as it is an all in one tool for training, analysis, deployment, and data tagging and it has helped make custom vision AI creation more accessible and efficient.
As training and analysis can be done quickly and efficiently and this product has easy and quick user experience, this product has flourished the market.
Surge in use in e-commerce
E-commerce businesses have huge warehouses as they have to display variety of products in each segment category for consumers to choose from. Hence, large number of people are employed in picking and processing such orders and it requires a lot of hard work. As people get tired by this work and productivity is impacted, it has led to the deployment of AI powered robots. This helped e-commerce businesses to improve productivity and reduce overall labor costs as a smaller number of people are employed. This has led to surge in AI powered robots in e-commerce businesses.
COVID-19 scenario Analysis:
- Global AI powered robots market has been significantly impacted by the COVID-19 outbreak. However, AI powered robot industry is witnessing significant demand in the market. Their demand is further expected to increase as they help in carrying out contactless tasks in various industrial applications.
- Global factories have struggled to manufacture and integrate new systems as workers have stayed in their homes, which have threatened the global supply chains.
- The global supply chain of AI powered robots has been disrupted, as core countries of the supply chains such as China and the U.S. have been impacted badly due to the COVID-19 pandemic.
- This COVID-19 crisis is expected to provide opportunities for companies to invest, implement, and research in technologies, which involve less human touch. For instance, combination of AI and automation.
- The impact of COVID-19 on AI powered robot market share is temporary as just the production and supply chain is stalled. Once the situation improves, production, supply chains, and demand for these products are gradually going to increase as various growing industries.
Key benefits of the report:
- This study presents the analytical depiction of the global AI powered Robot market forecast along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global AI powered Robot market share.
- The current market is quantitatively analyzed to highlight the global AI powered robot market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global AI powered robot market trends analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the research report:
- Who are the leading market players active in the AI powered robots market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and AI powered robot market opportunities?
- What are the projections for the future that would help in taking further strategic steps?
AI Powered Robot Market Report Highlights
By Robot Type
By Deployment mode
Key Market Players
Hanson Robotics, Alphabet (, Intel, NVDIA, Fanuc, SoftBank, IBM, ABB, Microsoft, Xilinx