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Artificial Intelligence (AI) robots are being increasingly used in industrial and service applications for functions such as welding, painting, assembling, packaging and logistics. These robots help improve productivity and efficiency while reducing costs. Their ability to learn from environments and perform human-guided tasks make them an important asset for manufacturing companies.
The Global Artificial Intelligence (AI) Robots Market is estimated to be valued at US$ 111.65 Bn in 2024 and is expected to exhibit a CAGR of 32.% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Artificial Intelligence (AI) Robots Market Growth are ABB , AIBrain, Inc., Alphabet , Argo AI, LLC, Blue Frog Robotics & Buddy – Emotional Robot, Brain Corporation, CloudMinds Technology Inc., DataRobot, Inc., Fanuc, Hanson Robotics Ltd., Harman International Industries, IBM Corporation, Intel Corporation, International Business Machines Corporation, Kawasaki, Microsoft Corporation, Mitsubishi, Neurala, Inc., NVIDIA Corporation, Omron, Promobot, SoftBank Corp., UB Tech Robotics, Inc., Veo Robotics, Inc., Vicarious, Xilinx, and Yaskawa. The demand for AI robots is growing steadily across industries due to advantages like high productivity, efficiency and cost savings. Major companies are investing heavily in AI and robotics to automate various industrial processes and gain a competitive edge.
The growing demand for automation across industries like automotive, electronics, food & beverages, healthcare is expected to boost the deployment of AI robots going forward. Their ability to work in hazardous environments without human intervention makes them suitable for a wide range of industrial applications.
Geographical expansion into emerging markets of Asia Pacific and Latin America through partnerships, mergers, acquisitions and new facilities will help companies tap the opportunities in these high growth regions. Collaborations with technology firms will also help enhance robot capabilities for new applications.
Market Key Trends
One of the key trends in the AI robots market is the growing adoption of collaborative robots or cobots. Cobots are designed to efficiently work alongside human employees without the need for safety cages. They make the workflow safer as well as help improve productivity by assisting workers with lightweight and repetitive tasks. Their integration with AI, machine learning, computer vision further enhances their decision making, adaptability and safety. This trend is expected to positively influence the demand for cobots across factories.
Porter’s Analysis
Threat of new entrants: The Artificial Intelligence (AI) Robots market requires heavy R&D investments and has significant economies of scale, posing barriers to entry for new companies.
Bargaining power of buyers: Individual buyers have lower bargaining power compared to large enterprise buyers in this market due to the specialized nature and costs of AI robot products.
Bargaining power of suppliers: A few large technology companies dominate the supply of key components like processors, sensors and software used in AI robots, giving them significant bargaining power over robot manufacturers.
Threat of new substitutes: While newer technologies like augmented reality and virtual agents pose a threat, AI robots currently have few direct substitutes for tasks like material handling, manufacturing and surgery assistance.
Competitive rivalry: The AI robot market currently has high competition among major global players. Continuous innovations, lowering costs and expanding applications are keeping the rivalry intense in this growing industry.
Geographical Regions
North America currently accounts for the largest share of the global AI robots market value owing to high technology adoption rates and investments in industrial automation by manufacturers. The U.S leads the region’s demand for AI robots used in healthcare, supply chain management and defense.
The Asia Pacific region is poised to become the fastest growing geographical market for AI robots between 2024-2031. This is due to rapidly expanding manufacturing activity, growing research in robotics and supportive government policies to develop smart manufacturing in countries like China, Japan, South Korea and India. Increasing labor costs are further propelling the adoption of AI-powered robots across industries in Asia.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
