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(EMAILWIRE.COM, March 15, 2019 ) The artificial intelligence (AI) robots market was valued at USD 2.84 Billion in 2017 and is expected to reach USD 12.36 Billion by 2023, at a CAGR of 28.78% during the forecast period. High adoption of robots for personal use, such as companionship and entertainment; support from governments worldwide to develop modern technologies; and financial assistance through government budgets or subsidies are some of the key factors driving the growth of the AI robots market. The report includes detailed information about the drivers, restraints, opportunities, and challenges pertaining to the AI robots market. Artificially intelligent robots refer to service and industrial robots that are integrated with artificial intelligence (AI) technology. These robots can learn a few repetitive tasks without any human intervention and can even communicate with humans or in some cases with other peer robots. Hardware such as AI processors and network devices, along with AI platform, are the key differentiating components of an AI robot from a traditional robot.
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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.
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.
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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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