Artificial Intelligence in Robotics Global Market Report 2024

The artificial intelligence in robotics market size has grown exponentially in recent years. It will grow from $13.87 billion in 2023 to $17.97 billion in 2024 at a compound annual growth rate (CAGR) of 29.5%. The growth observed during the historical period can be attributed to several factors, including advancements in machine learning algorithms, cost reduction in hardware components, increased processing power, the growing trend of automation in industries, and the development of cloud robotics.

The artificial intelligence in robotics market size is expected to see exponential growth in the next few years. It will grow to $49.94 billion in 2028 at a compound annual growth rate (CAGR) of 29.1%. The anticipated growth in the forecast period can be attributed to the integration of AI across various industries, a heightened focus on explainability and ethics in AI applications, the expansion of autonomous systems, the incorporation of AI in healthcare robotics, and the global adoption of connectivity technologies such as 5G. Major trends expected in the forecast period encompass ongoing technological advancements, increased investments in AI and robotics, cross-industry collaboration, the utilization of edge computing for robotics applications, and the implementation of explainable AI in robotics.

The anticipated growth of artificial intelligence in the robotics market is driven by the increasing adoption of automation technology. Automation technology encompasses the procedures and tools required to enable facilities and systems to operate autonomously. In the realm of artificial intelligence-based robotics, automation technologies play a crucial role by providing enhanced speed and precision, resulting in heightened efficiency and productivity across diverse industries, including manufacturing, agriculture, logistics, and healthcare. Notably, in November 2021, the Association for Advancing Automation, a US-based automation trade association, reported a substantial 67% increase in robot orders during the second quarter of 2021 compared to the corresponding period in 2020. North American companies placed orders for 9,853 robots valued at $501 million in Q2 2021, a significant rise from 5,196 units sold in Q2 2020. Hence, the surge in automation technology is a key driver of the expected growth of artificial intelligence in the robotics market.

Major companies engaged in the artificial intelligence in robotics market are actively engaged in developing innovative solutions aimed at enhancing efficiency. Chef Robotics, a California-based company specializing in robotics and artificial intelligence, introduced an AI-enabled flexible robotics solution tailored for food producers. This solution addresses workforce shortages and boosts production volumes through adaptable automation. Leveraging artificial intelligence, the technology replicates human pick-and-place actions, utilizing interchangeable tools to match the versatility of human workers. It excels in picking a variety of ingredients, accommodating different portion sizes, and accurately placing components on trays. This innovative approach tackles the ongoing challenge of recruiting and retaining personnel in cold room conditions that require repetitive tasks for manufacturing and assembly.

In September 2023, AeroVironment, Inc., a US-based manufacturer of unmanned aircraft systems, completed the acquisition of Tomahawk Robotics for $120 million. This strategic move aims to integrate technologies seamlessly, accelerating the incorporation of AI and autonomy into AeroVironment's platforms. The acquisition positions both companies to deliver tailored solutions aligned with the specific operational requirements of their customers. Tomahawk Robotics, a US-based manufacturing company specializing in artificial intelligence-based robotic control systems, is a key player in this transformative collaboration.

Major companies operating in the artificial intelligence in robotics market report are Alphabet Inc., Microsoft Corporation, Intel Corporation, Medtronic, NVIDIA Corporation, ASUSTek Computer Inc., Kawasaki Heavy Industries, Ltd., FANUC Corporation, Kindred, Inc., iRobot Corporation, Nuro AI, CloudMinds Technology Inc., AMP Robotics, Brain Corporation, Boston Dynamics, Inc., Magazino GmbH, Robust AI, Diligent Robotics, Hanson Robotics Ltd., Blue Frog Robotics SAS, Neurala, Inc., Veo Robotics, Inc., Agility Robotics, Miso Robotics Corporation, Gecko Robotics.

North America was the largest region in the artificial intelligence in robotics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence in robotics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the artificial intelligence (AI) in robotics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The artificial intelligence (AI) in robotics market includes revenues earned by entities by providing AI techniques such as supervised learning, reinforcement learning, and unsupervised learning. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The artificial intelligence (AI) in robotics market consists of sales of starship delivery robots, cobots, autonomous mobile robots, and security robot. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Artificial Intelligence (AI) in robotics involves the integration of advanced AI techniques and algorithms into robotic systems, enabling them to operate autonomously, adapt to changing environments, and make decisions based on sensory input. AI empowers robots to interpret, comprehend, acquire knowledge, and formulate decisions using information gathered from their surroundings. AI techniques provide robots with the capability to process sensory data, learn from experiences, identify patterns, communicate, and make decisions.

The primary offerings of artificial intelligence in robotics include software, hardware, and services. Software comprises a collection of instructions, data, or programs designed for computer functionality and task execution. It is utilized in various types of robots such as service robots, industrial robots, and others. Deployment modes encompass both cloud and on-premises options. Technologies employed in AI robotics include machine learning, computer vision, context awareness, and natural language processing. These applications find use in diverse industries including automotive, aerospace and defense, retail, healthcare, industrial, and others.

The artificial intelligence in robotics market research report is one of a series of new reports that provides artificial intelligence in robotics market statistics, including artificial intelligence in robotics industry global market size, regional shares, competitors with artificial intelligence in robotics market share, detailed artificial intelligence in robotics market segments, market trends, and opportunities, and any further data you may need to thrive in the artificial intelligence in robotics industry. This artificial intelligence in robotics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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