Artificial Intelligence In Robotics Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Artificial Intelligence In Robotics Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Artificial Intelligence in the Robotics market is expected to register a CAGR of 28.78% during the forecast period (2021 - 2026). Artificial intelligence (AI) and robotics prove to be a powerful combination for automating tasks and processes. AI in robotics gives flexibility in processes and enables robots with learning capabilities in various applications. Artificial intelligence in robots offers companies new opportunities to increase productivity, make work safer, and save people valuable time.

• Integration of robotics and AI augment and amplify human potentials, increase productivity, and are moving from simple reasoning towards human-like cognitive abilities. The next stage of Artificial Intelligence is the era of augmented intelligence, seamlessly linking humans and machines together.
• Robots are designed to perform repetitive tasks with utmost precision and increased speed. AI in robotics helps the robots to learn the processes and perform the tasks with complete autonomy, without any human intervention. These benefits are expected to augment the market growth.
• Also, higher adoption rates of robots in almost all the end-user verticals, coupled with support from governments worldwide to develop modern technologies, are undoubtedly significant factors augmenting the market growth. However, a reluctance to adopt technological developments is expected to slow down the market growth. Also, a lack of a skilled workforce to adopt the integration of AI in robotics is hindering market growth.

• Major technological disruptions, like artificial intelligence and machine learning, are making their way to the industrial robotics industry. Industrial robots are used majorly in the manufacturing industry to perform automated, repetitive, monotonous, and hazardous tasks to enhance productivity and maximize accuracy.
• The integration of AI with industrial robots is expected to grow at a fast pace in the forecast period, owing to the initiatives taken by the manufacturing companies. For instance, in 2019, Industrial robotics giant Fanuc announced a new AI-based tool at TechCrunch's Robotics + AI Sessions event. The company wants to make robots easier to train, making automation more accessible to a wider range of industries. The new AI tool teaches robots how to pick the right objects out of a bin with simple annotations and sensor technology, reducing the training process by hours.
• The merging of AI and industrial robotics is providing several benefits to its early adopters. One of the greatest benefits is increased uptime and productivity from predictive maintenance. With AI integrated with industrial robotics technology, robots can monitor their own accuracy and performance, signaling when maintenance is required to avoid expensive downtime.
• Further, with the help of AI-based Industrial Robots, detection and solving a fault becomes easier. They are programmed to detect the faults and fed with solutions to overcome the damage.
• Also, industrial robots improve the speed, accuracy, and safety of production. Robots also enable organizations to transform into modern manufacturing techniques and build a robust manufacturing industry. AI technology can give robots the power to see, identify, and interact with what they see.

• The North American region is one of the prominent innovators and pioneers in terms of the adoption of robotics, is one of the largest markets. The factors driving the growth of the market include the increase in warehouse automation, rising adoption of automated material handling and trends, like lights-out automation, and increasing adoption of these robots across numerous industries.
• Robots in the coming future with the help of technology, will be able to perceive their nearby environments through every connected sensor in real-time, learn naturally from surroundings and use natural-language processing, and maintain their own hardware by predicting failures and will be fixed by other robots. These trends in the market is expected to drive the demand of robots during the forecast period.
• The automotive, food and beverage, and pharmaceutical sectors are the largest sources of demand for the industrial robots in the region. Industrial robots are extensively being deployed in food and beverage manufacturing establishments. Furthermore, the stringent food safety regulations and preference for low human intervention in the production process are expected to increase the demand for the food and beverage industry, over the forecast period.
• The major driver for the growth of robots in the region is because all the manufacturing industries in the US are currently under the ongoing trend to automate their production process in order to strengthen the US industries in both domestic and international markets.

The competitive landscape of artificial intelligence in robotics is moving towards fragmentation as the market is growing and is providing ample opportunities to robot vendors. The vendors are ready to make the first-mover advantage and grab the opportunities laid by the different technologies. Also, the vendors view expansion in terms of product innovation and global expansion as a path towards gaining maximum market share.

• February 2020 - An Israel-based start-up called Intuition Robotics has also announced to raise series B funding of USD 36 million from Sparx Group, OurCrowd, Toyota AI Ventures, and Samsung Next, among others.
• March 2019 - Neurala announced the launch of Brain Builder: an end-to-end SaaS platform to streamline the creation of custom vision AI solutions. By giving organizations an all-in-one tool for data tagging, training, deployment, and analysis, Brain Builder makes custom vision AI creation more efficient and accessible for AI beginners and experts alike.

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