Global Generative Artificial Intelligence (AI) In Robotics Market Set For 39.2% Growth, Reaching $6.2 Billion By 2028
Generative Artificial Intelligence (AI) In Robotics Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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How Has the Generative Artificial Intelligence AI In Robotics Market Evolved So Far?
The generative artificial intelligence AI in robotics market size has grown exponentially in recent years. It will grow from $1.19 billion in 2023 to $1.65 billion in 2024 at a compound annual growth rate CAGR of 39.1%. This growth in the historic period can be attributed to the rise in the number of robotics startups leveraging generative AI, increasing demand for advanced automation in various industries, growth in the need for personalized robotic solutions, increasing investments in AI research and development, and growth in consumer robotics and smart home devices.
What Is the Projected Market Size And Growth Rate Of Generative Artificial Intelligence AI In Robotics?
The generative artificial intelligence AI in robotics market size is expected to see exponential growth in the next few years. It will grow to $6.2 billion in 2028 at a compound annual growth rate CAGR of 39.2%. This growth can be attributed to growing adoption of AI-driven robotics in the service industry, rising demand for flexible manufacturing systems, rising development of generative AI tools for robotic systems, increasing demand for generative AI in precision agriculture, and growing demand for generative AI in disaster response. Major upcoming trends include technological advancements, robotic process automation, ethical AI, integration with augmented reality, and the Internet of Things.
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What Is Propelling The Generative Artificial Intelligence AI In Robotics Market Forward?
The increased demand for automation in industries is expected to propel the growth of generative artificial intelligence AI in robotics market. This demand for automation refers to the growing need for systems, technologies, and tools that perform tasks with minimal human intervention. Automation in industries is being adopted to address labor shortages, enhance operational efficiency, improve safety, reduce costs, and ensure consistent quality in production processes. Generative AI enables robots to adapt to various tasks and environments, which crucially fits the increasing need for intelligent automation solutions across sectors. For instance, in June 2023, according to the International Federation of Robotics, a non-profit organization in Germany that supports the robotics industry worldwide, the number of installations of industrial robots in Europe was 72,000 units in 2022, a rise of 6% from 2021.
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Who Are The Major Players In The Generative AI In Robotics Market?
Major companies operating in the generative AI in robotics market are Google LLC, Microsoft Corporation, Siemens AG, Intel Corporation, International Business Machines Corporation, ABB Ltd., NVIDIA Corporation, Intuitive Surgical Inc., KUKA AG, UiPath Inc., Zoox Inc., Nuro Inc., Boston Dynamics Inc., Locus Robotics Inc., UBTECH Robotics Corp., Velodyne Lidar Inc., Clearpath Robotics Inc., ANYbotics AG, Syntiant Corp., Misty Robotics Inc., Hanson Robotics Ltd., Thymio, PAL Robotics S.L.
What Are The Emerging Trends In The Generative Artificial Intelligence AI In Robotics Market?
Major companies operating in the generative artificial intelligence AI in robotics market are developing AI technologies such as vision-language-action models. These models enable robots to understand and interact with the world by integrating visual and textual information. For example, in July 2023, Google, a US-based company specializing in Internet-related services, introduced the Robotics Transformer 2 RT-2. RT-2 is a vision-language-action model that learns from vast web-scale data and robotics datasets to generate generalized instructions for robotic control. The introduction of RT-2 has marked significant advancements in robot's capabilities to perform complex tasks with improved reasoning, symbol understanding, and human recognition capabilities.
How Is The Generative Artificial Intelligence AI In Robotics Market Segmented?
The generative artificial intelligence AI in robotics market is segmented:
1 By Component: Software, Hardware
2 By Technology: Machine Learning, Context Awareness, Computer Vision, Natural Language Processing
3 By Industry Vertical: Manufacturing, Pharmaceutical, Logistics And Warehousing, Retail, Other Industry Verticals
What Are The Regional Market Insights?
North America was the largest region in the generative artificial intelligence AI in robotics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period, further adding momentum to the global market.
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