The global artificial intelligence (AI) Powered Robot Market size was USD 61.72 Billion in 2022 and is expected to register a revenue CAGR of 10% over the forecast period, according to the latest report by Reports and Data. Industry 4.0 and IoT integration with AI-powered robots are driving market revenue development by enabling businesses to improve operational procedures and streamline their supply chains. By connecting AI-powered robots to the IoT, businesses can remotely monitor and manage them, increasing production and efficiency. The market is developing as a consequence of the rising demand for service robots, such as those used in cleaning, security, and customer service. Service robots are ideal for customer-facing applications because they are equipped with cutting-edge AI technologies that allow them to understand human behaviour and respond accordingly. The increased competition among organisations to stay competitive is driving demand for AI-powered robots. These are some of the major factors driving revenue growth of the industry.

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Some Key Highlights from the Report

• The global Artificial Intelligence (AI) powered robot market is divided into hardware, software, and services. Throughout the projected period, the hardware segment is predicted to have the most revenue share. Increasing demand for cutting-edge hardware components that allow AI-powered robots to perform a broader range of jobs, which is likely to support category revenue growth. The hardware segment covers the actual components that make up AI-powered robots, such as sensors, actuators, controllers, and other hardware elements. These are some of the primary drivers influencing the segment's revenue growth.
• According to regional analysis, the Artificial Intelligence (AI) powered robot market in North America is expected to account for the largest revenue share during the forecast period due to the presence of cutting-edge technologies, a significant number of AI startups, and a significant number of early adopters of AI-powered robots in the region. Because of their ability to boost productivity and provide convenience, service robots such as customer service robots, telepresence robots, and personal care robots are becoming more popular in North America.
• Some major companies profiled in the global market report are ABB Ltd, Fanuc Corporation, KUKA AG, Yaskawa Electric Corporation, Boston Dynamics, iRobot Corporation, Softbank Robotics, Honda Motor Co., Ltd., NEC Corporation, Alphabet Inc., Nvidia Corporation, Intel Corporation, Qualcomm Inc., Microsoft Corporation, and Amazon Robotics.

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• In 2021, Boston Dynamics announced Handle, a mobile robot designed for material handling applications. To navigate tough surroundings, Handle makes use of cutting-edge sensors and AI algorithms. It can support 100 kg of weight.
• In 2021, iRobot's Ava 500 telepresence robot enables remote employees to participate in meetings and speak with co-workers as if they were physically onsite. AI algorithms govern the robot's mobility, and it features a high-definition camera and microphone for real-time communication.
• In 2020, Fanuc announced the CRX-10iA, a collaborative robot designed for use in a variety of sectors, including electronic, automotive, and medical device manufacturing. The robot can securely operate alongside human workers and can adapt to new tasks using AI algorithms.
• In 2020, Softbank Robotics announced Whiz, a floor-cleaning robot driven by AI and built for commercial applications. Whiz can clean huge areas effortlessly and efficiently by navigating challenging environments with cutting-edge sensors and AI algorithms.
• For the purpose of this report, Reports and Data has segmented the global artificial intelligence (AI) powered robot market on the basis of Component Outlook, Application Outlook, End-User Outlook, Price Range Outlook and, Regional Outlook:

Component Outlook (Revenue, USD Billion; 2022-2032)

• Hardware
• Software
• Services

Application Outlook (Revenue, USD Billion; 2022-2032)

• Industrial Robots
• Service Robots
• Collaborative robots (Cobots)
• Medical Robots
• Others

End-User Outlook (Revenue, USD Billion; 2022-2032)

• Automotive Industry
• Healthcare Industry
• Retail Industry
• Food and Beverage Industry
• Others

Price Range Outlook (Revenue, USD Billion; 2022-2032)

• Low-cost AI-powered Robots
• Mid-range AI-powered Robots
• High-end AI-powered Robots

Regional Outlook (Revenue, USD Billion; 2022-2032)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Sweden
• BENELUX
• Rest of Europe
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Rest of LATAM
• Middle East Africa
• Saudi Arabia
• UAE
• South Africa
• Israel
• Rest of MEA

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