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MarketsandMarkets Forecasts AI Robots Market CAGR of 38.6%

November 3, 2021

According to MarketsandMarkets, the AI Robots market is expected to grow from USD 6.9 billion in 2021 to USD 35.3 billion by 2026; it is expected to grow at a CAGR of 38.6% during the forecast period.

The AI Robots market witnessed a decline in 2020 owing to the spread of COVID-19. The outbreak had adversely impacted the supply chain of AI Robots market, as some of the prominent players are based in China and the US, and these countries were the worst affected countries in the pandemic in the first half of 2020. The market is expected to witness a U-shaped recovery in 2021 with the rising demand for AI Robots in agriculture, industrial, military and defence and education applications.

Service Robots to have the highest CAGR in AI Robots market during the forecast period

Service robots are expected to continue to dominate the AI robots market during the forecast period. The market for service robots is expected to grow significantly due to the increasing interest of organizations toward automation of day-to-day processes. Moreover, AI-integrated service robots can assist humans in a variety of applications, ranging from domestic tasks, such as cleaning pools and mowing lawns, to critical jobs in the military & defense sector, such as spying, search and rescue operations, border security, and combat operations.

Stock Management is expected to lead AI Robots market during the forecast period

Robots are being widely adopted for stock management applications, which comprise warehouse stock management, retail store stock management, and factory stock management. The major tasks performed by robots to manage stocks include sorting, sequencing, and delivery. Amazon Robotics (a subsidiary of Amazon) is one of the key players in the AI robots market for stock management applications as it offers Kiva, an AI-integrated robot. Amazon has adopted this robot at its warehouses on a large scale.

North-America is expected to grow at a significant CAGR in the AI Robots market during the forecast period

The market in this region has been studied for the US, Canada, and Mexico, which have potential demand for service robots and their commercial applications. For several years, service robots have been used for military and defense applications in the US. Also, drones are adopted for various commercial applications such as media and entertainment, precision agriculture, law enforcement, inspection, and surveys. The increasing demand for AI-integrated professional service robots, especially for medical and underwater applications, is driving the growth of the AI robots market in North America.

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