According to new research from Research and Markets, the global artificial intelligence (AI) robotics market is set to grow from $3.49bn in 2018 to $12.36bn in 2023, with a forecast compound annual growth rate (CAGR) of 28.78% during this period.
The report predicts that support from governments in pursuing the development of new technologies is powering the growth of the market, whilst increasing adoption of robotics for a variety of uses such as entertainment or companionship is also accelerating this.
Within the AI robotics market, machine learning is forecast to hold the largest share in terms of technology, with machine learning being used to allow robots to analyze and learn working environments.
Alongside machine learning, software is also expected to account for major share of this, with software being required to provide intelligent capabilities within robots.
In terms of sector, military and defense robotics applications are expected to account for the majority of the market in 2018, as armed forces units look to develop innovative robots to accomplish dangerous missions.
For more information, see the full report, AI Robots Market – Global Forecast to 2023.