Robot Humanoid Market to Grow to $4 Billion by 2023
Human like robots are getting introduced at a fast pace. According to a market report published by Markets in Markets The market size will reach $4 billion by 2023 from $320.3 million in 2017 at a CAGR of 52.1% between (2017-2023) driven by the integration of advanced features such as natural processing language, biped motion, LIDAR and visual tracking technologies.
The robots are coming
The report states that demand for personal assistants, companions, autonomous soldiers, miners, farmers and laborers is strengthening.
Robot makers are now integrating natural language interfaces similar to 'Alexa' to control robots by voice command. Biped skeleton motion tech is getting an upgrade with cheap LIDAR, AI cameras and other sensors enabling kinetic abilities never seen before.
According to the report, the following global Companies are well positioned to benefit from market adoption:
- SoftBank (Japan)
- Baidu (China)
- Robotis (South Korea)
- Kawada Robotics (Japan)
- Honda Motor (Japan)
- Ubtech Robotics (China)
- Hajime Research Institute (Japan)
- Hanson Robotics (Hong Kong)
- DST Robot Co. (South Korea)
- PAL Robotics (Spain)
- Toyota Motor (Japan)
- Robo Garage Co. (Japan)
- Istituto Italiano di Tecnologia (Italy)
- Engineered Arts (UK)
- Robotics Lab (Spain)
- Artificial Solutions (Spain)
It is also expected that retail adoption of Personal Assistants like Amazon 'Alexa', who has seen phenomenal growth this year, will become a driving force behind future generations of human like robots for personal use.
According to WiseGuysReports.com the Personal Assistants US market will be dominated by the following Companies:
- Google Inc (U.S.)
- Apple Inc (U.S.)
- Microsoft (U.S.)
- Amazon (U.S.)
- IBM (U.S.)
- Facebook Inc (U.S.)
Not all robots are expected to take a 'human shape' however. Artificial Intelligence is really about the creation of better products and services. Its software lives in the cloud for worldwide accessibility and scalability. It can receive actionable information from a variety of sensors and uses this information to take action, for example, locking a door or opening a light in the kitchen at your command. In that sense, we increasingly live in a robotized world, not a world with robots.
Where is my robo companion then?
To see the adoption of 'human like' robots in retail markets and because these robots will need skeletons, cameras and other sensors, we need to look at trends in mining, manufacturing, farming and the military to get a glimpse at what is coming.
In lines of work where extreme environments require superhuman skills, several technologies have been developed that will help robot makers build affordable human like robots.
Convergence of software and hardware has created cheap enough technologies that is is now possible to contemplate the creation of beautiful, intelligent, human like robots.
It may take time for this to happen, but both report suggests that it becomes a strong possibility by 2023.
These types of robots will first be used in the sex industry, farming, mining or space missions but are expected to become affordable enough for home use eventually. It is expected that they will make their way to your home, for example in the shape of a companion, caregiver or laborer.
If they become realistic enough, you may even fall in love with them!
Interested in Artificial Intelligence investing? Start your AI investing journey today at Stockcircles.com.
Stock Circles, Stock Investing Simplified.