A KBV Research report says the rise in the number of government initiatives to advance the development and adoption of artificial intelligence and robotics will help drive the growth of the worldwide market for AI robots in the next few years.
The market research company said it estimates that the global market for AI robots will grow at a rate of 32.3 percent over the next six years to reach $37.9 billion by 2027.
According to the report, government programs are motivating companies to advance developments and use of AI robots across different verticals. AI robots have become more prevalent in the health care sector as institutions work to better link health professionals to patients.
The rising adoption of industrial automation in industries like manufacturing and automotive sectors will help spur the demand for AI robots. The report cited the lack of skilled professionals and training as some of the factors that will restrict the use of AI robots across various domains.
Companies profiled in the report include NVIDIA, Intel, Microsoft, IBM, SoftBank Group, Xilinx, Hanson Robotics, KUKA, ABB Group and FANUC.
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