AI Service Robotics - Hong Kong | Statista Market Forecast

The market size in the AI Service Robotics market is projected to reach US$64.22m in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 25.77%, resulting in a market volume of US$254.20m by 2030.
In global comparison, the largest market size will be United States (US$2.70bn in 2024).

Definition :
Artificial intelligence service robotics is a branch of robotics that focuses on developing robots with artificial intelligence (AI) capabilities to serve and assist humans. These robots are designed to interact and communicate with users, understand their needs, and perform tasks or provide information autonomously. By combining AI algorithms, natural language processing, computer vision, and other AI techniques, AI service robots can carry out tasks in the areas of customer support, personal assistance, healthcare monitoring, and home automation, which lead to improved convenience, efficiency, and quality of life for individuals.

Additional Information:

The market comprises two key performance indicators: market sizes and market sizes by industry. Market sizes are generated by the funding amount of Artificial Intelligence Service Robotics companies and market revenue data from the Statista robotics market. Key players of the market include companies such as SoftBank Robotics, iRobot, and Boston Dynamics.

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Social robots designed for providing companionship and support to individuals, such as PARO, a therapeutic robot designed to comfort patients with dementia, and Buddy, a social robot designed to assist with tasks and provide entertainment
Cleaning robots designed for use in households and commercial settings, such as iRobot's Roomba and Ecovacs' Deebot
Delivery robots designed for autonomous transportation of goods and packages, such as Starship Technologies' delivery robots and Nuro's autonomous delivery vehicles.

Military robots used for reconnaissance or combat, such as drones used for airstrikes and ground robots used for explosive ordnance disposal
Industrial robots used for manufacturing and logistics operations, such as robotic arms used in assembly lines and automated guided vehicles (AGVs) used in warehouses
Medical robots used for surgical procedures or medical diagnosis, such as da Vinci surgical robots and MRI-guided robotic systems.

The AI Service Robotics market in Hong Kong has been witnessing rapid growth, fueled by factors such as increasing utilization of AI technologies, growing health consciousness among consumers, and the convenience of online health services. The elevated growth rate is attributed to the high demand for AI-powered robotics solutions in various industries, including healthcare and manufacturing, and the government's initiatives to promote the adoption of AI in the country.

Customer preferences: With the rapid development of AI technology, the demand for AI service robotics in Hong Kong has increased significantly. This can be attributed to the rising trend of smart homes and the need for automated household tasks. Additionally, the aging population in Hong Kong has also led to an increased demand for AI service robots for assistance with daily tasks and caregiving. This trend is expected to continue as the population continues to age and the acceptance of AI technology grows.

Trends in the market: In Hong Kong, the AI Service Robotics Market is experiencing a surge in demand as businesses and industries look for ways to automate processes and reduce labor costs. This trend is also seen in the wider AI Robotics Market, with companies increasingly investing in advanced robotics solutions to improve efficiency and productivity. As the market for AI service robotics continues to grow, we can expect to see increased adoption of these technologies in various sectors, such as healthcare, manufacturing, and logistics. This presents significant opportunities for industry stakeholders, but also raises concerns about potential job displacement and the need for regulatory frameworks to ensure ethical and responsible use of AI.

Local special circumstances: In Hong Kong, the AI Service Robotics Market is thriving due to the city's highly advanced technology infrastructure and its role as a global financial hub. Additionally, the government's support and investment in AI research and development has created a favorable environment for the growth of the market. The cultural emphasis on efficiency and convenience also drives the demand for AI service robots in various industries, such as healthcare and retail. However, strict data privacy regulations and concerns about job displacement have also impacted market dynamics.

Underlying macroeconomic factors: One of the key macroeconomic factors influencing the AI Service Robotics Market in Hong Kong is the country's strong investment in artificial intelligence and robotics technologies. With the government's focus on developing a smart city and promoting innovation, there is a favorable regulatory environment for the growth of the AI service robotics market. Additionally, Hong Kong's strong economic health and high level of technological adoption provide a conducive environment for market growth. Furthermore, the increasing demand for automation and efficient service delivery, along with the growing aging population, is expected to drive the demand for AI service robotics in Hong Kong.

Data coverage: The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the funding values from different industries for the market.

Modeling approach / Market size:Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market. As a basis for evaluating markets, we use annual financial reports, funding data, and third-party data. In addition, we use relevant key market indicators and data from country-specific associations such as GDP, number of internet users, number of secure internet servers, and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are the level of digitalization, the number of secure internet servers, and the revenue of the Public Cloud market.

Additional Notes: The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russian-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the market is updated on an ad-hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is weighted for representativeness.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Artificial intelligence evokes images of supercomputer assistants, machines that can think creatively, and, to some, scenes from their favorite sci-fi movie. The reality, despite not being as futuristic, is not far off from this. AI refers to the ability of a computer or machine to mimic the competencies of the human mind, which often learns from previous experiences to understand and respond to language, decisions, and problems. The market for AI technologies is vast, amounting to around 200 billion U.S. dollars in 2023 and is expected to grow well beyond that to over 1.8 trillion U.S. dollars by 2030.

Artificial intelligence (AI), the technology that allows digital computers or computer-controlled robots to perform tasks more commonly associated with intelligent beings, has been leaping into the limelight following the release of a wide variety of Generative AI models in 2023. The United States, being the largest economy in the world, has a natural advantage. Although human-like androids such as those portrayed in the science fiction movie Blade Runner are still far from reality, applications of AI such as smartphone virtual assistants and industrial robots are already widespread in U.S. society. The industry’s powerful ability to improve efficiency and increase productivity has made it of strategic importance to U.S. industries and government, both of which push the U.S. lead in the AI race.

AI Service Robotics - Hong Kong

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