AI Service Robotics - India | Statista Market Forecast

The market size in the AI Service Robotics market is projected to reach US$138.30m in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 26.07%, resulting in a market volume of US$555.20m 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 India is experiencing significant growth, driven by factors such as increasing adoption of AI technologies, growing awareness about health, and the convenience of online health services. This growth rate is impacted by the increasing demand for AI-powered robots in various industries, including healthcare, manufacturing, and retail.

Customer preferences: With the rise of AI technology and automation in various industries, there has been a growing demand for AI-powered service robots in India. This trend is driven by the country's large population, increasing labor costs, and the need for efficiency and accuracy in tasks such as customer service, healthcare, and logistics. Additionally, with the growing adoption of smart homes and the Internet of Things (IoT), there is a rising interest in integrating AI service robots for household chores and assistance. This shift towards AI service robotics is also influenced by the country's tech-savvy population, who are increasingly seeking innovative and convenient solutions for their daily tasks and lifestyle needs.

Trends in the market: In India, the AI Service Robotics Market is experiencing a surge in demand due to the increasing adoption of AI-powered robots in various industries such as healthcare, manufacturing, and retail. This trend is driven by the need for automation and efficiency, as well as the availability of advanced technologies and government initiatives. This trajectory is expected to continue, with key players investing in R&D and partnerships to further improve the capabilities of AI robots. For industry stakeholders, this presents opportunities for growth and innovation, but also challenges in terms of adapting to the changing landscape and ensuring ethical and responsible use of AI technology.

Local special circumstances: In India, the AI Service Robotics Market is thriving due to the country's focus on automation and technological advancement. The government's initiatives to promote AI adoption in various industries, coupled with the availability of a skilled workforce, have propelled the market growth. Additionally, cultural factors such as the preference for personalized and efficient services have also contributed to the demand for AI-powered robots in industries such as healthcare, retail, and logistics. However, regulatory challenges in terms of data privacy and security may pose a hindrance to market growth.

Underlying macroeconomic factors: The growth of the AI Service Robotics Market is also influenced by macroeconomic factors such as technological advancements, government policies, and investment in research and development. Countries with strong government support and robust investment in AI technologies are experiencing faster market growth compared to regions with limited support and funding. Additionally, the increasing demand for automation and efficiency in various industries, coupled with the rising adoption of AI in emerging economies, is fueling the growth of the AI Service Robotics Market.

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 - India

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