AI Service Robotics - Singapore | Statista Market Forecast

The market size in the AI Service Robotics market is projected to reach US$81.02m in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 26.15%, resulting in a market volume of US$326.60m 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 Singapore has been experiencing significant growth, driven by factors such as increasing adoption of AI technologies, rising demand for advanced robotics in various industries, and the convenience offered by AI-powered services. This growth is attributed to the country's strong focus on development and investment in the AI industry, as well as the growing awareness and acceptance of AI technology in the region. With a significant growth rate, the AI Robotics market in Singapore is poised for further expansion in the coming years.

Customer preferences: With the rising aging population in Singapore, there is a growing demand for AI service robots to assist in tasks such as household chores, companionship, and healthcare. This trend is driven by the increasing adoption of smart home technologies and the desire for personalized and efficient care for the elderly. Additionally, there is a cultural preference for robots as they are seen as more respectful and less invasive compared to human caregivers.

Trends in the market: In Singapore, there is a growing demand for AI service robotics in various industries such as healthcare, logistics, and retail. This trend is driven by the government's initiatives to promote the adoption of AI technologies and the increasing need for automation to improve efficiency and productivity. With the rise of smart cities in Singapore, AI service robots are expected to play a crucial role in providing automated services such as delivery and customer assistance. This trend is significant as it presents opportunities for AI robotics companies to expand their market share and for businesses to streamline their operations. However, it also raises concerns about potential job displacement and the need for regulations to ensure responsible use of AI service robots.

Local special circumstances: In Singapore, the AI Service Robotics Market is experiencing rapid growth due to the country's strong focus on innovation and technology. The government has invested heavily in initiatives to promote the use of AI in various industries, including healthcare and logistics. Additionally, Singapore's diverse and tech-savvy population has created a high demand for AI-powered services. However, the country's strict data privacy laws and regulations have also influenced the market dynamics, with companies having to navigate complex compliance requirements. This unique regulatory environment has led to the development of specialized AI solutions tailored to Singapore's market needs.

Underlying macroeconomic factors: The AI Service Robotics Market in Singapore is also influenced by macroeconomic factors such as technological advancements, government support, and investment in AI infrastructure. Singapore's strong commitment to becoming a leader in AI technology and its robust digital infrastructure have created a favorable environment for the growth of the AI Service Robotics Market. Additionally, the country's aging population and increasing demand for advanced healthcare solutions are driving the adoption of AI service robots in the healthcare sector.

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 - Singapore

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