AI Robotics - Hong Kong | Statista Market Forecast

The market size in the AI Robotics market is projected to reach US$141.20m in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 25.59%, resulting in a market volume of US$554.20m by 2030.
In global comparison, the largest market size will be United States (US$5.64bn in 2024).

Definition:

Artificial intelligence robotics refers to the field that combines artificial intelligence (AI) and robotics and aims to develop intelligent machines capable of performing tasks autonomously. These robots are equipped with AI algorithms and techniques that enable them to perceive, learn, reason, and make decisions in real time. By integrating AI into robotics, these intelligent machines can adapt to dynamic environments, interact with humans, and carry out complex tasks. These developments pave the way to a wide range of applications in areas such as manufacturing, healthcare, exploration, and assistance, with the goal of enhancing efficiency, productivity, and human-machine collaboration.

Structure:

The Artificial Intelligence (AI) Robotics market consists of two components. One of them is AI Service Robotics, which includes the development, manufacturing, and deployment of robotic systems designed for consumer-facing applications. The other one is AI Industrial Robotics, which encompasses the development, manufacturing, and deployment of autonomous machines and robotic systems for use in industrial settings, such as manufacturing plants, warehouses, and logistics operations.

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 (AI) Robotics companies. Key players of the market include companies such as Boston Dynamics, ABB, and Fanuc.

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Service robots such as social robots, cleaning robots
Industrial robots such as collaborative robots, automated guided vehicles

Non-artificial Intelligence applications of process automation, such as batch processing and scheduling, which do not involve machine learning or cognitive automation.

The AI Robotics market in Hong Kong has been experiencing rapid growth, driven by increasing adoption of digital technologies, growing health awareness among consumers, and the convenience of online health services. The market's elevated growth rate can be attributed to factors such as advancements in AI technology, rising demand for automation in various industries, and government initiatives to promote AI adoption.

Customer preferences: In Hong Kong, the AI Robotics Market within the Artificial Intelligence Market is experiencing a trend towards smart home solutions that cater to the aging population. This is driven by the cultural value of filial piety and the increasing elderly population in Hong Kong. As a result, there is a growing demand for AI-powered home assistants and robot companions that can assist with daily tasks and provide companionship to the elderly. This trend is expected to continue as the population continues to age and as technology advances to make these solutions more accessible and user-friendly.

Trends in the market: In Hong Kong, the AI Robotics market is experiencing a surge in the adoption of autonomous robots in industries such as manufacturing and healthcare. This trend is expected to continue as companies look to increase efficiency and reduce labor costs. Additionally, there is a growing focus on developing robots with advanced AI capabilities, such as natural language processing and machine learning, to enable more complex tasks. These trends have significant implications for industry stakeholders, as they provide opportunities for innovation and automation, but also raise concerns about potential job displacement and ethical considerations in the use of AI-powered robots.

Local special circumstances: In Hong Kong, the AI Robotics Market is heavily influenced by the city's status as a global financial hub and its fast-paced business environment. This has led to a high demand for automation and smart technologies in various industries, such as banking and logistics. Additionally, Hong Kong's close proximity to mainland China has allowed for easy access to advanced AI technologies and a large pool of skilled labor. However, the city also faces challenges in terms of data privacy regulations and competition from other Asian markets.

Underlying macroeconomic factors: The growth of the AI Robotics market in Hong Kong is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in AI infrastructure. With a highly developed and technologically advanced economy, Hong Kong offers a conducive environment for the adoption and development of AI robotics solutions. Additionally, the government's strong focus on promoting innovation and digital transformation through various initiatives and policies has further accelerated the growth of the AI robotics market in the country. Moreover, the increasing demand for automation and efficiency in various industries, coupled with the rising labor costs, has also contributed to the growth of the AI robotics market 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 Robotics - Hong Kong

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Value

Market Size

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Technology

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