FEATURE Robotics


Interactive robot market will rise at a 24% CAGR by 2033


Interactive robot market will rise at a 24% CAGR by 2033


By Fact.MR analysts A


s revealed by Fact.MR, a provider of market research reports, the global interactive robot market is


projected to reach $ 4.7bn by the end of 2033, expanding at a CAGR of 24% in ten years, from 2023 to 2033. Robots that interact with their


environment and react to outside stimuli are called interactive robots. They rely on sensors to enable them to react to their surroundings independently, and can be programmed to carry out specific tasks. These robots are used in many industries, including manufacturing, healthcare and education, but increasingly services, too. The market for interactive robots has been expanding steadily because of their growing sophistication, the automation they provide, and since they are increasingly powered by artificial intelligence (AI) and machine learning (ML) programs, making them more intuitive. Being given cognitive technologies, robotis can interact with humans to perform tasks in various sectors. Research shows that teams made up of humans and robots are 85% more efficient than solitary workers, and introduction of interactive robots is expected to triple productivity by replacing human labour. Over a million industrial robots are in operation today, and rising, showing their growing acceptance in various fields. In the services area, due to advancements in artificial intelligence, robots can now understand language, recognise emotions and exhibit social adaptability, enabling them to respond accordingly.


Key Fact.MR report takeaways In addition to the size of the market and future growth, it’s worth noting that in China the adoption of robots is predicted to rise at a high-value CAGR of 29% through to 2033. The market in Germany is projected will expand at a


20 July/August 2024 | Automation


CAGR of 23%, and in Japan at a CAGR of 18% for the same period. Sales of stationary robots are projected


to increase at a CAGR of 20.5% from 2023 to 2033, and those of mobile robots at a CAGR of 24% through to 2033. With technological progress and


growing consumer acceptance, the expectation is for the interactive robot market to diversify into new business sectors and applications. Enhanced sensors, improved natural language processing (NLP) and ML algorithms now enable robots to better understand and respond to human movements, voice and emotions.


Market competition Top robot developers and manufacturers are making significant R&D investments to develop these robots further, adding more functionalities. Research is concentrating on enhancing natural language processing, sophisticated ML algorithms, computer vision and context awareness, to improve robots’ comprehension of and responses to human interactions. Away from manufacturing, the


goal of R&D for interactive robots is to provide these robots with a higher level of emotional intelligence, social abilities and adaptability. Key robotics specialists frequently collaborate and partner with businesses to make further advances.


The competitive arena for interactive


robots encompasses a diverse array of businesses, ranging from well- established robotics firms to innovative startups. Modern robotic technologies are also developed in universities and other research facilities.


In September 2021, Keenon Robotics,


a top AI company that specialises in indoor intelligent service robots, and SoftBank Robotics Group, a renouned robotics solutions provider, announced their partnership to expand the use of robotics systems in the service sector, which will boost productivity and efficiency.


Thanks to such partnerships, businesses are expected to be able to devote more time and resources to service teams so that they can focus on specific customer demands and application needs.


automationmagazine.co.uk


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