Robotics and AI
Over the coming years, robotics and AI will impact industry, commerce, and education. Furthermore, healthcare and transport will see changes. Interesting trends, strategies and business models for start-ups, too.
TRENDS AND MARKET DEVELOPMENTS
According to ResearchAndMarkets, the global robotics market is expected to grow. It will go from USD 81.45 billion in 2021 to USD 210.34 billion by 2028. This corresponds to a CAGR (Compound Annual Growth Rate) of 14.6 per cent during the forecast period.
At MarketsandMarkets, the global AI market is forecast to grow from USD 39.9 billion in 2019. Then, we will see numbers up to USD 733.7 billion by 2027. This corresponds to a CAGR of 42.2 per cent during the forecast period.
The increasing demand for automation or contactless solutions due to COVID-19 is apparent. Also, the growth of e-commerce is a significant factor. They are driving the development of the robotics and AI market.
STRATEGIES AND BUSINESS MODELS
Collaborative robots, known as cobots, will lead to growth for start-ups. Cobots are designed to work alongside humans. They can be utilised across many industries, from manufacturing to healthcare.
“Edge computing also offers opportunities for start-ups. Data is not processed in the cloud but is closer to the source, which increases speed and reduces latency.
Startups focusing on AI-powered software solutions for healthcare or finance will likely succeed.
Another strategy for startups is to develop AI-powered hardware. Such as sensors or cameras, to be integrated into existing systems.
CONTENT AREAS
Explainable AI (XAI) is increasingly attractive to organisations and regulators. They seek to understand how AI systems make decisions. Startups focusing on developing XAI solutions will likely experience a lot of demand.
Natural language processing (NLP) is another area of opportunity. For example, companies want to drive developments in chatbots and virtual assistants. So that they can interact with customers more humanely.
Computer vision is also expected to be a significant growth area. Efforts are being made to develop systems that can analyse and interpret visual data.
FOREMAN
Rodney Brooks, co-founder of iRobot and Rethink Robotics, is a thought leader. He is currently the Panasonic Professor of Robotics at MIT.
Andrew Ng, co-founder of Coursera and former Chief Scientist at Baidu, is a leading expert in AI. He is the founder and CEO of Landing AI.
Kai-Fu Lee is the former President of Google China and author of “AI Superpowers”. He is a leading voice on the impact of AI on society and the economy.
CONCLUSION
The robotics and AI market is expected to grow in the coming years. It will be driven by increasing demand for automation, contactless solutions and e-commerce. Startups will focus on collaborative robots and edge computing. Moreover, AI-powered software and hardware solutions or industry applications will likely be successful. Growth areas will be explainable AI, natural language processing, and computer vision. Thought leaders such as Rodney Brooks, Andrew Ng, and Kai-Fu Lee are leading forces. They are shaping the future of robotics and AI.
