Robots and Artificial Intelligence – How AI impacts the Robotics Industry

    The Global AI or Artificial Intelligence Robots’ market size is anticipated to attain $37.9 billion by the year 2027. The growth rate is at 32.3% CAGR in the period that has been forecasted. 

    Many companies and corporations are currently investing in Artificial intelligence robot projects to enhance their productivity brand image. They make their presence felt in the market to enjoy an edge over their competitors. 

    Robots and artificial intelligence projects are already being employed in the following spheres-

    • Exploring terrains that human beings cannot access
    • Carrying goods in hospitals, factories, and warehouses.
    • Inventory management
    • Cleaning surroundings and large equipment

    The combination of artificial intelligence and robotics is always futuristic, and there are many possibilities because of the same. The main objective of applying AI robots is mainly to improve robotics capabilities. In this article, let us learn more about the many tenets of the robots and artificial intelligence industry the pros and cons of Artificial intelligence robots. 

    Robots and Artificial Intelligence

    Let us find out the many tenets of Robots and the artificial intelligence industry. 

    • Response

    With every passing day, the algorithm used for machine learning is getting better. Through machine learning, a segment of AI, robots learn how to handle situations and objects that they have not done before. 

    • Mobility 

    We have seen robots moving about, but in the case of AI-driven robots, they send out information in real-time. It dodges the obstacles on the way, manages to negotiate with them, and chalks out its path on its own. 

    • Process automation

    Although it is not mandatory that process automation will employ robots and artificial intelligence, using the technology enhances the output, rendering better and more accurate results in the automation process. 

    The areas mentioned above are just a few, but its application has extended beyond three segments. 

    Pros and cons of Artificial Intelligence robot projects

    Find out the benefits and drawbacks of investing in Robots and Artificial Intelligence

    1. Employing Robots and Artificial Intelligence will undoubtedly make life easier for all, but what if robots become more intelligent and smarter than humans?
    2. Although, in the long run, costs will reduce initially if you want to incorporate robotics, it will cost a fortune. 
    3. Besides making life easier, there is also this worry of people losing their employment. 

    Artificial intelligence robot price

    As of 2020, companies could shell out any amount between $0 and $300,000 for the artificial intelligence software. It can be a solution that can range from a customized platform to a third-party solution. The custom platform is usually developed by members of an in-house team of professionals or a freelancer. 

    The pricing can be as

    • Type of AI – Custom Solution
    • Price – $6000 to $300,000 per solution
    • Type of AI- The third-party AI software
    • Price – $0 to $40,000 per year

    In a nutshell, pros include fewer errors, cost-effectiveness, and risk mitigation. Cons include the absence of creativity, substantial initial costs, and possible unemployment. 

    It goes without saying that AI is really going to heavily impact the Robotic industry in the coming future. It will take an integral part in automation and other advancements.

    Also Read: Artificial Intelligence in Our Daily Life

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    Daniyel Chatterjee
    Daniyel Chatterjee is a Young Researcher in the field of Data Science & Analytics having research experience of more than 8 years. He has a Masters in Computer Engineering and currently serves as an Editorial Assistant in IGI Global, United States of America. Daniyel also holds honorary positions in the Associate Member of Institute of Research Engineers and Doctors, International Association of Computer Science and Information Technology, International Association of Engineers, Society of Digital Information and Wireless Communications.

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