APAC Region Projected to Lead the Personal AI and Robotics Market Through 2028
FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., Feb. 7, 2023 /PRNewswire/ -- The relatively recent marriage of AI and Robotics, appears that it will be a successful and long-lasting relationship. A recent report from ResearchAndMarkets says that the market for AI-enhanced robots and robotic systems for the consumer market is bright indeed. It forecasts a substantial rise in the personalized AI and robotics markets from 2023 through 2028. The report projected that: "The APAC region will lead the personal AI and robotics market through 2028; Solutions involving personal AI in South Korea will reach nearly $1.5 billion by 2028; and The global market for personalized robot components will reach $18.7 billion by 2028." They continued: "Leading solutions for personalized AI and robotics are safety, information, and entertainment. The United States is poised for rapid growth as carebots become a viable option for elder care…We see substantial overall industry growth across a wide range of robot types that engage in diverse tasks such as home cleaning, personalized healthcare service, home security, autonomous cars, robotic entertainment and toys, carebots services, managing daily schedules, and many more assistive tasks." Active Companies in the markets today include Medigus Ltd. (NASDAQ: MDGS), BigBear.ai (NYSE: BBAI), C3 AI (NYSE: AI), Guardforce AI Co., Limited (NASDAQ: GFAI), Secoo Group (NASDAQ: SECO).
ResearchAndMarkets added: "There is an emerging service robot market that has very different dynamics than traditional industrial robotics. Service robots are very personal and include both physical robots as well as logical (e.g. software) bots that act on behalf of their owners, managers, and/or controllers. Service robots will ultimately evolve beyond purpose-built machines to become more general-purpose tools for supporting human safety and lifestyle needs. In addition, developments in artificial intelligence and cognitive computing support the inclusion of these technologies with virtually every type of robot including general-purpose bots that act on behalf of their owner. The combination of AI and IoT (AIoT) will further support market development, leading to semi-autonomous markets that interact with humans directly as well as other machines, and assets through interconnected systems."
Medigus Ltd. (NASDAQ: MDGS) BREAKING NEWS: Medigus: Charging Robotics was Nominated for and Submitted its AI based Solution to the 14th Innovation World Cup - The competition is in partnership with Industry giants like: STMicroelectronics, EBV Elektronik, Würth Elektronik, VARTA Microbattery - Medigus Ltd., a technology company engaged in electric vehicle charging solutions, advanced medical solutions, and innovative internet technologies, today announced that Charging Robotics Ltd. (100% owned by Medigus), was officially nominated to submit its solution to the 14th Innovation World Cup, the world's leading competition for techpreneurs and innovative SMEs in IoT, wearables & DeepTech. Charging Robotics submitted its solution which contains advanced AI and machine learning algorithms used to improve the performance of the Robotic Wireless Charging System. Charging Robotics is nearing the completion of development of its first-generation Robotic System to wirelessly charge Electric Vehicles. The next generation will incorporate AI and machine learning algorithms that will use vast amounts of data to improve the service level offered to EV drivers by the Robotic Chargers.
The collaboration with Make My Day, a company that delivers EV fleet management solutions, will enable data collection about EV electricity consumption, customer arrival times and personal driving styles. The Robots will gather data about the EV charging process, the EV battery state of charge and other critical parameters. This information will be used by advanced AI and machine learning algorithms to manage the Charging Robotics fleet and the wireless charging process. Charging Robotics is also developing advanced AI algorithms that are used for the navigation of the Robots. These algorithms are used for identifying the EV, sensing and avoiding obstacles and finding the optimal position for the wireless charging to achieve high charging efficiencies which save money and improve environmental impact.
About Charging Robotics - Charging Robotics is developing an automatic wireless robotic charging system for electric vehicles. Once parked, the driver will initiate charging by use of a simple smartphone app and the autonomous robot will navigate under the vehicle and automatically charge it. The use of a simple smartphone app in conjunction with a high charging efficiency robot will deliver an outstanding user experience. The system will also reduce the costs of installing public chargers as the robot will serve many parking spots in the same lot. Charging Robotics is 100% owned by Medigus Ltd. CONTINUED… Read this full release for Medigus at: https://medigus.com/news-events-2/
Other recent developments in the markets include:
BigBear.ai (NYSE: BBAI), a leader in AI-powered analytics and cyber engineering solutions, recently announced it has been awarded a multiple award $900 million Indefinite Delivery/Indefinite Quantity (IDIQ) contract by the U.S. Air Force. The contract vehicle allows BigBear.ai to compete for task orders delivering capabilities, systems, and synthetic environments to the Air Force as a prime contractor. The Air Force Life Cycle Management Center (AFLCMC) Architectures and Integration Directorate expects the work on awarded task orders to be completed by 2032.
Under the terms of the contract, BigBear.ai can also compete for task orders supporting the research and development of new technologies, creation of rapid prototypes, capability testing, and solution implementation.
C3 AI (NYSE: AI), the Enterprise AI application software company, recently announced the launch of the C3 Generative AI Product Suite with the release of its first product — C3 Generative AI for Enterprise Search.
C3 Generative AI for Enterprise Search provides enterprise users with a transformative user experience using a natural language interface to rapidly locate, retrieve, and present all relevant data across the entire corpus of an enterprise's information systems.
The C3 Generative AI Product Suite integrates the latest AI capabilities from organizations such as Open AI, Google, and academia, and the most advanced models, such as ChatGPT and GPT-3 into C3 AI's enterprise AI products.
Guardforce AI Co., Limited (NASDAQ: GFAI), an integrated security solutions, AI and Robot-as-a-Service (RaaS) provider, recently announced it has signed a definitive agreement with Shenzhen Kewei Robot Technology Company Ltd ("Kewei") to acquire certain of Kewei's robot business-related assets in China.
Kewei will transfer select equipment assets, client base in the sales pipeline and related sales channels and staff, as well as provide rights to the permanent use of its patents, thereby enhancing Guardforce AI's new Robot-as-a-Service (RaaS) sales and capabilities.
The purchase price for these assets is expected to be approximately 2.1 million US dollars, which will be fully paid in the form of [10,500,000] restricted ordinary shares of the Company based on $0.20 per share. The Company expects to complete the acquisition in the first quarter of 2023, subject to customary closing conditions.
Secoo Group (NASDAQ: SECO), a leading online-offline boutique lifestyle platform in Asia, recently said that it has been continuously exploring the application of intelligent content generation technology to luxury-related businesses, such as pre-sale customer communication and consultation, luxury product basic information, including product titles, selling points, brand stories, related collocations, etc., with a service frequency of over 100 million and a consultation resolution rate of more than 90%.
Subsequently, Secoo Group will also conduct in-depth research and expansion on AIGC and ChatGPT related technologies, realizing interactive conversations similar to real people through ChatGPT technology, further enriching the degree of relevant content such as luxury-related text and video content, product selling points description, etc., and significantly improving the conversion rate; with an ever-changing pace, profoundly, quickly, and thoroughly changing the existing luxury e-commerce operation model. In the future, AIGC will lead a new revolution in the digital content field and become the content production infrastructure of luxury e-commerce.
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