Cognitive Robotics Market Size To Reach USD 2.65 Billion by 2030 – Report by Market Research Future (MRFR) – GlobeNewswire

New York, US, Aug. 23, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), Cognitive Robotics Market Analysis by Learning Type and By Application Forecast 2030 valuation is poised to register an 11.12% CAGR throughout the forecast period (20222030).

Cognitive Robotics Market Overview

The human-machine partnership can bridge the gap between productivity and performance. Major industries have already embraced Industry 4.0, which introduces new concepts of integrating cognitive science and artificial intelligence.

Cognitive Robotics Market Report Scope:

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The cognitive robotics market is demonstrating rapid revenue growth. The increasing use of AI-driven robots and cognitive intelligence boosts the market size. Besides, the rising demand for cognitive intelligence and cognitive automation driven by Industry 4.0 supports the market growth. Cognitive intelligence can help humans boost the decision-making process and drive customer engagement within a short time span.

Efficiency and process optimization are critical in manufacturing, and labor shortages can hamper business growth. Cognitive robotic solutions can optimize human workforces and collectively optimize them in a highly productive and efficient manner. Efficient operations always allow a significant amount of time-saving for workers, which they can utilize in learning new skills needed to uplift production capacities.

Cognitive Robotics Market Segments

The cognitive robotics market is segmented into learning types, applications, and regions. The learning type segment comprises motor Babble, imitation, knowledge acquisition, and others. The application segment comprises automotive, aerospace & defense, healthcare, consumer electronics, commercial, and others. The region segment comprises the MEA Asia Pacific, Americas, Europe, and rest-of-the-world.

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Cognitive Robotics Market Regional Analysis

North America heads the global cognitive robotics market, witnessing the vast demand from defense, healthcare, and security. Besides, rising developments and automation across production units substantiate the market demand in this region. The rising focus on enhancing communication capabilities that are required by the defense sector in this region boosts the cognitive robotics market size.

Europe is another lucrative market for cognitive robotics globally. Increasing implementations of robotic solutions in a large number of industries escalate the region's market value. Additionally, the well-established automotive and aerospace & defense sector and the steadily growing need for automated auto manufacturing processes in this region influence market revenues. Furthermore, increasing R&D activities and investments in developing robotics impact the market dynamics.

The APAC cognitive robotics market is growing rapidly. The presence of the growing number of key technology providers and increasing development centers in the region boost the region's market share, allowing the early uptake of advanced robotics. Moreover, the growing industrialization and manufacturing sectors drive the regional market growth.

Industry Trends

Digitalization and Industry 4.0 have started transforming the tech space with cutting-edge technologies. Innovations through cutting-edge technologies such as AI, robotics, and IoT have already started accelerating the productivity rate in various industries. These constant innovations have a huge impact on industrial scenarios. Industry 4.0 has pushed the boundaries to embrace digital transformation efficiently and effectively.

Over recent years, the cognitive robotics market has been making significant strides, mainly due to the integration of artificial intelligence technology in robotics. The rising use of cognitive robotics in growing numbers of manufacturing, distribution, and fulfillment centers for various industrial tasks offers enormous opportunities to market players.

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Increasing industrialization and automation across industrial sectors worldwide create significant market demand. With many organizations increasingly adopting cognitive infrastructure for rapid operation processes, the demand for cognitive robotics systems is growing rapidly. Moreover, improving internet connectivity heading with vast deployments of cognitive networks positively impact the market landscape.

Developments in software structures and wireless technologies define the growing market landscape, increasing the dependence of industries on robotic cognitive systems. Cognitive robotics platforms provide on-demand automation solutions for material handling and inventory management in warehousing applications. The rising demand for cognitive robotics is a major driving force behind the market growth.

Healthcare providers that use in-network face a large increase in patient appointments and have limited available staff & physicians need cognitive robots to manage their day-to-day operations. Bots with cognitive process automation (CPA) that can read and interpret medical claim forms and match medical notes are available to aid medical staff.

Also, machine learning is transforming the field of healthcare process management. Advanced optical character recognition (OCR) and natural language processing (NLP) let these bots understand and respond to claim applications. Implementing bots in the system can automate most healthcare services, incorporating cognitive automation into daily processes.

CPA has been increasing productivity, efficiency, and accuracy for healthcare providers. CPA-enabled bots can take healthcare processes like general administration and data entry to a new level. In addition to standard robotic process automation, these CPA-enabled bots can help make informed decisions, just like humans. Resultantly, ordering, obtaining, and processing labs becomes easy to delegate.

Cognitive Robotics Market Competitive Analysis

The well-established cognitive robotics market appears fragmented, with several key companies forming a competitive landscape. Technology providers incorporate strategic approaches such as collaborations, mergers & acquisitions, expansions, and product & technology launches to gain a larger competitive advantage. They focus on developing new solutions which fuel the already intensified market competition.

For Instance, on March 2, 2022, Sanctuary Cognitive Systems Corporation, a developer of human-like intelligence for robots, announced that it has raised US$58.5 MN in an oversubscribed Series A funding. The cognitive architecture of the company's humanoid robots can mimic the subsystems in a person's brain. Sanctuary's cognitive robots can be used to respond to labor shortage issues, helping people explore, settle, and prosper in outer space.

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Dominant Key Players on Cognitive Robotics Market Covered are:

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Cognitive Robotics Market Size To Reach USD 2.65 Billion by 2030 - Report by Market Research Future (MRFR) - GlobeNewswire