The Future Belongs to Humanoid Robots - Advances in Engineering and "AI" are Expanding the Market Significantly
The market for humanoid robots is expected to develop significantly in the coming years, with companies competing to be the first to bring an android into our daily lives. At the recent International Conference on Humanoid Robotics in Nancy, France, over 30 companies and research institutions showcased their latest robots.
"In the last year there has been a revolution in the actuation of devices and in some mechatronics components. Robots are now stronger and more efficient, more performing," said Serena Ivaldi, Director of Research at the Inria Center at the University of Lorraine. She added how engineering costs had fallen, allowing an increase in the number of cars being developed by global startups.
Moreover, the merging of artificial intelligence and engineering is also bringing great advances in the field of humanoid robotics. Engineers design robots to mimic human form and movement, while artificial intelligence provides 'thinking ability', enabling these machines to learn from their environment, make decisions and perform complex tasks.
"With new image and language processing methods, we will see robots that are increasingly interactive, that can understand our instructions and then translate them into plans and actions," Ivaldi said.
These advances have the potential to revolutionize numerous industries, such as healthcare and disaster response. However, the largest technology companies, such as Microsoft, Google, Meta, Amazon and Nvidia, are investing billions in the adoption of new technology. Funding of artificial intelligence and cloud companies in the US, Europe and Israel is estimated to reach $79.2 billion by the end of 2024, according to venture capital firm Accel.
Many startups are entering the high-tech robotics space, including Vicarious, which was acquired by Alphabet-owned Intrinsic in 2022, Universal Robots, Seegrid and Covariant. Elon Musk said in October 2024 that there will be at least 10 billion humanoid robots priced between $20,000 and $25,000 by 2040.
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