The humanoid robotics market is expected to grow to $38 billion in the next 20 years, according to an analysis by Goldman Sachs, which also says humanoid robots could be vital in manufacturing and hazardous work, as well as helping care for the elderly and filling factory labor shortages. Goldman Sachs estimates there is a 500,000-person labor shortage in manufacturing, and that shortage is expected to grow to 2 million workers by 2030.
The next “must have” device
According to a report prepared by CNBC and reviewed by the Sky News Arabia Economy website, Tesla CEO Elon Musk was among the leading evangelists for these robots, as Tesla is betting on its Optimus robot, especially since the company expects these robots to be the next “essential” device for consumers, not smartphones or electric cars.
During Tesla’s Q1 2024 earnings announcement, Musk said Optimus could boost the company’s market value to $25 trillion. Apptronik CEO and co-founder Mark Zuckerberg revealed that humanoid robots are starting to do what could be called boring, dirty and dangerous tasks, which are in severe labor shortages today, as there are no people willing to do the work.
History of Humanoid Robots
Humanoid robots, typically standing on two legs and designed to perform tasks intended for humans, have been around for decades, but their capabilities have been and will continue to be transformed by the advent of generative AI. With this technology, robots will be able to interpret language and commands, and make decisions about how to act. Robotic machines will use computer vision to train and behave like humans in real-world scenarios.
Henrik Christensen, a professor of computer science and engineering at the University of California, San Diego, says in a CNBC report viewed by the Sky News Arabia Economy website that robots are where artificial intelligence meets reality, and this will lead to us seeing things that we could not have imagined five years ago.
The country that dominates the robotics industry
Humanoid robots are currently used in warehouses, but proponents expect them to spread to homes and offices. China is the dominant country in this industry, as it is the world’s largest country in installing industrial robots, and now accounts for more than half of the global total in this industry, according to the Stanford University Artificial Intelligence Index report.
Despite the huge investments made by technology companies to develop the human robotics industry, this industry still faces safety barriers. The mass adoption of smart robotic machines will result in security concerns related to the extent of humans’ ability to control them, as the world will have to wait a few years to confirm this matter, and to close the loopholes that some can exploit to make the machine superior to humans.
complex human-like machine
Mazen Dakkash, CEO of Technology Company, told Sky News Arabia Economy that humanoid robots are complex artificial machines accompanied by the latest technological developments in the field of movement and artificial intelligence. Due to their human-like shape, these robots can operate in almost the same environment as humans. He pointed out that humanoid robots today come in different shapes and sizes, and are widely used in the sectors of space research and exploration, personal assistance, education and entertainment, search and rescue operations, manufacturing and maintenance, public relations, and most importantly in the healthcare sector.
Growth factors of the robotics industry
According to Dakkash, humanoid robots are poised to grow significantly in 2024, as tech companies ramp up production of these machines amid fierce competition to market them, taking advantage of the ever-dwindling workforce, as industries face ongoing staff shortages and supply chain pressures. The promise of humanoid robots as a more efficient alternative is already attracting the interest of companies such as Amazon, Google, Nvidia, Tesla, and Microsoft, prompting them to invest billions of dollars in developing this type of robots.
Many humanoid robots powered by new AI, generative AI, are still in the early stages of development, while older generation humanoid robots have entered the real world in the past few years, and are now present in warehouses to assist humans in logistics and manufacturing, Dakkash reveals. He points out that the humanoid robot market is expected to grow to more than $13 billion over the next four years, with this growth being fueled by demand for advanced robots with greater AI capabilities and human-like features, allowing them to take on more tasks in the service, education and healthcare industries.
You don’t have human potential.
According to Dakkash, despite the investments made by technology companies to develop humanoid robots, these machines face great opposition and skepticism from a group of observers who believe that their designs do not give them the ability to interact and move like humans. What distinguishes the human body is its complexity and its ability to adapt with skill and flexibility. All of these elements, in addition to the emotional intelligence that humans possess, will most likely not be present in humanoid robots, which means that these robots will not be the magic solution to replace humans, as companies claim.
Why bet on humanoid robots?
For his part, technology developer Joe Zoghbi said in an interview with Sky News Arabia Economy that humanoid robots are a good investment for companies seeking to improve the efficiency and quality of their products, and they constitute an important part of the shift towards digital and smart industry in many productive sectors, pointing out that companies’ reliance on humanoid robots is due to their ability to improve productivity and increase efficiency, and work continuously without the need for long breaks or vacations, in addition to their low costs in the long term, and their ability to reduce human errors and work in dangerous or unsuitable environments for humans.
Harm outweighs benefit
Before companies can fully unleash their humanoid robots, they must be tested to see if they can work safely and collaborate with their human counterparts on factory floors, warehouses, and elsewhere, Zogby says. It’s not yet clear how well humanoid robots will integrate into society and how well humans will accept them. Some people will see the spread of these robots as scary and dangerous, creating unfair competition in the labor market, he says. The potential harm from the spread of these machines may outweigh their potential benefits, such as increased efficiency and reduced costs.
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