What new prospects are there for robotics and artificial intelligence?

Overview of a high-potential sector

Over the past decade, we have seen a real shift in mindset towards robotics and automation technologies. We have gradually noticed a form of generational acceptance and, above all, understood the value of working collaboratively with these technologies.

However, the topic of automation has not evolved in the same way, with some contrasts across different market segments.

For example, the self-driving car market has experienced relatively slow adoption, while a sector such as healthcare has seen a pronounced acceleration. Although the latter is still underpenetrated by technology, the growth potential is significant. Surgical robotics, for example, is an available and effective technology, but its use in hospitals and by healthcare professionals remains very limited and primarily concentrated in the United States. We believe this will change, with the total addressable market expected to significantly expand.

In addition, we have also seen the emergence of new players in different sub-themes, with a broader and more dynamic investment landscape, from food processing chains to logistics chains driven by the rise of e-commerce.

While robotics and automation are now an integral part of our economic and social landscape, artificial intelligence (AI) remains a source of concern. The process of familiarisation and acceptance is still necessary for our entire ecosystem, from businesses to consumers, to understand the underlying growth opportunities.

What is a tangible example of these developments?

There are numerous developments across a wide range of sectors. Continuing with the healthcare sector, a company such as Intuitive Surgical, an American specialist in surgical robotics, saw its annual number of procedures increase from 570,000 in 2014 to over 2.6 million ten years later, a 300% volume increase. Beyond the quantitative aspect of this achievement, we have also seen a qualitative evolution, with increasingly precise and diverse operations, ranging from spinal surgery to tumour removal.

All this is made possible by increasingly advanced technological developments – from high-definition vision systems to sensory systems and even 5G, which today enable the exploration of new possibilities such as telesurgery.

Where does AI fit into all this?

AI is beginning to play an integral role in this technological landscape. To conclude on the example of the company Intuitive Surgical, in 2024 it released its latest generation of robots, which have computing power 10,000 times greater than their previous version. This is thanks to the performance of AI, which now allows for better guidance of the surgeon and even the ability to anticipate and correct their movements in real time.

But AI obviously does not stop at the boundaries of healthcare, and our market conviction is that we are transitioning from a cycle where the main beneficiaries were those who established the infrastructure for AI (mainly semiconductors, databases and cloud computing) to now favouring companies that will be best at utilising AI.

The beneficiaries are emerging in every segment of our economy, from businesses to consumers.

We are therefore talking about a disruptive technology that is opening up new prospects for the next decade. This will also be the case in robotics and automation.

What is your outlook for 2025?

2025 looks set to be an exciting year in the world of AI. The market is dynamic, with constant innovation and a race for efficiency that drives new opportunities. This was illustrated, for example, in early January with the announcement of DeepSeek, a Chinese AI model capable of competing with ChatGPT at lower cost.

Despite the market volatility seen at the start of the year around AI, the fundamentals of the key players remain solid, they continue to invest heavily in AI, and the demand from businesses and consumers for more efficient solutions shows no sign of weakening.

We are now entering a phase of acceleration in the adoption of AI in other economic sectors, which, driven by global competition, offers increasingly powerful technology that is also becoming more financially accessible. It's a new era, it's exciting, and it's our role as an asset manager to understand these changes and seize the best investment opportunities for our clients.