Imagine the biggest market for a physical product you can. Are you thinking of mobile phones? Cars? Property?

They are all chunky markets but in the coming decades a new product will be rolled out that will dwarf those giants, says Geordie Rose, the chief executive of Sanctuary AI.

The Vancouver-based firm is developing a humanoid robot called Phoenix which, when complete, will understand what we want, understand the way the world works and have the skills to carry out our commands.

“The long term total addressable market is the biggest one that’s ever existed in the history of business and technology – which is the labour market. It’s all of the things we want done,” he says.

Before we get too ahead of ourselves, he qualifies that statement: “There is a long way to go from where we are today.”

Mr Rose is unwilling to put a time frame on when a robot might be in your house, doing your laundry or cleaning the bathroom. But others I have spoken to in the sector say it could be within ten years.

Dozens of other firms around the world are working on the technology.

In the UK, Dyson is investing in AI and robotics aimed at household chores.

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