The global smart machines market is anticipated to grow significantly over the forecast period. Machining systems and tools have undergone substantial growth in recent years. Technological advancement along with research and development activities has led to the development of smart machines. Smart machines are devices or systems that integrate machine-to-machine (M2M) technology, which enables them to solve problems or make decisions without human intervention. These systems possess the capability of performing repetitive tasks at high speeds and high accuracy.
Smart machines operate autonomously and help prevent and correct numerous processing errors caused by drift of thermal working point, changing conditions in the raw material or wear and tear of the mechanical components. These systems can provide status updates to a high-level control system through the exchange of information with other automation systems.
Furthermore, equipped with an extensive sensor network, smart machines are capable of holding information about an array of processes, machine condition, and their environment, thereby enhancing the quality and the uptime. Smart machines learn through application-specific algorithms and can improve their performance over time. Technological proliferation is expected to be the key factor driving the demand for smart machines. In addition, favorable government initiatives are expected to spur market demand. Rise in the number of investments by various enterprises to improve operational efficiency and productivity is expected to drive the market. Further, increasing
A rise in the number of investments by various enterprises to improve operational efficiency and productivity is expected to drive the market. Further, increasing the importance of automation and the need to eliminate human errors by businesses is expected to positively impact market growth. However, the possibility of excessive use of machines in place of human labor is expected to lead to the rise in issues regarding unemployment, which is likely to pose a challenge to market growth.
The smart machines market on the basis of product offerings is segmented into smart embedded systems, autonomous robots, neurocomputers, expert systems, and intelligent assistants. Expert systems comprised medical decision support systems and smart grids among others and accounted for the largest market share, closely followed by the autonomous robots segment. Further, the advanced robots offer more flexibility and adaptability owing to which this segment is expected to dominate the market during the forecast period.
Smart machines or systems have numerous applications, and the application segment comprises automotive, consumer electronics, healthcare, industrial, logistics and transportation, military, aerospace and defense, security, and others. In addition to the aforementioned application areas, smart machines are used across the retail and banking, and financial services industries. The rise in demand for patient care and continuous monitoring has put considerable pressure on medical staff and will positively impact the market growth in healthcare applications. Technological proliferation and development of auto-assisted driving systems is expected to drive growth in the automotive segment. Smart machines are widely used across the consumer electronics sector, and provide potential opportunities followed by automotive and transportation.
Smart machine technologies can be segmented into three categories, namely, voice recognition, micro and nano sensors, radio frequency (RF), and neurocomputing. The use of sensor technology is expected to spur market growth. Micro and nanosensor technology are used widely across smart systems owing to its capability to work reliably even in extreme conditions.
The Asia Pacific accounts for the largest smart machines market share. China is expected to dominate market growth owing to heavy investments in communication technologies. In addition, favorable regulatory initiatives have spurred the demand for M2M solutions in this region. Increased demand from the transportation and energy sector has considerably driven regional market growth.
The key players include LG Electronics, AlchemyAPI, Inc, Digital Reasoning, Narrative Science, IBM, Google, and Apple Inc among others. Google offers Google Cars, a self-driving technology, and Google Now, whereas Apple offers Siri, an intelligent personal assistant. IBM has come up with Watson which is a cognitive technology, that processes information more like a human.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.