The global smart machines market size was valued at USD 73.2 Billion in 2022 and is expected to surpass USD 355.14 Billion by 2031, expanding at a CAGR of 19.2% during the forecast period, 2023–2031. The growth of the market is attributed to the boost in investment by enterprises in smart machines to improve operational efficiency and productivity.
Smart machines are a devices embedded with machine-to-machine (M2M) or cognitive computing technologies, such as deep learning, Artificial Intelligence, and machine learning all of which it uses to make decisions, solve problems, and take action without human intervention. The machines are integrated with advanced computer programming and technology that empowers the machine to analyze large volume of data rapidly and make decisions based on that data.
Smart machines learn through application-specific algorithms and can improve their performance over time. Some of the example of smart machines, includes smartphones, autonomous cars, smart dust, smart robot, commercial unmanned aerial vehicle, and other devices with cognitive computing. Smart machines offer various benefits, in terms of efficiency, security, sustainability, convenience, and saves money and time.
The COVID-19 pandemic outbreak had negative impact on the market. During the pandemic, the supply chain were disrupted and trade business was significantly affected, which resulted in temporary halt for manufacturing of smart devices. The market is expected to recover soon as emergency lockdown is lifted by the government gradually and manufacturing plants are resuming their operation with limited workforce.
Smart Machines Market Trends, Drivers, Restraints, and Opportunities
- Increasing technological proliferation especially in developing countries is one of the key factors driving the market growth.
- Rising need of automation and eliminate human errors among end-users is projected to boost the market during the forecast period.
- Growing concern about unemployment due to smart machines acts as a major challenge that can restrict the market growth in the coming years.
- Surging security and protection issues associated with the use of smart machines is expected to hamper the market growth during the projected timeline.
- Escalating favorable government initiatives for manufacturing and use of machines is anticipated to create significant growth opportunities for the market.
Scope of Smart Machines Market Report
The report on the global smart machines market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Smart Machines Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Technology (Voice Recognition, Micro & Nano Sensors, and Radio Frequency), Products (Smart Embedded Systems, Intelligent Assistants, Autonomous Robots, Neurocomputers, and Expert Systems), and Applications (Security, Logistics & Transportation, Healthcare, Automotive, Military, Aerospace & Defense, Industrial, and Consumer Electronics)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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AlchemyAPI; Narrative Science; Google Inc.; LG Electronics Inc.; Digital Reasoning; Apple Inc.; and IBM Corp.
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Smart Machines Market Segment Insights
Technology Segment Analysis
Based on technology, the market is segmented into voice recognition, micro & nano sensors, and radio frequency. The micro & nano sensors segment is estimated to expand at robust growth rate during the forecast period due to increasing adoption of sensors in smart systems as it increases the reliability of product, compact in size, and low cost of sensors. Additionally, the segment growth is further accelerated as this sensors can easily communicate with semiconductor chip in M2M communication.
Products Segment Analysis
On the basis of products, the global smart machines market is segregated into smart embedded systems, intelligent assistants, autonomous robots, neurocomputers, and expert systems. The expert systems segment is projected to register at high CAGR in the projected timeline attributed to the high adaptability and meet new requirements in less period.
Furthermore, expert system improves the decision making process, it is cost-effective, and overcomes human limitations, which is driving the segment growth further. However, the advanced robots segment is anticipated to register a substantial CAGR during the forecast period owing to robots offer more flexibility, adaptability, productivity, and increase consistency and quality of product.
Applications Segment Analysis
Based on applications, the market is divided security, logistics & transportation, healthcare, automotive, military, aerospace & defense, industrial, and consumer electronics. The healthcare segment is expected to grow at a rapid pace during the forecast period due to the rise in demand of smart machines by medical staff and healthcare professionals for patient care and continuous monitoring.
On the other hand, the automotive segment is anticipated to expand at a substantial CAGR in the coming years attributed to the technological proliferation and development of auto assisted driving systems.
Regional Analysis
In terms of region, the global smart machines market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to constitute a key share of the market during the projected period owing to increasing investment in communication technologies, rising demand of smart devices for M2M communication, and favorable government initiatives in the region.
However, the market of Europe is anticipated to grow at a rapid pace during the forecast period due to the increasing demand for smart machines in the region for the automation of many construction, industrial, and assembly line processes.
Segments
The global smart machines market has been segmented on the basis of
Technology
- Voice Recognition
- Micro & Nano Sensors
- Radio Frequency
Products
- Smart Embedded Systems
- Intelligent Assistants
- Autonomous Robots
- Neurocomputers
- Expert Systems
Applications
- Security
- Logistics & Transportation
- Healthcare
- Automotive
- Military
- Aerospace & Defense
- Industrial
- Consumer Electronics
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global smart machines market are AlchemyAPI; Narrative Science; Google Inc.; LG Electronics Inc.; Digital Reasoning; Apple Inc.; and IBM Corp. Companies are focusing on investments in R&D sector to gain an early mover advantage. Companies have been widely engaged in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquiring new buyers.
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