Smart Machines Market Forecasts to 2030 - Global Analysis By Component (Services, Software, Hardware and Other Components), Machine Type, Technology, End User and By Geography
According to Stratistics MRC, the Global Smart Machines Market is accounted for $89.6 billion in 2023 and is expected to reach $362.6 billion by 2030 growing at a CAGR of 22.1% during the forecast period. Machine-to-machine (M2M) technology is used by smart machines, which are objects or systems that can solve issues or make decisions on their own without human participation. These systems are capable of carrying out repeated operations quickly and accurately. Intelligent machines work independently and assist in preventing and resolving multiple processing faults brought on by thermal working point drift, fluctuating conditions in the raw material, or mechanical component wear and tear.
Rising requirement for enhanced data accessibility in various industries
In industrial industries, smart machines are used to enhance networked resources and include dispersed intelligence. The incorporation of devices increases accessibility and flexibility. The user can share data across several devices due to the ability of smart machines to connect to a larger network of connected gadgets. Additionally, this makes it possible for users to connect to and access their devices from any location at any time.
Certain performing issues
Although it takes specialized training to achieve this mechanism, intelligent robots are designed to learn from their mistakes. Smart machines could cause serious issues for the user if they are unable to identify and correct their mistakes and opt instead to learn the incorrect information. Smart machines' ability to collect data securely and privately is a major barrier to their development. If the data is not protected, it might be used maliciously. Additionally, because they use cutting-edge components and technologies, smart machines are expensive.
Adoption of innovative technology
Technologies like cognitive computing and artificial intelligence are crucial to the creation of smart devices. These technologies have the capacity to interact, learn from their surroundings, and self-regulate. Smart machines are rapidly replacing traditional ones in a variety of global industries, which is propelling market expansion. For instance, Rethink Robotics creates and sells robots that are simple for even a non-technical person to train and modify. Their cognitive computing and artificial intelligence-built robot, named Baxter, has already been used in numerous factories.
Legal constraints faced by smart machines
Legal restrictions have always existed for various nations' emerging technologies. Some limitations are related to safety concerns, while others are related to privacy concerns. As a result, production of smart machines is stopped, which prevents the market from expanding. For instance, Google Inc. introduced a new wearable device called "Google Glass" in May 2014. This product rapidly gained popularity. Due to privacy concerns, some nations have opted to discourage its use.
COVID-19 has an immense impact that can be felt all around the world. The epidemic is having the most impact on markets in Asia, North America, and Europe. The virus spread quickly around Europe, and as a result of the lockdown, production activities there were negatively impacted. Production and distribution of the systems changed in the market as a result of the supply chain activities being impacted. Additionally, the security of the workers was compromised, which decreased output and the need for intelligent robots.
The software segment is expected to be the largest during the forecast period
Due to the capacity to offer businesses more effective, precise, and affordable solutions, the smart machines software segment has held the majority of the market share throughout the forecast period. They can streamline operations and boost firms' overall productivity, cutting costs and boosting revenues. Software for smart machines can also assist organizations in promptly identifying and addressing any issues, lowering the possibility of errors and raising customer satisfaction.
The autonomous robots segment is expected to have the highest CAGR during the forecast period
Factors such as advanced robots that offer better flexibility and adaptability, as well as growing demand for autonomous robots, the autonomous robotics segment is anticipated to grow at the highest compound annual growth rate (CAGR) during the forecast period. Furthermore, the conversion of single-purpose machines into multi-purpose machines and their use in industrial applications like customer service and engagement, packaging and assembly of parts, and logistics processes, among others.
Region with largest share:
North America hold the largest share of the market throughout the projection period due to the region's significant need for automation, the existence of numerous established firms, and the accessibility of cutting-edge technology. The Internet of Things (IoT), artificial intelligence (AI), and machine learning are merely some of the technical developments made in North America that are fueling the market for smart machines. The rapid expansion of the North American market for smart machines is also being fueled by the growing need for automation and robotics across numerous end-user industries, including automotive, consumer electronics, healthcare, and aerospace.
Region with highest CAGR:
As a result of the emergence of the concept of Industry 4.0, which incorporates the use of IoT, cloud computing, and automation in the industrial sector, Asia Pacific is predicted to have profitable growth during the extrapolation period. One of the main factors propelling the expert systems market in Asia-Pacific is the rise in public spending on healthcare reform. Other expert systems, such as smart grids, are also gaining traction in the area as a result of the installation of smart meters and the improvement in substation quality.
Key players in the market
Some of the key players in Smart Machines market include General Electric Co, ABB Limited, Microsoft Corporation, BAE Systems, Narrative Science, IBM, Google, Digital Reasoning, Apple and AlchemyAPI, Inc.
In April 2020, Microsoft released a new version of its cognitive services artificial intelligence (AI) platform, which includes a range of new features such as conversational AI and natural language processing (NLP) capabilities.
• Other Components
Machine Types Covered:
• Wearable Device
• Autonomous Cars
• Other Machine Types
• Affective Technology
• Cognitive Technology
• Internet of Everything
• Big Data
• Cloud Computing Technology
• Other Technologies
End Users Covered:
• Aerospace and Defense
• Consumer Goods and Retail
• Transportation & Logistics
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
3 Market Trend Analysis
3.6 Technology Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Smart Machines Market, By Component
5.5 Other Components
6 Global Smart Machines Market, By Machine Type
6.2 Wearable Device
6.4 Autonomous Cars
6.6 Other Machine Types
7 Global Smart Machines Market, By Technology
7.2 Affective Technology
7.3 Cognitive Technology
7.5 Internet of Everything
7.6 Big Data
7.7 Cloud Computing Technology
7.8 Other Technologies
8 Global Smart Machines Market, By End User
8.2 Aerospace and Defense
8.3 Consumer Goods and Retail
8.5 Transportation & Logistics
8.7 Other End Users
8.7.3 Consumer Electronics
9 Global Smart Machines Market, By Geography
9.2 North America
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.5 Other Key Strategies
11 Company Profiling
11.1 General Electric Co
11.2 ABB Limited
11.3 Microsoft Corporation
11.4 BAE Systems
11.5 Narrative Science
11.8 Digital Reasoning
11.10 AlchemyAPI, Inc
List of Tables
1 Global Smart Machines Market Outlook, By Region (2021-2030) ($MN)
2 Global Smart Machines Market Outlook, By Component (2021-2030) ($MN)
3 Global Smart Machines Market Outlook, By Services (2021-2030) ($MN)
4 Global Smart Machines Market Outlook, By Software (2021-2030) ($MN)
5 Global Smart Machines Market Outlook, By Hardware (2021-2030) ($MN)
6 Global Smart Machines Market Outlook, By Other Components (2021-2030) ($MN)
7 Global Smart Machines Market Outlook, By Machine Type (2021-2030) ($MN)
8 Global Smart Machines Market Outlook, By Wearable Device (2021-2030) ($MN)
9 Global Smart Machines Market Outlook, By Drones (2021-2030) ($MN)
10 Global Smart Machines Market Outlook, By Autonomous Cars (2021-2030) ($MN)
11 Global Smart Machines Market Outlook, By Robots (2021-2030) ($MN)
12 Global Smart Machines Market Outlook, By Other Machine Types (2021-2030) ($MN)
13 Global Smart Machines Market Outlook, By Technology (2021-2030) ($MN)
14 Global Smart Machines Market Outlook, By Affective Technology (2021-2030) ($MN)
15 Global Smart Machines Market Outlook, By Cognitive Technology (2021-2030) ($MN)
16 Global Smart Machines Market Outlook, By Robotics (2021-2030) ($MN)
17 Global Smart Machines Market Outlook, By Internet of Everything (2021-2030) ($MN)
18 Global Smart Machines Market Outlook, By Big Data (2021-2030) ($MN)
19 Global Smart Machines Market Outlook, By Cloud Computing Technology (2021-2030) ($MN)
20 Global Smart Machines Market Outlook, By Other Technologies (2021-2030) ($MN)
21 Global Smart Machines Market Outlook, By End User (2021-2030) ($MN)
22 Global Smart Machines Market Outlook, By Aerospace and Defense (2021-2030) ($MN)
23 Global Smart Machines Market Outlook, By Consumer Goods and Retail (2021-2030) ($MN)
24 Global Smart Machines Market Outlook, By Healthcare (2021-2030) ($MN)
25 Global Smart Machines Market Outlook, By Transportation & Logistics (2021-2030) ($MN)
26 Global Smart Machines Market Outlook, By Manufacturing (2021-2030) ($MN)
27 Global Smart Machines Market Outlook, By Other End Users (2021-2030) ($MN)
28 Global Smart Machines Market Outlook, By Industrial (2021-2030) ($MN)
29 Global Smart Machines Market Outlook, By Security (2021-2030) ($MN)
30 Global Smart Machines Market Outlook, By Consumer Electronics (2021-2030) ($MN)
31 Global Smart Machines Market Outlook, By Automotive (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
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