Overview and Scope
Smart machines refer to cognitive computing systems that can make decisions and solve problems without the help of a human. The purpose of smart machines is to leverage machine-to-machine and cognitive computing technologies, such as machine learning and deep learning, to solve problems, make decisions, and take action.
Sizing and Forecast
The smart machine market size has grown rapidly in recent years. It will grow from $175.81 billion in 2023 to $200.07 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to rise in digitization and cloud technologies, increasing demand for automation to achieve efficiency and quality, growing demand of automation solutions coupled with technological advancement, rising need of automation and eliminating human errors, increasing adoption of smart machine solutions.
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Segmentation & Regional Insights
The smart machines market covered in this report is segmented –
1) By Component: Hardware, Software, Services,
2) By Technology: Cloud Computing Technology, Big Data Technology, Internet of Everything, Robotics, Cognitive Technology, Affective Technology
3) By Machine: Robots, Autonomous Cars, Drones, Wearable Devices, Other Machines
4) By Verticals: Manufacturing, Transportation And Logistics, Healthcare, Consumer Goods And Retail, Aerospace And Defense, Other Verticals
North America was the largest region in the smart machines market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart machines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing requirement for enhanced data accessibility in various industries is expected to propel the growth of the smart machine market going forward. Data accessibility refers to an organization’s employees’ capacity to retrieve information from databases and make the most of it. Smart machines rely heavily on data accessibility for their accessibility to diverse and relevant data, which ensures better performance and adaptability. For instance, in June 2022, according to a survey of 559 respondents by BARC (Business Application Research Center), a German-based analyst firm that specializes in business software, those using big data saw an 8% increase in profit and a 10% reduction in cost. Further, around 69% cited better strategic decisions, and 54% said that big data improved their control of operational processes. Therefore, the increasing requirement for enhanced data accessibility in various industries will drive the growth of the smart machine market.
Key Industry Players
Major companies operating in the smart machines market report are Amazon.com Inc., Apple Inc., Alphabet Inc., Microsoft Corporation, Dell Technologies Inc., Robert Bosch GmbH, Sony Group Corporation, Siemens AG, General Electric Company, Panasonic Corporation, LG Electronics Inc., Intel Corporation , Qualcomm Technologies Inc., Oracle Corporation, Schneider Electric SE, Honeywell International Inc., 3M Company, Salesforce.com Inc., ABB Ltd., Hewlett Packard Enterprise, BAE Systems plc, BOE Technology Group Co. Ltd., Sharp Corporation, Koninklijke Philips NV, Pioneer Corporation, Corning Incorporated, Emerson Electric Co., Rockwell Automation Inc., KUKA AG, ST Engineering Aethon Inc.
The smart machines market report table of contents includes:
1. Executive Summary
2. Smart Machines Market Characteristics
3. Smart Machines Market Trends And Strategies
4. Smart Machines Market – Macro Economic Scenario
5. Global Smart Machines Market Size and Growth
…..
32. Global Smart Machines Market Competitive Benchmarking
33. Global Smart Machines Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Smart Machines Market
35. Smart Machines Market Future Outlook and Potential Analysis
36. Appendix
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