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The Global Smart Machines Market size is estimated to grow by USD 51.8 billion, at a CAGR of 18.7% between 2023 and 2028. The market's growth hinges on several factors shifts in the global labor landscape, sensor miniaturization, and advancements in hardware technology. However, challenges persist, including significant deployment costs, entry barriers, and the need for specialized technical knowledge. These hurdles often impede the market's progress despite the potential benefits offered by technological advancements. Overcoming these challenges requires strategic planning, innovative solutions, and collaboration among industry stakeholders to unlock the market's full potential and drive sustainable growth.
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The software segment has the largest market share in the market due to its capacity to give organizations better efficient, accurate, and cost-effective solutions. They can streamline operations and boost the company's overall productivity, cutting costs and boosting revenues.
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The software segment was valued at USD 8.30 billion in 2018. Software designed for smart machines can also assist companies in promptly identifying and addressing any issues, lowering the possibility of errors and raising customer satisfaction. Additionally, they can help firms make better decisions and perform overall by empowering them to do so. The integration of advanced technologies such as AI, ML, facial recognition, and gesture recognition is performed by software programs.
Expert systems are dominating the market. An expert system accumulates knowledge of multiple human experts in a particular domain. It mainly comprises a knowledge base, an interference engine, and a user interface. While a knowledge base saves all the information, the interference engine provides the data from the knowledge base as the need arises. The user interface displays information from the data to the user. Apart from decision support systems, expert systems also include smart grids. These help in controlling and monitoring power consumption from the point of generation to the point of use. The global smart machines market by expert systems has been gaining traction owing to the increase in investments in automating processes that were performed mainly by human labor. The forecast period will see growth in the market coming from sectors such as healthcare, defense retail, agriculture, finance, and commerce.
North America is estimated to contribute 40% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.
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The emergence of the concept of Industry 4.0, which involves the use of IoT, cloud computing, and automation in the industrial sector, is the major driver of the market in North America. A major propellant of the expert systems market in North America is the increase in government initiatives to invest in improving healthcare. Other expert systems, such as smart grids, are also gaining traction in the Americas, as there is an increase in the installation of smart meters, along with an improvement in substations in the region. The forecast period will see an increase in the adoption of smart meters and communication protocols to enhance the monitoring and control of distribution lines in the region. Advances in technology (product design, structure, and use) and the availability of reimbursements from healthcare insurance providers (such as Medicare) have also expanded the market in the region. The US has one of the highest healthcare spending in the world.
Our analysis of the adoption life cycle of the market indicates its movement between the innovator’s stage and the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2024 to 2028.
Global Market Customer Landscape
The market is propelled by a convergence of cutting-edge technologies such as Artificial Intelligence (AI), Machine Learning, and Deep Learning. These technologies empower smart machines to revolutionize various industries including Healthcare, Transportation, and Manufacturing. With the advent of Machine-to-machine technology and Cognitive computing systems, smart machines are becoming increasingly sophisticated, enabling autonomous operation and enhancing efficiency across verticals. The rise of Robots, Drones, and Smart wearables signifies a growing trend towards automation and connectivity, driving demand for smart machine solutions. Additionally, the rapid development of Self-driving cars and Autonomous vehicles reflects the transformative impact of smart machines on transportation, promising safer and more efficient mobility solutions. Furthermore, the versatility of smart machines extends to diverse applications within industries, fostering innovation and streamlining processes. Healthcare stands to benefit from smart machines through improved diagnostics, treatment, and patient care, while Manufacturing experiences enhanced productivity and precision in assembly and production processes. In Transportation, smart machines enable predictive maintenance and optimized logistics, while also paving the way for the widespread adoption of autonomous vehicles. Overall, the smart machine market is driven by the relentless pursuit of technological advancement and the quest for greater efficiency and automation across industries.
The market is experiencing robust growth, largely propelled by advancements in sensor technology, particularly the trend towards miniaturization. This trend has significantly reduced sensor costs, subsequently lowering the overall cost of smart machines. As a result, there has been a proliferation of smart machines across various industries including Healthcare, Transportation, and Manufacturing, enabling applications in logistics, delivery, surveillance, and more. Notably, advancements in sensor detection technologies such as fiber optic gyroscopes and Inertial Measurement Units (IMUs) have played a crucial role in driving the development of smart machines. Looking ahead, continued technological progress in sensor and camera industries, along with further miniaturization of sensors, is anticipated to fuel the growth of the market, driving innovation and expanding the scope of applications for smart m
The market is witnessing a prominent trend of increased adoption of data analytics, and vendors are capitalizing on this by devising strategies to enhance the customer experience of end-users who are using smart machines. To this end, vendors are incorporating smartphone apps in their service offerings to provide a platform for end-users to access crucial information regarding product and service updates. The forecast period will witness a proliferation of cloud-based apps that will allow customers and service personnel to receive alerts about service and replacement requirements.
These apps will offer personalized dashboards and self-service options, such as scheduling backups and periodic condition reports. Additionally, vendors are integrating sensors into their mobile robot platforms to detect wear and tear of parts. Such developments are expected to drive market growth during the forecast period.
The main challenge inhibiting market growth is the high deployment costs associated with smart machines, such as autonomous robots, which require advanced technologies, software, and sensors. This results in significant one-time expenses for deployment, which can be a major obstacle for potential end-users, particularly in developing countries with cost-conscious customers.
Furthermore, additional costs are incurred for modifying infrastructure and facilities to ensure seamless integration of smart machines into existing markets. End-users investing in smart machines may also opt for additional services, such as customization and operational requirements fulfillment, adding to the cost. Vendors in the forecast period will offer accessories, add-ons, and maintenance services that increase costs for servicing, electricity, and upgrades, posing a major challenge for vendors. These factors are expected to impede market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Cerner Corp.- The company offers smart machines called Amazon Web Services, which provides IoT, machine learning, and AI technology.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market Companies, including:
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies Companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Smart Robots Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, Japan, Germany, South Korea - Size and Forecast
Smart Factory Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, UK, Japan, Germany - Size and Forecast
The market is experiencing a surge driven by advancements in Artificial Intelligence (AI), Machine Learning, and Cognitive Technology across various sectors, including Aerospace & Defense, Automotive, and Consumer Electronics. These smart machines, equipped with AI-powered Smart Compose and Speech Recognition, are revolutionizing industries by enhancing Efficiency and Decision-making algorithms. From Autonomous cars and Drones to Embedded systems and IoT (Internet of Things), smart machines are optimizing Transportation & Logistics and Inventory management while bolstering Medical imaging and Surgery with advanced Perception capabilities. With Deep Learning and Sensor technology, they are reshaping Manufacturing and Material handling, paving the way for Innovation and Optimization in the Internet of Everything era.
Moreover, the market is rapidly advancing with innovations in AI and machine learning and Big Data Technology. Affective technology and virtual assistants like V-Person technology enhance user experience. From self-ruling vehicles by vehicle producers to wearable devices and robotic systems for warehousing, the industry covers diverse machine types and sectors, including consumer goods and retail and defence. Rethink Robotics leads with impactful solutions, holding a majority share in this vertical.
Industry Scope |
|
Report Coverage |
Details |
Page number |
182 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 27.23% |
Market growth 2024-2028 |
USD 51.8 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
21.17 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 48% |
Key countries |
US, UK, Germany, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alphabet Inc., Amazon.com Inc., Apple Inc., BAE Systems Plc, Oracle Corp., Clearpath Robotics Inc., CoreTigo Ltd., Creative Virtual Ltd., HAHN Group GmbH, International Business Machines Corp., Koninklijke Philips N.V., KUKA AG, Microsoft Corp., Mobile Industrial Robots AS, RELX Plc, Salesforce Inc., Samsung Electronics Co. Ltd., Smarsh Inc., ST Engineering Aethon Inc., and Veradigm LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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