IMARC Group, a leading market research company, has recently releases report titled “Smart Machines Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global smart machines market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the smart machines market?

What is smart machines?

Smart machines are advanced cognitive computing systems that can make decisions and solve problems without human intervention. They include drones, industrial equipment, robots, autonomous vehicles, household appliances, and wearable devices. They are equipped with several cognitive computing technologies and machine-to-machine (M2M) technologies that allow them to solve problems or make decisions without human intervention. They include cloud computing, artificial intelligence (AI), natural language processing (NLP), the Internet of Things (IoT), machine learning (ML), and deep learning.

They are also employed in various industries to perform tasks such as conducting inspections, manufacturing products, interacting with customers, monitoring the health of patients, and assisting in farming activities. In addition, they improve productivity, reduce manual labor, promote sustainability, minimize energy consumption, save time, help in better decision-making, and enhance worker safety. As a result, smart machines are widely adopted in various industrial verticals such as automotive, consumer electronics, healthcare, power generation, defense, aerospace, and agriculture industries across the globe.

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What are the growth prospects and trends in the smart machines?

The market is primarily driven by the rising demand for smart machines in the automotive industry. It conducts repairs, provides predictive maintenance alerts, assembles automotive parts, and enhances customer experiences. Moreover, the increasing use of smart machines in autonomous vehicles to optimize routes, navigate roads, and monitor performance is influencing market growth. In addition, the growing use of smart machines in the manufacturing processes for data collection, quality control, and analysis, and the execution of repetitive tasks such as unloading, loading, storing, stacking, and assembling products with high precision and accuracy are contributing to the market growth. Moreover, the widespread adoption of smart machines in the healthcare industry for minimally invasive surgeries (MIS), virtual check-ups, patient vitals monitoring, and automated diagnostic testing represents another major growth-inducing factor.

Besides this, the emergence of speech recognition technology that enables natural conversation with machines offers personalized recommendations and reduces the need for manual input, thus accelerating the product adoption rate. Additionally, the recent development of swarm robotics involving controlled small robots to conduct complex tasks in a coordinated manner to improve efficiency, save time, and increase productivity, is augmenting the market growth. Along with this, the rising application of smart machines for industrial automation to ensure consistent quality, reduce operational costs, and increase production rates are propelling the market growth.

Apart from this, the smart machine market is growing at different rates in numerous regions, with the Asia Pacific being the largest smart machine market due to rapid industrialization, rising demand for automation, and significant technological advancements. Furthermore, the increasing smart machine adoption in the defense industry, new product launches, and extensive research and development (R&D) mergers and acquisitions (M&A) among key market players are creating a positive market outlook. For instance, in February 2020, Creative Virtual, a company manufacturing smart machines, partnered with Spitch AG to deliver the best-advanced technology solutions to their customers.

What is included in market segmentation?

The report has segmented the market into the following categories:

Component Insights:

• Hardware
• Software
• Services

Machine Type Insights:

• Robots
• Autonomous Cars
• Drones
• Wearable Device
• Others

Technology Insights:

• Cloud Computing Technology
• Big Data Technology
• Internet of Everything
• Robotics
• Cognitive Technology
• Affective Technology

Application Insights:

• Automotive
• Consumer Electronics
• Healthcare
• Industrial
• Logistics and Transportation
• Military, Aerospace and Defense
• Security

Breakup by Geography:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

• ABB Ltd
• Apple Inc.
• BAE Systems plc
• General Electric Company
• Google LLC (Alphabet Inc.)
• International Business Machines Corporation
• KUKA AG (Midea Group Co. Ltd.)
• LG Electronics Inc.
• Microsoft Corporation
• Smarsh Inc.

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