Smart Machines Market, By Component (Hardware, Software, Services), By Machine (Robots, Autonomous Cars, Drones, Wearable Devices, Others), By Technology (Cloud Computing Technology, Big Data Technology, Internet of Everything, Robotics, Cognitive Technology, Affective Technology ), By Verticals (Manufacturing, Transportation & Logistics, Healthcare, Consumer Goods and Retail, Aerospace & Defense, Others), And By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Published In : Jul 2023

Code : CMI3397

Pages :155

Formats :

Excel and PDF

Industry : Information and Communication Technology

Market Challenges And Opportunities

Global Smart Machines Market Drivers:

Increasing requirement for enhanced data accessibility in various industries

Smart machines are deployed to improve networked resources and incorporate distributed intelligence in manufacturing industries. Integration of devices provides more flexibility and accessibility. Smart machines can be connected to a broader network of connected devices, thereby facilitating the user to share data on several devices. Furthermore, this also facilitates users to connect and access their devices from anywhere and anytime.For instance, Google Inc is the American serach engine company which is offers syncing and accessing of data across all devices supporting Android and iOS. Hence, the need for improved data accessibility is expected to boost the global smart machines market growth during the forecast period.

Adoption of innovative technology in numerous industry verticals

Artificial intelligence and cognitive computing are essential technologies used for the manufacturing of smart machines. These technologies have ability to learn from their surroundings and interact, and reprogram themselves. Various industries around the world are rapidly replacing conventional machines with smart machines, which in turn, is accelerating the growth of the market. For instance, Rethink Robotics designs and markets robots that can be easily trained and modified, even by a non-technical person. Their robot, Baxter, built using cognitive computing and artificial intelligence has already been deployed in many factories. Therefore, these factors are expected to support the market growth over the forecast period.

Global Smart Machines Market Opportunities:

Integration of speech recognition

Smart machines integrated with speech recognition systems have gained significant popularity among users though they are available in limited languages. Increasing use of smart-speech integrated devices is expected to offer excellent growth opportunities for market players in the near future. For instance, Virtual assistants such as Apple Inc.’s Siri continues to expand their linguistic abilities. Moreover, technologies used in smart machines are as basic as detecting leaks, cracks, etc. Technology providers can integrate sensor technology in the near future in smart machines, which can enhance user’s senses and help them to be more aware of the surrounding. For instance, BAE Systems offers products embedded with smart sensors such as its Striker Helmet.

Restraints:

Certain performing issues with self-learning machines

Smart machines are built to learn from their mistakes though it requires special training to implement this mechanism. If smart machines cannot recognize their mistakes and rectify them and rather learn the wrong things, it could lead to severe problems for the end user. For instance, Microsoft Corporation launched a chat bot on Twitter, with the name Tay. Although Tay was created for casual and fun chatting, its self-learning algorithm started causing malfunctioning in it. In fact, it started picking up people’s opinions and learning from them and was soon posting inappropriate comments on Twitter. Hence, such factors are expected to hinder the market growth in the near future.