SMART MACHINES MARKET ANALYSIS

Smart Machines MarketSize and Trends

The global smart machines market accounted for US$ 143.6 Mn in terms of value in 2023 and is expected to grow at a CAGR of 18.5% during the forecast period (2023-2030). A smart machine is an intelligent device embedded with machine-to-machine technology to perform various tasks autonomously, without human intervention. These machines use deep learning, machine learning, and artificial intelligence to reason, make decisions, problem-solve, and take action. Smart machines include robots, drones, smart wearables, self-driving cars, and other cognitive computing systems. Robots are automated machines used in various industrial verticals to make the process automated. Robots are built with artificial intelligence and natural language processing. They can be trained to carry out processes and learn from their surroundings. Moreover, autonomous cars are fully driverless cars integrated with different sensors such as geo sensors and advanced technologies such as IoT.

Global Smart Machines Market Segmentation:

The global Smart machines market report is segmented into component, machine, technology, and vertical

Among the component segment, hardware, software, and services are included.The software segment is the largest segment. Based on machine, the market is segmented as Robotic, Autonomous cars,Drones,Wearable devices that are designed to work through task without human interventions.Robotic segment held in dominant position in smart machines market in 2022, accounting for 29.8% share in terms fo value. by technology the global smart machines market divided into Cloud Computing Technology, Big Data Technology, Internet of Everything, Robotics, Cognitive Technology, Affective Technology.cloud computing technology represented the largest segment. the cloud computing sub-segment dominated the global market in 2022,followed by robotics, cognitive technology, big data, affective technology, internet of everything, respectively.On the basis of verticals market is segmented into manufacturing, transportation & logistics, healthcare, consumer goods and retail, aerospace & defense others.consumer goods and retail is the largest market share.

Global Smart Machines Market Trends:

Paradigm shift from individual devices to synced devices

Currently, customers are focused on more connectivity, especially in the case of wearable and hand-held gadgets. Syncing of smartphones, tablets, cars, and wearable devices leads to generation of vast amounts of data (big data). Hence, this big data creates enormous opportunities for various enterprises to improve their business processes. For instance, tech giants such as Apple Inc. are introducing better accessibility to their customers by connecting all devices. Moreover, this trend is expected to continue during the forecast period.

IoT integration:

Innovative concepts such as smart cities can be implemented with the use of the Internet of Everything (IoE), which helps to enhance the work environment and productivity in the commercial sectors. IoT enables smart machines to connect and communicate with each other, as well as with other devices and systems, creating a network of interconnected devices. This connectivity allows for real-time data collection, analysis, and decision-making. For example, in a smart factory, machines can communicate with each other and adjust their operations based on the production demand and supply chain requirements. The integration of smart machines with IoT is driving the concept of Industry 4.0, where interconnected systems optimize efficiency and productivity.