The global smart machines market was valued at 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). The creation of machining tools and systems has considerably risen in recent years. Technological advancement and research and development endeavors have led to the development of intelligent machines. Smart machines are cognitive computing systems' meaning they can make decisions and solve problems without the help of a human. Smart machines are made smart by advanced computer programming and technology that enables the machine to process vast amounts of data rapidly and make decisions based on the data.
Global Smart Machines Market: Drivers
Advancements in Artificial Intelligence (AI):
Advancements in Artificial Intelligence (AI) have greatly expanded the capabilities and applications of smart machines. Through the development of deep learning and neural networks, machines can now process and interpret complex data more effectively. This has led to significant progress in areas such as image recognition, natural language processing, and voice recognition.
The field of explainable AI has addressed concerns about transparency and interpretability by providing insights into how AI algorithms arrive at their conclusions. Furthermore, the convergence of AI with edge computing has empowered smart machines to process data and make real-time decisions locally, revolutionizing applications like autonomous vehicles and IoT systems. Federated learning, which allows models to be trained on decentralized data without sharing raw information, has addressed privacy concerns while still benefiting from collective intelligence.
Transfer learning and pre-trained models have accelerated the development of AI applications with lower data requirements and faster deployment. As AI continues to evolve rapidly, it drives innovation and expands the possibilities of what smart machines can achieve.
For instance, in May 2022, IBM and MBZUAI Join Forces to Advance AI Research with New Center of Excellence. IBM is innovation and skill, giving foundation, programming and counseling administrations for clients as they seek after the advanced change of the world's strategic organizations. Mohamed bin Zayed University of Artificial Intelligence (MBZUAI)—the world's first graduate, research university dedicated to Artificial Intelligence (AI)—has announced plans for a strategic collaboration with IBM.
Automation and Industry 4.0 Initiatives:
Automation refers to the use of technology and systems to perform tasks or processes with minimal human intervention. It involves the deployment of machines, robotics, and software to carry out repetitive, labor-intensive, or complex tasks that were previously performed by humans. Automation aims to improve efficiency, productivity, accuracy, and safety by reducing human error, increasing speed, and optimizing resource utilization.
Industry 4.0, also known as the Fourth Industrial Revolution, refers to the integration of automation, data exchange, and advanced manufacturing technologies in industries. It encompasses various digital technologies, including the Internet of Things (IoT), cloud computing, big data analytics, artificial intelligence (AI), and cyber-physical systems.
Industry 4.0 initiatives focus on creating "smart factories" or "smart industries" that leverage these technologies to enable enhanced connectivity, automation, and data-driven decision-making across the entire value chain. The goal is to achieve a more flexible, efficient, and intelligent manufacturing process.
Global Smart Machines Market: Opportunities
Adoption in Healthcare and Medical Industry:
Smart machines have the potential to enhance healthcare delivery and improve patient outcomes. They can assist in diagnostics, robotic surgery, drug discovery, and patient monitoring. Smart machines equipped with artificial intelligence (AI) algorithms can analyze medical data, provide personalized treatment recommendations, and even assist in remote healthcare delivery. The healthcare and medical industry is experiencing a transformative shift with the integration of smart machines. These advanced technologies are revolutionizing various aspects of healthcare delivery and patient care. In diagnostics and imaging, AI-powered smart machines are enhancing the accuracy and speed of medical image analysis, aiding in the detection of abnormalities and supporting clinical decision-making. Remote patient monitoring using smart devices and sensors allows healthcare providers to continuously track patients' vital signs, activity levels, and medication adherence, enabling proactive intervention and remote care management. Additionally, telemedicine services powered by smart machines enable virtual consultations, remote monitoring, and diagnostics, expanding access to healthcare and improving patient convenience. The integration of smart machines in the healthcare and medical industry promises a future of improved diagnostics, more precise treatments, enhanced patient care, and greater efficiency in healthcare delivery. For instance, in July 2021, Google organize the worlds information and make it universally accessible and useful. Google cloud announces Healthcare Data Engine to enable interoperability in Healthcare. Easy-to-use solution harmonizes longitudinal patient records for better care, research, and operations.
Global Smart Machines Market: Restraints
Lack of Human Oversight:
Smart machines are designed to operate autonomously, which can raise concerns about accountability and the potential lack of human oversight. There is a need to ensure that smart machines are programmed and governed in a way that aligns with ethical and moral values, as well as to address potential biases in AI algorithms. When faced with the rapid growth of artificial intelligence (AI) technology in today's labor market, employers probably think of automated processes that make work easier, faster, and more efficient. On the other hand, employees probably fear losing their jobs and being replaced by a machine. While AI is designed to replace manual labor with a more effective and quicker way of doing work, it cannot override the need for human input in the workspace.
Covid-19 Impact Analysis:
The Covid-19 pandemic has affected the smart machine market both positively and negatively. The demand for smart machine appliances is directly affected by Covid-19, certain industries, such as healthcare, logistics, and e-commerce, experienced an accelerated adoption of smart machines and automation technologies to meet the surge in demand and address labor shortages. The need for contactless operations and enhanced efficiency drove organizations to invest in smart machines for tasks like inventory management, order processing, and disinfection. This crisis had many direct and indirect effects on all areas of society. Smart machines operate autonomously, helping to cut costs and resolve a range of processing problems brought on by mechanical additive wear and tear, drifting of the thermal operating factor, conversion conditions inside the raw fabric, and other factors. By exchanging data with different automation structures, these systems could give high-level control machines popularity updates.
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Key Takeaways:
The global smart machines market was valued at US$ 143.6 Mn in 2023 and is forecast to reach a value of US$ 471.1 Mn by 2030 at a CAGR of 18.5% between 2023 and 2030.
Robotic segment held a dominant position in the global smart machines market in 2022, accounting for a 29.8% share in terms of value, increasing approvals and launched of new products are expected to propel the growth of the segment during the forecast period.
Global Smart Machines Market Trends:
Increasing Use of Robotics:
The main goal of emerging technologies is not to replace humans in their jobs but to make all processes safer and more efficient. It’s not a confrontation, but rather a beneficial collaboration between automated robotics and humans. Intelligent machines eliminate human error and can provide almost 100 percent accuracy, thus improving the quality of the output. This in turn enhances customer satisfaction, as defective products are not likely to reach end users. For instance, in June 2023, researchers developed a new model that trains four-legged robots to see more clearly in 3D. The advance enabled a robot to autonomously cross challenging terrain with ease -- including stairs, rocky ground, and gap-filled paths -- while clearing obstacles in its way.
Remote Monitoring through Cloud Service:
One growing demand for the use of cloud services is for remote monitoring of equipment and industrial plants. It is becoming increasingly important for engineers to monitor and manage machinery in order to improve uptimes and reduce maintenance costs, and this can be especially important when plants are geographically widely spread. A simple solution may be to add a web server to the plant in order to view the data via the Internet, although this can leave the plant vulnerable to hackers. There are three main elements to any cloud-based remote monitoring solution. First is a gateway attached to the remote equipment which sends and receives data. Second is the central server that collects and stores the data. And third, is secure access to the data through a web interface. For instance, in June 2021 Hewlett Packard Enterprise a provider of intelligent solutions and cloud-based services announced breakthrough HPE GreenLake cloud platform innovations spanning silicon, software, and security to power the edge-to-cloud era.
Global Smart Machines Market: Competitive Landscape
Google Inc., Apple Inc., Rethink Robotics, BAE Systems, Narrative Science Inc., Creative Virtual Ltd., Microsoft Corporation, Digital Reasoning Systems, Inc., and IBM Corporation.
