PRESS RELEASE
Posted on January 31, 2023
Over the next few years, the global smart machine market is expected to grow at a CAGR of 19% in terms of value. By the end of the decade, the industry is expected to reach a valuation of US$100 billion. This is due to a number of variables, on which Persistence Market Research provides detailed and in-depth information in its updated study.
The global smart machine market has been divided into three categories based on components: hardware, software and service. The growing need to collect and analyze large amounts of unstructured data across a variety of industries including manufacturing, healthcare, aerospace and defense is increasing the demand for smart devices.
The global smart machine market has been divided into categories based on machine type: robots, self-driving cars, drones, wearable electronics and others.
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On the basis of technology, the global smart machine market has been segmented into cloud computing, big data, internet of everything (IoE), robotics, cognitive technology and efficient technology. The affective technology segment is expected to grow with a substantial CAGR during the forecast period.
Various companies working on cognitive computing are facing technological glitches and errors. This, in turn, encourages the adoption of affective computing. Cognitive computing technology allows emotions to be linked to a robot, helping the robot to make rational decisions and perform more complex tasks.
Intelligent machines are deployed to improve networked resources and implement distributed intelligence in manufacturing industries. Device integration provides more accessibility.
Smart machines can be easily connected to a larger network of connected devices, allowing users to share data across many devices. This ensures users can log in/access their devices from anywhere and anytime. This is expected to fuel the demand for smart machines in various industries.
The Australian market is expected to experience substantial growth in smart machine adoption rates over the next five years. Autonomous robots are expected to find applications in the agricultural and commercial sectors to overcome the lack of manpower in the country. Australia-based companies have also invested significantly in advanced technologies such as IoT.
Smart machines are programmed to make smart decisions efficiently over time. They are built to learn from their interactions and their accuracy increases over time. Thus, new developments in operational intelligence encourage companies to adopt more intelligent and efficient systems.
Narrative Science Inc., a company that offers analytical solutions, uses its virtual assistant Quill, which is programmed using natural language processing to provide relevant solutions.
This report covers the trends driving each segment and offers analysis and insight into the Smart Machines market potential in specific regions. Markets in Europe, North America and Asia-Pacific are expected to register high growth rates from 2021 to 2031.
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MEA is a small but important market for smart machines as governments in Middle Eastern countries are investing in this sector to digitize government services. The market in Europe is expected to gain substantial market share in terms of revenue. This is attributed to the growing demand for smart machines from automotive and manufacturing industries in countries like Germany and France.
Major smart machine manufacturers include
- API Alchemy Inc.
- Apple Inc.
- Numerical reasoning
- Google Inc.
- IBM Corporation
- Narrative Science Inc.
- Microsoft Corporation
- BAE systems
- Virtual Creative
- Rethinking robotics
- Other
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Key Industry Research Segments of the Smart Machines Market
By Component:
- Material
- Software
- Services
By machine type:
- robots
- Autonomous cars
- Drone
- Wearable device
- Others
By technology:
- cloud computing technology
- big data
- internet of everything
- Robotics
- Cognitive technology
- Affective technology
By region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East and Africa
Trend Reports –
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