Global Market Study on Smart Machines: Owing to Increasing Need for Improved Data Accessibility by Manufacturing Industries to Drive Market Growth By 2024


  • Published On : Aug-2016 |
  • Pages : 188 Pages |
  • Format :

Persistence Market research (PMR) offers a nine-year forecast for the global smart machines market between 2016 and 2024. In terms of value, the global smart machines market is expected to register a CAGR of 18.8% during the forecast period (2016–2024). The primary objective of the report is to offer insights on the advancements in the smart machines market. The study demonstrates market dynamics that are expected to influence the current environment and future status of the global smart machines market over the forecast period. The main objective of this report is to offer updates on trends, drivers, restraints, value forecasts, and opportunities for manufacturers operating in the global smart machines market.

Smart machines are deployed to enhance networked resources and implement distributed intelligence in manufacturing industries. The integration of devices provide more accessibility. Smart machines can be easily connected to a broader network of connected devices, enabling users to share data on numerous devices. This allows users to connect/access their devices from anywhere and anytime.

Smart machines are programmed to make intelligent decisions, in a time efficient manner. They are built to learn from their interactions and their precision increases over time. Hence, new developments in operational intelligence are encouraging companies to adopt systems that are smarter and efficient; thus fueling demand for smart machines across the globe.

A section of the report discusses how the overall competition in the market is steadily increasing. It discusses various factors shaping internal as well as external competition in the market. Overall internal competition in the smart machines market is comparatively low attributed to the low number of smart machines solutions providers in the market. With new technologies emerging, many innovative ideas are being realized. Some smart machines built with advanced features face legal restrictions. As a result, manufacturing of some smart machines will be halted. Various barriers hampering growth of the smart machines market has been given in the report along with their impact regionally.

A section of the report highlights smart machines demand, region-wise. It provides a market outlook for 2016–2024 and sets the forecast within the context of the smart machines ecosystem, including new technological developments, as well as product offerings in the global smart machines market. This study discuss key region trends contributing to the growth of the smart machines market globally. It also analyses the degree to which drivers are influencing the market in each region. Key regions assessed in this report include North America, Latin America, Europe, Asia Pacific, and Middle East and Africa (MEA).

In the final section of the report, a competitive landscape has been included to provide report audiences with a dashboard view. Key categories of providers covered in the report are smart machines hardware and software & solution providers. Detailed profiles of the providers are also included in the scope of the report to evaluate their long- and short-term strategies, key offerings, and recent developments in the smart machines space. Key players in the global smart machines market include Apple Inc., Google Inc., Microsoft Corporation, BAE Systems, Creative Virtual Ltd., Digital Reasoning Systems, Inc., IBM Corporation, Narrative Science Inc., Rethink Robotics, ABB Limited, Rockwell Automation, Inc., and General Electric Co.

Key Segments Covered

  • By Component
    • Hardware
    • Software
    • Service
  • By Machine Type
    • Robots
    • Autonomous cars
    • Drones
    • Wearable device
    • Others
  • By Technology
    • Cloud Computing technology
    • Big Data
    • Internet of everything
    • Robotics
    • Cognitive Technology
    • Affective Technology
  • By Vertical
    • Manufacturing
    • Transportation & Logistics
    • Healthcare
    • Consumer Goods and Retail
    • Aerospace & Defence
    • Others

On the basis of machine type, the global smart machines market has been segmented into robots, autonomous cars, drones, wearable devices, and others. Enterprises are expected to invest more in R&D activities for wearable technology due to the increasing need of mobility. Smart watches provide better accessibility, with the option of syncing with smartphones. Introduction of new applications such as those that track fitness activity and monitor health according to the user’s need are the latest trends in wearable devices. Smart technology embedded in clothes is also a new trend in wearable devices. On the basis of component, the global smart machines market has been segmented into hardware, software, and service. A detailed analysis has been provided for every segment in terms of market size analysis for smart machines across the globe.

In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyze on the basis of key parameters such as Year-on-Year (Y-o-Y) growth to understand the predictability of the market and identify the right opportunities.

Another key feature of this report is the analysis of all key segments in terms of absolute dollar. This is usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the global smart machines market.

Key Regions/Countries Covered       

  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • France
    • U.K
    • Italy
    • Russia
    • Poland
    • Spain
    • Nordic
    • Benelux
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia and New Zealand
    • ASEAN
    • Rest of APAC
  • The Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of MEA

The global smart machines are expected to be valued at US$ 258.5 Bn by 2024 end and expand at a CAGR of 18.8% during the forecast period (2016–2024). Among all machine types segment, autonomous cars are projected to be the fastest-growing segment over the forecast period. This is attributed to various car manufacturers focusing on building autonomous cars that drive users around safely. Top manufacturers with an established customer base are expected to introduce more autonomous cars, with advanced driver-assistance systems in the near future. This is expected to result in the introduction of new mobility models such as connectivity with other cars/drivers on the road for better safety. 

The smart machines market in Asia-Pacific held the largest market share in 2015. Revenue contribution of APEJ smart machines market in global smart machines market is expected to increase at a CAGR of 19.7% from 2016 to 2024. The smart machines market in Europe is anticipated to gain 54 BPS points in 2026 as compared to that in 2015. This is attributed to increasing demand for smart machines in European countries for the automation of various industrial, construction, and assembly line processes.

The U.S. accounted for more than 90% market share of the North America smart machines market in the year 2015. The market in Mexico accounted for 27% market share of Latin America smart machines market and is expected to show a significant growth rate of nearly 16.1% over the forecast period.

Enterprises have been realizing the importance of speech processing as it provides better mobility to their customers. Voicing commands are proving to be a faster and easier way of accessing information. Therefore, enterprises are focusing on investing in improving their speech processing models.

Currently, there is an increasing preference for more connectivity, especially in a case of smart wearable and hand held gadgets by customers. Syncing of smart phones, tablets, cars, and wearable devices leads to a generation of vast amounts of data (big data). Hence, this big data creates enormous opportunities for various enterprises to improve their business processes.

Key players in the global smart machines market include Apple Inc., Google Inc., Microsoft Corporation, BAE Systems, Creative Virtual Ltd., Digital Reasoning Systems, Inc., IBM Corporation, Narrative Science Inc., Rethink Robotics, ABB Limited, Rockwell Automation, Inc., and General Electric Co. others.

smart-machines-market

Company Profiles (Overview, Revenue, Products & Services)

  • Alchemy API Inc.
  • Apple Inc.
  • Digital Reasoning
  • Google Inc.
  • IBM Corporation
  • Narrative Science Inc.
  • Microsoft Corporation
  • BAE Systems
  • Creative Virtual
  • Rethink Robotics
  • Other
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