Smart Machines Market

Market Overview

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. 

Market Estimates

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.

Market Trends

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.

Competitive Landscape

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.

Key Segments Covered