Smart Machines Market

Market Snapshot

The smart machines market totaled US$ 40 Bn in 2021, and the industry survey by Persistence Market Research predicts revenue to increase 2.5X by the end of the decade. Increase in valuation of smart machines is anticipated at a CAGR of 19% over the forecast period (2021-2031). The South Korean market for smart machines is anticipated to surge at a phenomenal CAGR of 20.5%.

Key Points Covered in Smart Machines Industry Survey:

• Market estimates and forecast 2021-2031
• Key drivers and restraints impacting market growth
• Segment-wise, country-wise, and region-wise analysis
• Competition mapping and benchmarking
• Brand share and market share analysis
• Key product innovations and regulatory climate
• COVID-19 Impact on demand for smart machines and how to navigate
• Recommendation on key winning strategies

Adaption of AI and Machine Learning to Benefit Smart Machines Industry

Evolving trends of connected technology and machine learning have drastically radicalized many industries, and the industrial revolution of automation is slowly becoming more and more prominent. As we approach complete transformation with Industry 4.0, smart machines and AI-powered machines will gain momentum.

Smart machines from self-driving cars to building-sized supercomputers have grown in popularity and revolutionized the industry. The University of Florida’s AI supercomputer “HiPerGator” has been named as one of the most powerful supercomputers worldwide, according to rankings just released by TOP500. This is the most referenced global ranking of high-performance computing systems.

The possibilities with such supercomputers are endless, as these computing machines can enable us to compute various aspects and derive conclusions to answers that aren’t possible without such computing power.

Tesla has developed EVs from its inception and has become the foremost name in the EV car industry. However, Tesla’s cars are not just vehicles but they have proven to be smart machines in various aspects. Tesla’s autopilot feature, which is still in development, has shown promising results in its beta versions that are available to end users.

Driving assistance systems, autopilot features, and other technologies make Tesla vehicles a smart machine that can rival even the best of automotive giants in the world. From Tesla’s smart cars to supercomputers such as HiPerGator, smart machines and appliances are changing our perception and way of life rapidly.

Market Overview

The global smart machines market is expected to be valued at US$ 100 Bn by 2031-end, and expand at a CAGR of 19% during the forecast period (2021–2031). Among all machine types, 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 2021. Revenue contribution of APEJ smart machines market in global smart machines market is expected to increase from 2021 to 2031. European market is expected to see good growth which is attributed to increasing demand for smart machines in European countries for the automation of various industrial, construction, and assembly line processes.

The U.K. accounts for more than 1/3 market share of the European smart machines market. The market in Japan is expected to increase at a CAGR of 19%.

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.

Market Taxonomy: