Smart Machines Market Overview
Smart Machines Market is analyzed to grow at a CAGR of 15.8% during the forecast 2023-2028 to reach $230 billion by 2028. Machines and tools of daily use as well as those used in complex industrial processes have evolved considerably in the last few decades. The rising demand for improved technologies such as artificial intelligence and its integration with the Internet of everything across various industries is driving the smart machine market growth. Moreover, growing investment in the research and development of the various industries coupled with huge adoption of industrial automation solutions tend to drive the Smart Machines Market growth during the forecast period. Machine to machine technology (M2M) and usage of robotic process automation in logistic industry is gaining huge popularity for maintaining efficient management solutions is propelling the market growth. Smart machines such as intelligent assistant solutions minimizes human intervention in the industry and ensure a superior performance as compared to humans. These factors have brought significant growth in the demand of smart machines, further driving its market growth.
The report: “Smart Machines Industry Outlook – Forecast (2023-2028)”, by Industry ARC covers an in-depth analysis of the following segments of the Smart Machines Market.
By Component: Hardware, Software and
By Type: Autonomous systems, Expert systems, Wearable devices, Intelligent systems, Digital assistance, Embedded systems and Others.
By End-Use Industry: Automotive, Consumer Electronics, Manufacturing, BFSI, Transportation and Logistics, Chemicals, Food & Beverages, Energy & Utility, Healthcare, Aerospace and Defense and Others.
By Geography: North America(U.S., Canada and Mexico); Europe(U.K., Germany, Italy, France, Spain, Russia, Rest of Europe); APAC (China, Japan, South Korea, India, Australia, Rest of APAC); South America (Brazil, Argentina, Rest of Americas); Row (Middle East & Africa).
- Growing demand for automation and technological advancements across various end-use industries for a wide range of applications is analysed to significantly drive the Smart Machines Market during the forecast period 2023-2028.
- Autonomous systems are analysed to hold highest share 28.67% in 2021 owing to its huge adoption across various industries for wide range of applications.
- Manufacturing sector is expected to hold the highest market share 25.11% in the forecast period owing to the increasing automation coupled with increasing R&D investments.
- Asia-Pacific is analysed to hold the highest share in 2021 owing to the huge scope for industrialization and increasing investments across various industries owing to acceptance of various IoT solutions.
Smart Machines Market Share, By Region, 2021 (%)
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Smart Machines Market Segment Analysis - By Type
By Type, the Smart Machines Market Report is segmented into Autonomous systems, Expert systems, Wearable devices, Intelligent systems, Digital assistance, Embedded systems and Others. Autonomous systems is analysed to hold highest share 28.67% in 2021 owing to its huge adoption across various industries for wide range of applications. With the integration of artificial intelligence technology with the various systems to increase flexibility and efficiency of an industry is anticipated to drive the demand of autonomous systems across the global industrial sector. At large, the concept of autonomy in technology tends to be linked with independence such as a self-driving car, for instance, is a great example of an autonomous system. Autonomous systems offer wide range of applications which includes modelling and simulation, digital signal processing, software engineering, sensor technologies and many others which tend to be major driving factor for the Smart Machines Market growth.
Smart Machines Market Segment Analysis–By End-Use Industry
By End-use Industry, the Smart Machines Market Report is segmented into Automotive, Consumer Electronics, Manufacturing, BFSI, Transportation and Logistics, Chemicals, Food & Beverages, Energy & Utility, Healthcare, Aerospace and Defense and Others. Manufacturing industry is analysed to hold the highest share 25.11% during the forecast period 2023-2028 owing to the increasing automation coupled with increasing R&D investments in this sector. The manufacturing companies are majorly focusing on increasing their production capacities in order to reduce costs and strengthen their competitive position by increasing their production efficiency through adoption of various smart machine solutions, thereby driving the market. Smart machines assist various manufacturing companies in improving accuracy, and minimizing operation costs, thereby achieving superior quality, uniformity, and safety. Therefore, increasing demand for energy-efficient manufacturing operations is anticipated to drive the demand for smart machines, further enhancing its market growth. Moreover, increasing investments in manufacturing sector for achieving Industry 4.0 revolution is analyzed to significantly drive the demand of smart machines during the forecast period in the sector.
Smart Machines Market Segment Analysis – By Geography
Asia-Pacific is analysed to be the major region with a share of 38% in 2021 for the Smart Machines Market owing to the huge scope for industrialization and increasing investments across various industries owing to acceptance of various IoT solutions. For instance, according to World Bank Reports, investments done in manufacturing sector in Asia-Pacific region were recorded $437.42 billion in 2020. Additionally, high government investments in the field of IoT and AI to develop intelligent systems for smart cities are expected to boost the Smart machine market in the Asia Pacific region. Leading economies such as China, Japan and South Korea are expected to dominate market growth owing to heavy investments in communication technologies, IoT, Artificial intelligence (AI) and other technological advancement across various industries. Moreover, India is expected to be a major contributor in the Smart Machine market growth during the forecast period owing to the increasing investments in the AI technology. For instance, according to IBEF, investment in AI startups in India has grown to US$ 85 million in 2020 from US$ 44 million in 2017. AI adoption is led by banking and financial services, retail, healthcare and manufacturing. Around 62% of enterprises are using AI by the end of 2020, and this is expected to increase to 80% by 2022. This huge adoption of AI technologies will bring significant growth in the demand of Smart machines, further driving its market growth.
Smart Machines Market Drivers
Growing demand of automation solutions coupled with technological advancement across the globe is driving the Smart Machines Market growth
Increasing demand of automation solutions across various industries in the global market has brought a significant growth in the demand of Smart Machines solutions. It is expected to continue this trend due to the increasing adoption of IoT monetisation solutions among organisations, as they are finding ways to monetize IoT through revenue-generating products and services or differentiate their core product and service offerings with innovative business models. For instance, the Government of India has taken several initiatives that have encouraged most of the IoT spending coupled with its integration with artificial intelligence technology. 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. With the incorporation of Industry 4.0, smart machines and AI-powered machines will gain momentum during the forecast period. These factors tend to significantly drive the Smart Machines Market growth across the globe.
Increasing adoption of smart machine solutions for wide range of applications in Healthcare sector is propelling its market growth
Increasing demand of smart machine solutions across various healthcare organizations for a wide range of applications is analysed to bring significant growth in the Smart Machines Market growth. The rise in demand for patient care and continuous monitoring has put considerable pressure on medical staff and will positively impact the market growth in healthcare applications. With the outbreak of Covid-19 across the globe which has disrupted the healthcare sector of various countries has brought a huge demand for the smart machine solutions to handle the patients with high efficiency and flexibility. For instance, Aethon launched TUG Robot Cleaning solution to enhance the working efficiency of healthcare organizations. TUG is just like any other piece of frequently touched medical equipment with high-touch surfaces and offers cleaning wide range of medical equipment. These developments tend to drive the market growth of smart machines in the healthcare sector.
Smart Machines Market Challenges
Lack of skilled workforce coupled with issues of unemployment is analysed to hamper the Smart Machines Market growth
One of the most important factors restraining the market growth of Smart Machines Market across the global is the lack of a skilled workforce, expertise and the absence of standards and protocols for the usage of smart machines across various industries. Smart machines can very useful for operators with wrong intentions and may cause severe damages to the industries and operators if not controlled and monitored properly. Nevertheless, the advancements in technologies, increasing the importance of automation, and the need to eliminate human errors and untapped potential in emerging markets may cause major issues of unemployment. These factors are analysed to bring major challenges in the smart machine market growth during the forecast period.
Smart Machines Industry Outlook
Production Innovation, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Smart Machines Market. In 2021, the market of Smart Machines industry outlook has been fragmented by several companies. Smart Machines top 10 companies include
- Apple Inc.
- BAE Systems
- Digital Reasoning Systems, Inc.
- General Electric
- Google Inc.
- IBM Corp.
- KUKA AG
- Mobile Industrial Robots A/S
- Clearpath Robotics
- In December 2020, Mobile Industrial Robots launched 8 certified system integrators to keep up with the increasing market demands for autonomous mobile robots especially for the transportation and logistic industry.
- In March 2020, Aethon launched TUG Robot Cleaning solution to enhance the working efficiency of healthcare organizations. TUG is just like any other piece of frequently touched medical equipment with high-touch surfaces and offers cleaning wide range of medical equipment.
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Smart Factory and Industrial Automation Market – Forecast (2021 - 2026)
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