Global smart machine tools market Information, by Type (Embedded systems, Expert system, Autonomous robot), by Application (Automotive, Aerospace, Logistics, Consumer Electronics, Defence, Healthcare) - Forecast 2022
Market Research Future (MRFR), on the global market of smart machines, states that it is expected to expand at a lucrative CAGR across the forecast period of 2016 to 2022. Smart machines are effectively eliminating human error, which is increasing the precision of tasks. This is expected to surge the global smart machine tools market.
Some of the important key players that are functioning in global smart machines market are; Apple Inc.(U.S.), IBM Corporation (U.S.), Google Inc.(U.S.), BAE Systems (U.K.), ABB Limited (Switzerland), LG Electronics (South Korea), Digital Reasoning Systems, Inc.(U.S.), Microsoft Corporation (U.S.), General Electric Co. (U.S.), and others. Both, the growing competition among key players and deals between them are expected to work favor the market growth.
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Smart machines are highly efficient in performing repetitive tasks at high speeds with accuracy. They operate autonomously and aid in the prevention and correction of multiple processing errors. Status updates provided by these systems to high-level control systems are, via exchange of information with other automation systems. Smart machines are empowered with an extensive sensor network. As a result, their work quality is higher than conventional methods and uptime is shorter. Their learning process is through application-specific algorithms, hence they can upgrade their performance over short span of time. These factors are likely to impel the global smart machine tools market growth.
Technological breakthroughs are aiding the smart machine tools market to gain global foothold. Moreover, hefty investments are made by numerous enterprises to improve productivity and operational efficiency of smart machines. Alongside, launch of favorable government initiatives and rise in the importance of automation are likely to bolster the market growth. However, rising issues of unemployment can pose a threat to the market growth.
The smart machines market has been segmented by type and application.
By type, the market has been segmented by digital assistance, autonomous robots, expert system, and embedded systems, and others. The expert systems segment, followed by the autonomous robots segment, is expected to expand at a high CAGR across the assessment years. Advancements in robotics are likely to contribute to gaining momentum for the market in the foreseeable future.
By application, the smart machines market has been segmented into consumer electronics, automotive, logistics, healthcare, aerospace and defense, and others. In the healthcare industry, the rise in need for more effective patient care and growing need to continuously monitor a patient’s health status are being meet by smart machines that are effectively reducing the pressure on medical staffs. In the automotive industry, smart machines are enabling assisted driving that is expected to positively impact the market. Smart machines are also widely used across the consumer electronics sector, which is likely to gain significant traction for the market.
The North America smart machine tools market is expected to gain global foothold in the coming years. The United States is expected to exhibit the highest CAGR in the review years. The increase in adoption of smart machines in the ever-expanding manufacturing and the service sectors of the region are factors that are expected to scale-up the regional market. In addition, the high prevalence of modern computing technologies, such as machine learning, deep learning, and artificial intelligence (AI) and growing inclination of tech-savvy people towards robots and self-driving cars are strengthening the regional base for the smart machines market growth to surge. In Europe, as automation trends across different industries, smart machines are likely to gain popularity. The rise in cognizance about smart machines and surge in their adoption are expected to propel the APAC market.
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