SMART MACHINES MARKET ANALYSIS

Smart Machines Market, by Component (Hardware, Software, and Services), by Machine Type (Robots, Autonomous Car, Drones, Wearable Device, and Others), by Technology (Cloud Computing, Big Data, Internet of Everything, Robotics, Cognitive Technology, and Affective Technology), by Vertical (Manufacturing, Transportation and Logistics, Healthcare, Consumer Goods and Retail, Aerospace & Defense, and Others), and by Geography (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

Market Insights - Global Smart Machines Market

Press Release

https://www.coherentmarketinsights.com/press-release/smart-machines-market-2760

Market Overview

A smart machine is an intelligent device embedded with machine-to-machine technology to perform various tasks autonomously, without human interventions. These machines use deep learning, machine learning, and artificial intelligence to reason, make decisions, problem-solve and take action. Smart machines include robots, drones, smart wearable, self-driving cars, and other cognitive computing systems. Robots are automated machines used in various industrial verticals to make the process automated. Robots are built with artificial intelligence and natural language processing. They can be trained to carry out processes and learn from their surroundings. Moreover, autonomous cars are full driverless cars integrated with different sensors such as geo sensors and advanced technologies such as IoT.

The global smart machines market accounted for US$ 108.1 Bn in terms of value in 2019.

Market Dynamics - Drivers

Increasing requirement for enhanced data accessibility in various industries is expected to drive growth of the global smart machines market during the forecast period

Smart machines are deployed to improve networked resources and incorporate distributed intelligence in manufacturing industries. Integration of devices provides more flexibility and accessibility. Smart machines can be connected to a broader network of connected devices, thereby facilitating the user to share data on several devices. Furthermore, this also facilitates user to connect and access their devices from anywhere and anytime. For instance, Google Inc. offers syncing and accessing of data across all devices supporting Android and iOS. Hence, the need for improved data accessibility is expected to boost the global smart machines market growth during the forecast period.

Adoption of innovative technology in numerous industry verticals is expected to propel the global smart machines market over the forecast period

Artificial intelligence and cognitive computing are essential technologies used for manufacturing of smart machines. These technologies have ability to learn from their surroundings and interact, and reprogram themselves. Various industries around the world are rapidly replacing conventional machines with smart machines, which in turn, is accelerating growth of the market. For instance, Rethink Robotics designs and markets robots that can be easily trained and modified, even by a non-technical person. Their robot, Baxter, built using cognitive computing and artificial intelligence has already been deployed in many factories. Therefore, these factors are expected to support the market growth over the forecast period.

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North America region dominated the global smart machines market in 2018, accounting for 39.4% share in terms of value, followed by North America, Europe, MEA and Latin America, respectively.

Source: Coherent Market Insights

Market Dynamics- Restraints

Certain performing issues with self-learning machines are expected to hinder the global smart machines market growth during the forecast period

Smart machines are built to learn from their mistakes though it requires special training to implement this mechanism. If smart machines cannot recognize their mistakes and rectify them and rather learn the wrong things, it could lead to severe problems for the end user. For instance, Microsoft Corporation launched a chat bot on Twitter, with the name Tay. Although Tay was created for casual and fun chatting, its self-learning algorithm started causing malfunctioning in it. In fact, it started picking up people’s opinions and learning from them and was soon posting inappropriate comments on Twitter. Hence, such factors are expected to hinder the market growth in the near future.

Legal constraints faced by smart machines are expected to hamper growth of the global smart machines market over the forecast period

Emerging technologies have always faced legal constraints in various countries. Some constraints are regarding safety issue, while other are regarding privacy issues. As a result of this, manufacturing of smart machines gets halted and thereby hinder the market growth. For instance, in May 2014, Google Inc. launched a new wearable device named “Google Glass”, which became popular in a relatively short span of time. However, some countries have decided to discourage its use, owing to privacy issues.

Market Opportunity

Integration of speech recognition is expected to present lucrative business opportunity for market players

Smart machines integrated with speech recognition systems have gained significant popularity among users though they are available in limited languages. Increasing use of smart-speech integrated devices is expected to offer excellent growth opportunity for market players in the near future. For instance, Virtual assistants such as Apple Inc.’s Siri continues to expand their linguistic abilities. Moreover, technologies used in smart machines are as basic as detecting leaks, cracks, etc. Technology providers can integrate sensor technology in the near future in smart machines, which can enhance user’s sense and help them to be more aware of the surrounding. For instance, BAE Systems offers products embedded with smart sensors such as its Striker Helmet.

Introduction of autonomous technology by various enterprises is expected to pose major market opportunity

Autonomous robots are being used in various industries such as manufacturing, automobile, and others, in order to increase the efficiency and productivity. Organizations are frequently introducing autonomous cars and drones in the global market. Autonomous drones for military are being accepted as a replacement for fighter planes. Enterprises are collaborating with the automation industry to produce better autonomous vehicles. For instance, in June 2016, IBM Think entered into partnership with Local Motors and introduced Olli, a self-driving public transport.

Source: Coherent Market Insights

Global hardware based smart machines market was valued US$ 62.9 Bn in 2018 and is forecasted to reach a value of US$ 296.5 Bn by 2027 at a CAGR of 18.9% between 2017 and 2027.

Market Trends

Paradigm shift from individual devices to synced devices

Currently, customers are focused on more connectivity, especially in case of wearable and hand-held gadgets. Syncing of smart phones, tablets, cars, and wearable devices leads to generation of vast amounts of data (big data). Hence, this big data creates enormous opportunities for various enterprises to improve their business processes. For instance, tech giants such as Apple Inc. are introducing better accessibility to their customers by connecting all devices. Moreover, this trend is expected to continue during the forecast period.

Trends by technology

Innovative concepts such as smart cities can be implemented with the use of the Internet of Everything (IoE), which helps to enhance work environment and productivity in the commercial sectors. Various organizations such as offices and retail stores are touted to invest in smart buildings. Moreover, various data analytics companies are focused on adopting cognitive computing technology, in order to offer better insights to customers. Cognitive computing technology offers efficient processing of big data and making of user-specific reports. However, enterprises working on cognitive computing are facing errors and glitches in technology, which in turn, is encouraging adoption of affective computing.

Segment information:

In Global Smart Machines market, by technology segment, the cloud computing sub-segment dominated the global market in 2018, accounting for 41.7% share in terms of value, followed by robotics, cognitive technology, big data, affective technology, internet of everything, respectively.

Source: Coherent Market Insights

Regulations

Europe

In the U.K., the Civil Aviation Authority has listed rules for operating drones:

Make sure you can see your drone at all times and don't fly higher than 400 feet
Always keep your drone away from aircrafts, helicopters, airports, and airfields
Use your common sense and fly safely; you could be prosecuted if you don't

Drones fitted with cameras must not be flown:

Within 50 meters of people, vehicles, buildings or structures
Over congested areas or large gatherings such as concerts and sports events

Value Chain Analysis

Source: Coherent Market Insights

Competitive Section

Key players operating in the global smart machines market are Google Inc., Apple Inc., Rethink Robotics, BAE Systems, Narrative Science Inc., Creative Virtual Ltd., Microsoft Corporation, Digital Reasoning Systems, Inc., and IBM Corporation.

Key Developments

Major market players are focused on strategic alliance, in order to enhance their market presence. For instance, in July 2018, Rethink Robotics entered into agreement with ten new distribution partners throughout the U.S., Asia Pacific, and Europe.
Key companies in the market are involved collaborations and partnerships, in order to gain competitive edge in the market. For instance, in April 2016, Microsoft collaborated with Rolls-Royce, for the latter to integrate Microsoft Azure IoT Suite and Cortana Intelligence Suite to provide better service to its customers.

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