Smart Machines Market Is Expected To Witness CAGR Of 19.3% During The Forecast Period (2019-2027)

Smart machines are intelligent devices that utilize machine-to-machine (M2M) technology to perform different tasks independently without human interference. These machines provide high accuracy while performing repetitive tasks even at high speed. Constant development in technology and increased R&D activities have improved smart machines significantly. Deployment of smart machine in various industries has proved to be beneficial for various organizations since it reduces errors thereby preventing wear and tear of mechanical components. Furthermore, smart machines are trained to learn from surrounding can carry out processes. Increasing adoption of driverless cars, robots, and cognitive systems has supported implementation of smart machines across various industry verticals.

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Market Driver

Increasing requirement to process and analyze big data is expected to drive growth of the global smart machines market during the forecast period

The availability of huge amount of data has necessitated more clarity in various industries. The processing of such kind of data surpasses human capabilities and also some traditional machines. On the contrary, smart machines have the capability of collecting relevant information from huge amount of data and utilize it for appropriate decision making. For instance, IBM Watson, with access to huge amount of data, was able to beat human contestants at the quiz show "Jeopardy!" proving that smart machines can handle big data efficiently. Therefore, increasing demand to process and analyze big data is expected to boost growth of the global smart machines market over the forecast period.

Market Opportunity

Incorporation of speech processing in smart machines is expected to present lucrative business opportunity over the forecast period

Organizations have realized the significance of speech processing as it offers better mobility and connection to customers. Moreover, voice commands and queries are proving to be easier and faster method of accessing vital information. Hence, organizations are increasingly investing in improving their speech processing models. For instance, major IT organizations such as IBM Corporation, Apple Inc., Google Inc., and Microsoft Corporation have introduced virtual assistants based on speech processing. Furthermore, researchers are focused on implementation of new developments in smart machines. For the longer run, many researchers and scientists are pointing at the need to align these robots with human values and common sense. It would not be able to store data and follow algorithms only it can interpret data like humans. Smart machines in the future will see the need to mimic human thinking.

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Market Trends

North America Trends

Governments in various countries of this region are investing significantly in new technologies and industrial advancements. Currently, North America holds dominant position in the global smart machines market in terms of drone adoption and is expected to retain its position during the forecast period. In the U.S., unmanned drones are replacing conventional aircrafts in an extensive fashion. These automated combat machines are not only eliminating the dangers faced by airborne fighter pilots, but is also increasing the efficiency of operations as compared to that using traditional methods. Moreover, remotely controlled drones are gaining significant traction in Canada. These autonomous drones find applications in construction operations and monitoring mining activities.

Europe Trends

There is high demand for smart machines in European countries, owing to automation of various industrial, construction, and assembly line processes. Moreover, increasing investments in R&D activities is expected to boost the demand for smart machines in the region. In terms of wearable devices, Switzerland holds dominant position in the European market. The wearable devices are used in medical and pharmaceutical sectors and also for automated parting and robotics. Furthermore, automated cars are gaining significant traction in mature markets such as Germany, Sweden, and Italy. Germany is a top investor in advanced technology and IoT.

Regulations

Asia Pacific

In Australia, laws for drone operations are:

Provided that a small UAV is operated not above 400ft AGL and remains clear of designated airspace, aerodromes and populous areas, there are no restrictions imposed upon the operation of a small UAV. The operator is responsible for ensuring that the UAV is operated safely and remains clear of potential low level traffic, structures, power lines etc., except where operation in close proximity is part of an operation authorized on the operator's operating certificate. The operator should consider the benefit of a thorough reconnaissance of the proposed route beforehand.
In Japan, any person who intends to operate a UA requires to obtain permission from the Minister of Land, Infrastructure, Transport and Tourism. These are the following regulations with regards to UA operation in the country:

Operation of UAs in the daytime

Operation of UAs within Visual Line of Sight (VLOS)
Maintenance of 30m operating distance between UAs and persons or properties on the ground/ water surface
Do not operate UAs over event sites where many people gather
Do not transport hazardous materials such as explosives by UA
Do not drop any objects from UAs
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 involved in product launching and enhancing, in order to expand their product portfolio. For instance, October 2019, Microsoft Corporation announced new capabilities for seamless, smart, and secure IoT world.
Key companies in the market are focused on product launch, in order to gain competitive edge in the market. For instance, in March 2016, Apple Inc. introduced its home automation framework, HomeKit, which can be controlled using WatchOS.
Segmentation

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This release was published on openPR.