Smart Machines Market Set to Grow at over 18.20% CAGR until 2028

IMARC Group, a leading market research company, has recently releases report titled "Smart Machines Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The study provides a detailed analysis of the industry, including the global smart machines market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights
How big is the smart machines market?
The global smart machines market size reached US$ 185.86 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 552.76 Billion by 2028, exhibiting a growth rate (CAGR) of 18.20% during 2023-2028.

What is smart machines?
Smart machines refer to advanced cognitive computing systems that possess the capability to autonomously make decisions and solve problems without requiring human intervention. This category includes a wide range of devices, such as drones, industrial equipment, robots, autonomous vehicles, household appliances, and wearable devices. These machines are equipped with various cognitive computing technologies and machine-to-machine (M2M) capabilities, enabling them to independently solve problems and make decisions.

The technologies employed in smart machines encompass cloud computing, artificial intelligence (AI), natural language processing (NLP), the Internet of Things (IoT), machine learning (ML), and deep learning. Across industries, smart machines perform a multitude of tasks, including conducting inspections, manufacturing products, interacting with customers, monitoring patient health, and assisting in farming activities.

Furthermore, smart machines bring numerous advantages to the table. They significantly enhance productivity, reduce the need for manual labor, promote sustainability, minimize energy consumption, save time, facilitate better decision-making processes, and improve worker safety. Consequently, these intelligent machines find widespread adoption in various industrial sectors globally, including automotive, consumer electronics, healthcare, power generation, defense, aerospace, and agriculture industries.

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What are the growth prospects and trends in the smart machines?
The automotive industry's escalating demand for smart machines is the primary driver of the market. These intelligent machines play a crucial role in conducting repairs, providing predictive maintenance alerts, assembling automotive parts, and enhancing customer experiences. Additionally, their utilization in autonomous vehicles to optimize routes, navigate roads, and monitor performance significantly influences market growth.

Furthermore, the manufacturing sector is witnessing increased adoption of smart machines in various processes. They contribute to data collection, quality control, analysis, and the execution of repetitive tasks with utmost precision and accuracy, such as unloading, loading, storing, stacking, and assembling products. This widespread use in manufacturing is a significant factor contributing to market growth.

The healthcare industry has also embraced smart machines for several purposes. These include minimally invasive surgeries (MIS), virtual check-ups, patient vitals monitoring, and automated diagnostic testing, which are driving market expansion. Moreover, the emergence of speech recognition technology enables natural conversations with machines, offering personalized recommendations and reducing the need for manual input, thereby accelerating the adoption rate.

The development of swarm robotics, involving the coordinated efforts of controlled small robots to perform complex tasks, is further augmenting market growth. This technology improves efficiency, saves time, and enhances productivity in various applications.

The application of smart machines for industrial automation, ensuring consistent quality, reducing operational costs, and increasing production rates, is also propelling market growth. Different regions experience varying growth rates, with the Asia Pacific region leading as the largest smart machine market due to rapid industrialization, increasing automation demand, and significant technological advancements.

Furthermore, the defense industry's adoption of smart machines, along with new product launches and extensive research and development (R&D) activities and mergers and acquisitions (M&A) among key market players, contribute to a positive market outlook. For example, a partnership between Creative Virtual and Spitch AG in February 2020 aimed to deliver advanced technology solutions to customers.

What is included in market segmentation?
The report has segmented the market into the following categories:

Component Insights:
• Hardware
• Software
• Services
Machine Type Insights:
• Robots
• Autonomous Cars
• Drones
• Wearable Device
• Others
Technology Insights:
• Cloud Computing Technology
• Big Data Technology
• Internet of Everything
• Robotics
• Cognitive Technology
• Affective Technology
Application Insights:
• Automotive
• Consumer Electronics
• Healthcare
• Industrial
• Logistics and Transportation
• Military, Aerospace and Defense
• Security
Breakup by Geography:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Who are the key players operating in the industry?
The report covers the major market players including:

• ABB Ltd
• Apple Inc.
• BAE Systems plc
• General Electric Company
• Google LLC (Alphabet Inc.)
• International Business Machines Corporation
• KUKA AG (Midea Group Co. Ltd.)
• LG Electronics Inc.
• Microsoft Corporation
• Smarsh Inc.

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This release was published on openPR.