Smart Machines Market Size, Share, New Technologies, Strategies And Forecast 2033

The Business Research Company has released its latest global market reports, covering insights for 2024 and offering projections up to 2033.

The Business Research Company presents an extensive market research report on the Smart Machines Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The smart machine market size has grown rapidly in recent years. It will grow from $175.81 billion in 2023 to $200.07 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to rise in digitization and cloud technologies, increasing demand for automation to achieve efficiency and quality, growing demand of automation solutions coupled with technological advancement, rising need of automation and eliminating human errors, increasing adoption of smart machine solutions.

The smart machine market size is expected to see rapid growth in the next few years. It will grow to $331.92 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to increase in industrial internet of things (IIoT), rise of 5G and edge computing, adoption of innovative technology in numerous industry verticals, escalating favorable government initiatives for manufacturing and use of machines, growing demand for cloud-based manufacturing solutions. Major trends in the forecast period include advancements in artificial intelligence, awareness towards sustainable manufacturing practices, rising edge computing technologies in manufacturing, adoption of digital twins and simulation tools for predictive maintenance and optimization, digitalization in manufacturing for Web3 and blockchain technology.

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Key Market Players:

Major companies operating in the smart machines market report are Amazon.com Inc., Apple Inc., Alphabet Inc., Microsoft Corporation, Dell Technologies Inc., Robert Bosch GmbH, Sony Group Corporation, Siemens AG, General Electric Company, Panasonic Corporation, LG Electronics Inc., Intel Corporation, Qualcomm Technologies Inc., Oracle Corporation, Schneider Electric SE, Honeywell International Inc., 3M Company, Salesforce.com Inc., ABB Ltd., Hewlett Packard Enterprise, BAE Systems plc, BOE Technology Group Co. Ltd., Sharp Corporation, Koninklijke Philips NV, Pioneer Corporation, Corning Incorporated, Emerson Electric Co., Rockwell Automation Inc., KUKA AG, ST Engineering Aethon Inc.

Market Drivers:

The increasing requirement for enhanced data accessibility in various industries is expected to propel the growth of the smart machine market going forward. Data accessibility refers to an organization's employees' capacity to retrieve information from databases and make the most of it. Smart machines rely heavily on data accessibility for their accessibility to diverse and relevant data, which ensures better performance and adaptability. For instance, in June 2022, according to a survey of 559 respondents by BARC (Business Application Research Center), a German-based analyst firm that specializes in business software, those using big data saw an 8% increase in profit and a 10% reduction in cost. Further, around 69% cited better strategic decisions, and 54% said that big data improved their control of operational processes. Therefore, the increasing requirement for enhanced data accessibility in various industries will drive the growth of the smart machine market.

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The smart machines market covered in this report is segmented -
1) By Component: Hardware, Software, Services,
2) By Technology: Cloud Computing Technology, Big Data Technology, Internet of Everything, Robotics, Cognitive Technology, Affective Technology
3) By Machine: Robots, Autonomous Cars, Drones, Wearable Devices, Other Machines
4) By Verticals: Manufacturing, Transportation And Logistics, Healthcare, Consumer Goods And Retail, Aerospace And Defense, Other Verticals

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