Smart Machines Market Poised to Rake US$ 258.5 Bn by 2024

According to a report by Persistence Market Research, “Global Market Study on Smart Machines: Industry Analysis and Forecast, 2016-2024”, the market is expected to reach the value of US$ 258.5 Bn at the end of 2024. The market valued US$ 55.3 Bn at the end of 2015 and is projected to expand at a staggering CAGR of 18.1% through the forecast period.

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The projected market trend is the result of increasing preference for connectivity and handheld gadgets from the consumers such as smart wearable devices, smartphones, tablets, and cars. These devices generate massive amounts of data, hence generating opportunities for enterprises to improve their business processes. The demand for smart machines is driven by the rising need for processing and analyzing big data pertaining to various market sectors such as defense, aerospace, manufacturing, and healthcare.

In terms of component, the global market is segmented into hardware, software, and service. On the basis of machine type, the global market is segmented as autonomous cars, drones, robots, wearable device, and others. The autonomous cars segment is anticipated to expand at the fastest rate as increasing number of manufacturers are focusing towards building autonomous cars for safer travel.

In terms of technology, the global smart machines market is segmented as cloud computing technology, big data, internet of everything, robotics, cognitive technology, and affective technology. Affective technology is projected to rise at a substantial CAGR through the forecast period as various enterprises are focusing towards affective technology owing to errors and glitches in cognitive technology projects.

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In terms of vertical, the global market is segmented as manufacturing, transportation & logistics, healthcare, consumer goods and retail, aerospace & defense, and others. Smart machines are expected to find applications in commercial and agricultural sector, especially in regions with low labor availability such as Australia.

In terms of region, the global market is segmented as North America, Latin America, Europe, Asia Pacific, and The Middle East and Africa. Asia Pacific is the leading region in terms of revenue and is expected to continue the market trend with the regional market projected to rise at a healthy 19.7% CAGR in terms of revenue through the forecast period. Europe is expected to witness strong growth owing to the rising demand for smart machines in the European countries due to rising adoption of automation in various, construction, industrial, and assembly line processes. North America is projected to register healthy growth with the U.S. accounting for over 90% share in the regional market. Mexico accounted for 27% of the regional market share in Latin America and is projected to rise at 16.1% CAGR through the forecast period.

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

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