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Smart Machines Market: Outlook and Forecast by 2024
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The smart machines market in Asia-Pacific held the largest market share in 2015. Revenue contribution of APEJ smart machines market in global smart machines market is expected to increase at a CAGR of 19.7% from 2016 to 2024. The smart machines market in Europe is anticipated to gain 54 BPS points in 2026 as compared to that in 2015. This is attributed to increasing demand for smart machines in European countries for the automation of various industrial, construction, and assembly line processes.
The U.S. accounted for more than 90% market share of the North America smart machines market in the year 2015. The market in Mexico accounted for 27% market share of Latin America smart machines market and is expected to show a significant growth rate of nearly 16.1% over the forecast period.
Enterprises have been realizing the importance of speech processing as it provides better mobility to their customers. Voicing commands are proving to be a faster and easier way of accessing information. Therefore, enterprises are focusing on investing in improving their speech processing models.
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Currently, there is an increasing preference for more connectivity, especially in a case of smart wearable and hand held gadgets by customers. Syncing of smart phones, tablets, cars, and wearable devices leads to a generation of vast amounts of data (big data). Hence, this big data creates enormous opportunities for various enterprises to improve their business processes.
Key players in the global smart machines market include Apple Inc., Google Inc., Microsoft Corporation, BAE Systems, Creative Virtual Ltd., Digital Reasoning Systems, Inc., IBM Corporation, Narrative Science Inc., Rethink Robotics, ABB Limited, Rockwell Automation, Inc., and General Electric Co. others.
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