The “Global Smart Machines Market, by Component (Hardware, Software, and Services), by Machine Type (Robots, Autonomous Car, Drones, Wearable Device, and Others), by Technology (Cloud Computing, Big Data, Internet of Everything, Robotics, Cognitive Technology, and Affective Technology), by Vertical (Manufacturing, Transportation and Logistics, Healthcare, Consumer Goods and Retail, Aerospace & Defense, and Others), and by Geography (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Global Forecast to 2027”, is expected to be valued at US$ 445.0 billion by 2027, witnessing a CAGR of 19.3% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
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.
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.
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.
Legal constraints faced by smart machines are expected to hamper growth of the global smart machines market over the forecast period
Emerging technologies have always faced legal constraints in various countries. Some constraints are regarding safety issue, while other are regarding privacy issues. As a result of this, manufacturing of smart machines gets halted and thereby hinder the market growth. For instance, in May 2014, Google Inc. launched a new wearable device named “Google Glass”, which became popular in a relatively short span of time. However, some countries have decided to discourage its use, owing to privacy issues.
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.
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.
In Australia, laws for drone operations are:
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:
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.
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.