What Has Been The Evolution of the Smart Machines Market in Recent Years?
The smart machines market has seen considerable growth due to a variety of factors.
• Over the past few years, the smart machines market size has seen rapid expansion. The market is predicted to scale from $200.07 billion in 2024 to $227.58 billion in 2025, suggesting a compound annual growth rate (CAGR) of 13.8%.
Factors contributing to its substantial growth during the historic period include the surge in digitization and cloud technologies, enhanced demand for automation to ensure efficiency and quality, increasing need for automation solutions in tandem with technological progress, a rise in the necessity of automation to eradicate human errors, and a growing acceptance of smart machine solutions.
How Will the Smart Machines Market?
The smart machines market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the smart machines market is predicted to experience substantial growth, reaching $376.69 billion in 2029 with a compound annual growth rate (CAGR) of 13.4%.
The prediction for growth in this period is driven by several factors, including an uptick in the industrial internet of things (IIoT), the emergence of 5G and edge computing, the uptake of cutting-edge technology across various industry verticals, increasing government support for the production and use of machines, and an increased demand for cloud-based manufacturing solutions. The forecast period also expects to observe developments in artificial intelligence, a growing awareness towards eco-friendly manufacturing practices, the rise in edge computing technologies for manufacturing, the embrace of digital twins and simulation tools for predictive maintenance and optimization, as well as the digitalization of manufacturing in relation to Web3 and blockchain technology.
Which Factors Are Boosting Growth In The Smart Machines Market?
The demand for improved data accessibility across different industries is predicted to fuel the expansion of the smart machine market. Here, data accessibility implies the ability of a company's workers to extract data from databases and utilize it optimally. Smart machines are significantly dependent on data accessibility as it allows access to varied and relevant data, thereby improving performance and flexibility. For instance, a survey of 559 individuals conducted by BARC (Business Application Research Center), a Germany-based research firm specializing in business software, in June 2022 reported that big data users saw an 8% profit rise and a 10% cost reduction. Moreover, about 69% attributed better strategic decisions to big data, and 54% stated it enhanced their management of operational procedures. Consequently, the escalating need for improved data accessibility across diverse industries is anticipated to boost the smart machine market's growth.
What Key Areas Define The Segmentation Of The Global Smart Machines Market?
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
Subsegments:
1) By Hardware: Sensors, Actuators, Processors, Communication Devices, Connectivity Modules
2) By Software: Operating Systems, Application Software, Data Analytics Software, Artificial Intelligence (AI) Software, Security Software
3) By Services: Consulting Services, Integration Services, Maintenance And Support Services, Training Services, Managed Services
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What Trends Are Reshaping The Future Of The Smart Machines Market?
In the smart machine market, prominent companies are pioneering novel technologies like face identification technology to boost security, personalization, and device-user interaction. Face identification technology is a biometric method that applies facial recognition algorithms to authenticate or recognize a person based on distinct facial attributes. For example, in December 2022, Hyundai Motor Company and Kia Corporation, automotive manufacturers based in South Korea, launched the DAL-e Delivery Robot. The DAL-e Delivery Robot showcases a refined design that improves its delivery function, enabling it to transport up to 16 coffee cups or objects weighing no more than 10 kg while autonomously maneuvering through intricate environments. It incorporates face identification technology. Powered by four Plug & Drive (PnD) modules, the DAL-e Delivery Robot can attain velocities of up to 1.2 m/s (roughly 2.7 mph) using sophisticated autonomous driving technology that identifies obstructions and effortlessly navigates crowded spaces.
Who Are the Key Players In The Smart Machines Market?
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.
What Is The Most Dominant Region In The Smart Machines Market?
North America was the largest region in the smart machines market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart machines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
