New York, US, May 30, 2022 (GLOBE NEWSWIRE) -- Smart Machines Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Smart Machines Market Analysis by Type (Embedded systems, Expert system, Autonomous robot), by Application (Automotive, Aerospace, Logistics, Consumer Electronics, Defense, Healthcare) - Forecast 2030” valuation is poised to reach USD 410 Billion by 2030, registering an 21% CAGR throughout the forecast period (2021–2030).
Smart Machines Market Report Scope:
The smart machines market is expected to garner significant traction in the next few years. The smart machines concept is garnering significant market prominence, mainly due to the emergence of smart-factory innovation. Smart machines optimize customer asset performance, product quality, and safety. Integrated smart machines help manufacturers to make information-driven decisions by providing real-time data visualization in the cloud platform. Digital services have become an important cornerstone to the various industries driven by data management.
| Report Metric | Details |
| Market Size | USD 410 Billion |
| CAGR | 21% |
| Base Year | 2020 |
| Forecast Period | 2021-2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | IBM Corporation (U.S.), Apple Inc. (U.S.), BAE Systems (U.K.), Google Inc. (U.S.), L.G. Electronics (South Korea), Microsoft Corporation (U.S.), ABB Limited (Switzerland), Digital Reasoning Systems, Inc. (U.S.) and General Electric Co. (U.S.) |
| Key Market Opportunities | The rising interest in ceaseless patient consideration and observation has been fuelling interest in intelligent machines |
| Key Market Drivers | Rising applications in healthcare, automotive, consumer electronics, and military, industrial, aerospace & defense are pushing the growth |
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Enterprises are moving to connected environments, bringing together IT & OT systems into one network architecture. Smart machines provide unprecedented access to data, greater connectivity, and robust security, positioning businesses and customers for greater success. Therefore, enterprises are increasingly demanding smart machines that can be easily integrated into the facility, provide access to information, and enable the agile reaction to changing market demands.
Smart factory digitalization and efficiency have become a trend toward increasing efficiency, safety, and sustainability in manufacturing plants. Also, the use of artificial intelligence in manufacturing is growing continually. Smart machines use innovative solutions that capture and analyze real-time data to make life more efficient, economical & productive, and integrated & sustainable.
Smart Machines Market Segments
The market is segmented into components, verticals, and regions. Of these, the component segment comprises hardware, software, and services. By Vertical segment comprises transportation & logistics, manufacturing, consumer goods & retail, aerospace & defense, healthcare, and others. The region segment is sub-segmented into Asia Pacific, Europe, North America, and rest-of-the-world.
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Smart Machines Market Regional Analysis
North America leads the global smart machines market, emphasizing the conservation of the environment and low energy consumption. Besides, the presence of many notable technology providers & equipment manufacturers and high-end infrastructure development to enhance the network connectivity and IoT implementation are major factors impacting the regional market growth positively. With the availability of highly advanced technologies, the US dominates the regional market, followed by Canada.
Industry Trends
Governments worldwide are increasingly taking up initiatives to promote the smart manufacturing concept across industries to drive economic growth, which, in turn, positively impacts the market growth. Besides, original equipment manufacturers (OEMs) are realizing the benefits of the value-added features of providing IIoT-enabled machinery.
Besides, devices connected to the IoT are finding rising applications in industrial infrastructures. Additionally, 5G implementations in the manufacturing and utility sectors will contribute exponentially to the global economy. The 2020 pandemic has accelerated the use of IoT sensors, robots, and software to enable remote monitoring. This application has brought out the development of key technologies and features.
Kubernetes, the open-source system, has become the de facto standard for automating cloud computing applications. Additionally, Industry 4.0 and 5G are bringing incredible opportunities to the manufacturing sector. Also, trends such as enhanced mobile broadband use in wide-area connectivity for fleet maintenance & inbound logistics for manufacturing and the proliferation of augmented reality and remote access & maintenance create significant market opportunities.
Manufacturing companies are increasingly implementing technology solutions, such as process automation for plant asset management applications & monitoring, human remote control of automation equipment, and control-to-control communication. Manufacturing has evolved significantly, with new, advanced technologies driving the industry forward.
Manufacturing is driven by information and automation, implementing artificial intelligence, machine learning, sensors, and IoT. These technologies are essentially changing the way the manufacturing industry operates. Smart machines are becoming mainstream, witnessing rapid integrations of IoT and, machine learning & AI for remote monitoring through cloud services.
The increasing use of robotics to improve machine intelligence can reshape the business models and drive new revenue streams & cost containment strategies to boost market revenues. Smart machine providers empower innovators to create superior solutions by providing products that have unmatched levels of precision and ease of integration.
Manufacturing companies are collaborating with technology providers to leverage their know-how, products, and services, to gain the success of their businesses. OEMs have effectively deployed smart machines to escalate their value proposition to the next level and gain a margin-saving advantage in several different ways.
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Smart Machines Market Competitive Analysis
The smart machines market would witness significant strategic approaches, such as expansion, collaboration, mergers & acquisitions, and advanced technology integration. Leading industry players make strategic investments in driving research and development activities and fostering their expansion plans. The market is increasingly witnessing launches of new products and related technologies.
Dominant Key Players on Smart Machines Market Covered are:
- Apple Inc. (US)
- IBM Corporation (US)
- BAE Systems (UK)
- LG Electronics (South Korea)
- Google Inc. (US)
- Microsoft Corporation (US)
- Digital Reasoning Systems Inc. (US)
- ABB Limited (Switzerland)
- General Electric Co. (US)
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Recent Developments:
on May 05, 2022, Apex.AI, a leading developer of safety-certified software for mobility and autonomous applications, announced a strategic minority investment from Daimler Truck, a leading global commercial vehicle manufacturer. Apex.AI's scalable applications would drive software-defined vehicle development for the entire automotive industry.
The strategic Investment demonstrates Daimler Truck's focus on cutting-edge software that will enable the smart manufacturing of future trucks. Apex.AI develops scalable, safety-certified software for vehicles & smart machines. It has developed industry-leading automotive safety-certified software solutions, like the Apex. OS operating system.
Apex.AI's technologies enable the foundational infrastructure for smart machines required by the agriculture, mining, automotive, IoT and industrial automation industries. Apex.AI's powerful solutions are used in a wide range of industries to significantly shorten the development cycles of new mobility functions, created on the bedrock of software that has the highest safety standards.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
