Global Smart Machines Market Value to Increase from US$ 55.3 Bn in 2015 to US$ 258.5 Bn
by 2024, Asia Pacific to Remain the Largest Market with Nearly 40% Revenue Share
Persistence Market Research (PMR) delivers key insights on the global smart machines market in
its upcoming report titled, “Smart Machines Market: Global Industry Analysis and Forecast, 2016-
2024”. In terms of value, the global smart machines market is projected to register a healthy CAGR
of 18.8% during the forecast period. This is attributed to various factors, regarding which PMR
offers vital insights in detail.
On the basis of a component, the global smart machines market has been segmented into hardware,
software, and service. Demand for smart machines is enhanced by increasing need to process and
analyze big unstructured data among different sectors such as manufacturing, healthcare, aerospace,
and defense. On the basis of machine type, the global smart machines market has been segmented
into robots, autonomous cars, drones, wearable electronics and others.
On the basis of technology, the global smart machines market has been segmented into cloud
computing, big data, internet of everything (IoE), robotics, cognitive technology and effective
technology. Affective technology segment is expected to expand with a substantial CAGR over the
forecast period. Various enterprises working on cognitive computing are facing glitches and errors
in technology. This, in turn, is encouraging adoption of affective computing. Cognitive computing
technology enables emotions linking to a robot, assisting the robot in making rational decisions and
performing more complex tasks.
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Smart machines are deployed to enhance networked resources and implement distributed
intelligence in manufacturing industries. Integration of devices provides more accessibility. Smart
machines can be easily connected to a broader network of connected devices, enabling users to
share data on numerous devices. This ensures users to connect/access their devices from anywhere
and anytime. This is expected to fuel demand for smart machines in various industries. The market
in Australia is expected to witness substantial growth in adoption rates of smart machines over the
next five years. Autonomous robots are expected to find applications in agriculture and commercial
sectors to overcome the lack of labor in the country. Australia-based companies have also been
investing significantly in advanced technologies such as IoT.
Smart machines are programmed to make intelligent decisions in a time efficient manner. They are
built to learn from their interactions and their precision increases over time. Hence, new
developments in operational intelligence are encouraging companies to adopt systems that are
smarter and efficient. Narrative Science Inc., a company that offers analytical solutions uses its
virtual assistant Quill, which is programed using natural language processing to provide relevant
solutions.
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This report covers trends driving each segment and offers analysis and insights of the potential of
the smart machines market in specific regions. The markets in Europe, North America, and Asia
Pacific are expected to register high growth rates between 2016 and 2024. MEA is a small but
significant market for smart machines as governments in the Middle East countries are investing in
this sector to digitize government services. The market in Europe is expected to gain substantial
market share in terms of revenue. This is attributed to increasing demand for smart machines from
the automobile and manufacturing industries in countries such as Germany and France. The APAC