by As artificial intelligence and machine learning technologies continue to progress, the applications of smart machines across various industry verticals are widening. Smart machines involve self-configuring robots, virtual assistants, self-driving vehicles, and other autonomous systems that can sense their environment, process feedback, and take actions with some degree of autonomy. From handling complex tasks to assisting humans, smart machines are enhancing productivity, convenience, and safety. Smart factory robots, assisted with AI capabilities such as computer vision, can efficiently optimize various production processes while minimizing errors. Similarly, autonomous vehicles use deep neural networks and sensor fusion to safely navigate traffic with minimal or no human intervention. Many businesses today are leveraging chatbots, virtual agents, and other conversational AI platforms to provide on-demand customer service,around-the-clock.
The global Smart Machines Market is estimated to be valued at Us$ 143.6 Mn in 2023 and is expected to exhibit a CAGR Of 18% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
As AI and ML become widely adopted to facilitate advanced automation, many manufacturing plants and business processes are being revolutionized by new-age smart machines. One of the major trends is the increasing use of collaborative robots or ‘cobots’ capable of physically interacting with humans in a shared workspace. Cobots equipped with integrated safety features are reducing manual labor while enhancing workplace safety. There is also a rising demand for autonomous robots in logistics and material handling within the warehousing and supply chain industry. Automated guided vehicles help transport goods efficiently across facilities with minimal human intervention. With rapid improvements in machine vision, speech recognition, and edge computing, the capabilities of smart machines continue to expand into newer domains such as precision agriculture, healthcare, elder care, and defense & security.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as significant capital is required to build and market smart machines. However, technological advances are lowering barriers.
Bargaining power of buyers: Buyers have moderate bargaining power as there are several options available in the market but demand for customized solutions is increasing power.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are many component providers but integrating different technologies requires specialized expertise.
Threat of new substitutes: The threat of substitutes is moderate as natural language processing and machine learning solutions can replace some tasks performed by smart machines.
Competitive rivalry: The competition is high among established players and startup given the growth opportunities in this market.
Key Takeaways
The Global Smart Machines Market Demand is expected to witness high growth. The global Smart Machines Market is estimated to be valued at US$ 143.6 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030.
Regional analysis:
North America dominates the global market currently due to large technology companies and rapid adoption of advanced technologies. Asia Pacific is expected to grow at the fastest pace due to increasing manufacturing activity and presence of emerging economies.
Key players:
Key players operating in the 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. They are focusing on developing customized solutions for industrial and consumer applications through partnerships.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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