Smart machines market

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Coherent market insightsMarket Research and
Business Consulting Services
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Market Overview

• A smart machine is an intelligent device embedded
  with machine-to-machine technology to perform
  various tasks autonomously, without human
  interventions. These machines use deep learning,
  machine learning, and artificial intelligence to
  reason, make decisions, problem-solve and take
  action. Smart machines include robots, drones,
  smart wearable, self-driving cars, and other
  cognitive computing systems. Robots are automated
  machines used in various industrial verticals to
  make the process automated. Robots are built with
  artificial intelligence and natural language
  processing. They can be trained to carry out
  processes and learn from their surroundings.
  Moreover, autonomous cars are full driverless
  cars integrated with different sensors such as
  geo sensors and advanced technologies such as IoT.

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• 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.

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Market Dynamics- Drivers

• Increasing demand for augmented comfort due to
  repetitive task is expected to drive growth of
  the global computer keyboards market during the
  forecast period
• Different jobs or tasks involved repetitive
  motion or uncomfortable posture or positioning of
  fingers and arms. Such positions and tasks lead
  to certain amount of strain on muscles and can
  cause severe damage in the long term. According
  to research conducted by Kinesis Corporation,
  typing 60 wpm equates to 18,000 repetitive
  keystrokes per hour. Moreover, Results of
  Repetitive Strain Injury (RSI) research suggests
  that manual labor, constant use of modern
  services, and office work are the major
  originators of repetitive strain in the modern
  world. According to the same source, in Canada
  alone, around 2.3 million adults are crippled by
  RSIs or musculoskeletal disorders (MSDs). Hence,
  these factors are expected to drive the market
  growth over the forecast period.
•  

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• Adoption of innovative technology in numerous
  industry verticals is expected to propel the
  global smart machines market over the forecast
  period
• Artificial intelligence and cognitive computing
  are essential technologies used for manufacturing
  of smart machines. These technologies have
  ability to learn from their surroundings and
  interact, and reprogram themselves. Various
  industries around the world are rapidly replacing
  conventional machines with smart machines, which
  in turn, is accelerating growth of the market.
  For instance, Rethink Robotics designs and
  markets robots that can be easily trained and
  modified, even by a non-technical person. Their
  robot, Baxter, built using cognitive computing
  and artificial intelligence has already been
  deployed in many factories. Therefore, these
  factors are expected to support the market growth
  over the forecast period.

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• North America region dominated the global smart
  machines market in 2018, accounting
  for 39.4 share in terms of value, followed by
  North America, Europe, MEA and Latin America,
  respectively.

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Market Dynamics- Restraints

• Certain performing issues with self-learning
  machines are expected to hinder the global smart
  machines market growth during the forecast period
• Smart machines are built to learn from their
  mistakes though it requires special training to
  implement this mechanism. If smart machines
  cannot recognize their mistakes and rectify them
  and rather learn the wrong things, it could lead
  to severe problems for the end user. For
  instance, Microsoft Corporation launched a chat
  bot on Twitter, with the name Tay. Although Tay
  was created for casual and fun chatting, its
  self-learning algorithm started causing
  malfunctioning in it. In fact, it started picking
  up peoples opinions and learning from them and
  was soon posting inappropriate comments on
  Twitter. Hence, such factors are expected to
  hinder the market growth in the near future.

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• 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.

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Market Opportunities

• Integration of speech recognition is expected to
  present lucrative business opportunity for market
  players
• Smart machines integrated with speech recognition
  systems have gained significant popularity among
  users though they are available in limited
  languages. Increasing use of smart-speech
  integrated devices is expected to offer excellent
  growth opportunity for market players in the near
  future. For instance, Virtual assistants such as
  Apple Inc.s Siri continues to expand their
  linguistic abilities. Moreover, technologies used
  in smart machines are as basic as detecting
  leaks, cracks, etc. Technology providers can
  integrate sensor technology in the near future in
  smart machines, which can enhance users sense
  and help them to be more aware of the
  surrounding. For instance, BAE Systems offers
  products embedded with smart sensors such as its
  Striker Helmet.

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• Introduction of autonomous technology by various
  enterprises is expected to pose major market
  opportunity
• Autonomous robots are being used in various
  industries such as manufacturing, automobile, and
  others, in order to increase the efficiency and
  productivity. Organizations are frequently
  introducing autonomous cars and drones in the
  global market. Autonomous drones for military are
  being accepted as a replacement for fighter
  planes. Enterprises are collaborating with the
  automation industry to produce better autonomous
  vehicles. For instance, in June 2016, IBM Think
  entered into partnership with Local Motors and
  introduced Olli, a self-driving public transport.

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• Global hardware based smart machines market was
  valued US 62.9 Bn in 2018 and is forecasted to
  reach a value of US 296.5 Bn by 2027 at a CAGR
  of 18.9 between 2017 and 2027.

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Market Trends

• Paradigm shift from individual devices to synced
  devices
• Currently, customers are focused on more
  connectivity, especially in case of wearable and
  hand-held gadgets. Syncing of smart phones,
  tablets, cars, and wearable devices leads to
  generation of vast amounts of data (big data).
  Hence, this big data creates enormous
  opportunities for various enterprises to improve
  their business processes. For instance, tech
  giants such as Apple Inc. are introducing better
  accessibility to their customers by connecting
  all devices. Moreover, this trend is expected to
  continue during the forecast period.

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• Trends by technology
• Innovative concepts such as smart cities can be
  implemented with the use of the Internet of
  Everything (IoE), which helps to enhance work
  environment and productivity in the commercial
  sectors. Various organizations such as offices
  and retail stores are touted to invest in smart
  buildings. Moreover, various data analytics
  companies are focused on adopting cognitive
  computing technology, in order to offer better
  insights to customers. Cognitive computing
  technology offers efficient processing of big
  data and making of user-specific reports.
  However, enterprises working on cognitive
  computing are facing errors and glitches in
  technology, which in turn, is encouraging
  adoption of affective computing.

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Segment Information

• In Global Smart Machines market, by technology
  segment, the cloud computing sub-segment
  dominated the global market in 2018, accounting
  for 41.7 share in terms of value, followed by
  robotics, cognitive technology, big data,
  affective technology, internet of everything,
  respectively.

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Value Chain Analysis
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Competitive Section

• 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.

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Key Developments

• Major market players are focused on strategic
  alliance, in order to enhance their market
  presence. For instance, in July 2018, Rethink
  Robotics entered into agreement with ten new
  distribution partners throughout the U.S., Asia
  Pacific, and Europe.
• Key companies in the market are involved
  collaborations and partnerships, in order to gain
  competitive edge in the market. For instance, in
  April 2016, Microsoft collaborated with
  Rolls-Royce, for the latter to integrate
  Microsoft Azure IoT Suite and Cortana
  Intelligence Suite to provide better service to
  its customers.   

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