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Smart machines market


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Title: Smart machines market

Coherent market insightsMarket Research and
Business Consulting Services
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.

  • 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.

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.

  • Adoption of innovative technology in numerous
    industry verticals is expected to propel the
    global smart machines market over the forecast
  • 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.

  • 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,

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.

  • 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.

Market Opportunities
  • Integration of speech recognition is expected to
    present lucrative business opportunity for market
  • 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.

  • Introduction of autonomous technology by various
    enterprises is expected to pose major market
  • 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.

  • 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.

Market Trends
  • Paradigm shift from individual devices to synced
  • 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.

  • 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.

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,

Value Chain Analysis
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.

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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