NEW YORK, Feb. 23, 2023 /PRNewswire/ -- The smart machines market is estimated to increase by USD 25.41 billion between 2022 and 2027. The market's growth momentum will accelerate at a CAGR of 18.7%. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. For more insights on the historic (2017 to 2021) and forecast market size (2022 to 2027) - Request a sample report.

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Smart machines market– Vendor Analysis
Vendor Landscape -

The global smart machines market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer residential real estate in the market are Apple Inc., BAE Systems Plc, Cerner Corp., Clearpath Robotics Inc., CoreTigo Ltd., Creative Virtual Ltd., HAHN Group GmbH, International Business Machines Corp., KUKA AG, Mobile Industrial Robots AS, Samsung Electronics Co. Ltd., Smarsh Inc., ST Engineering Aethon Inc., ALLSCRIPTS HEALTHCARE SOLUTIONS INC., Amazon.com Inc., Koninklijke Philips NV, Microsoft Corp., RELX Plc, Salesforce.com Inc., and Alphabet Inc. and others.

Vendor Offerings -

• Apple Inc.: The company offers smart machines with mobile-first and cloud-first electronic health records under the brand Avenel.

• BAE Systems Plc: The company offers smart machines named Google AI which provides various services such as AI lenses and AI research.

• Cerner Corp.: The company offers smart machines called Amazon Web Services which provides IoT, machine learning, and AI technology.

• Creative Virtual Ltd.: The company offers smart machines with touch solutions, AI, and Machine learning technology.

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Smart machines market- Segmentation Assessment
Segment Overview
Technavio has segmented the market based on the component (software and hardware), and product (expert systems, autonomous robots, digital assistants, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The software segment will account for a significant share of the market's growth during the forecast period. The smart machines software segment has the largest market share in the market due to its capacity to give organizations better efficient, accurate, and cost-effective solutions. They can streamline operations and boost the company's overall productivity, cutting costs and boosting revenues. Software designed for smart machines can also assist companies in promptly identifying and addressing any issues, lowering the possibility of errors and raising customer satisfaction. Additionally, they can help firms make better decisions and perform overall by empowering them to do so. Thus, owing to such factors the segment is expected to grow during the forecast period.

Geography Overview
By geography, the global smart machines market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global residential real estate market.

• North America is estimated to contribute 39% to the growth of the global market during the forecast period. The emergence of the concept of Industry 4.0, which involves the use of IoT, cloud computing, and automation in the industrial sector, is the major driver of the market in North America. A major propellant of the expert systems market in North America is the increase in government initiatives to invest in improving healthcare. Other expert systems, such as smart grids, are also gaining traction in the Americas, as there is an increase in the installation of smart meters, along with an improvement in substations in the region. The forecast period will see an increase in the adoption of smart meters and communication protocols to enhance the monitoring and control of distribution lines in the region. Therefore, owing to such factors the regional market is expected to grow during the forecast period.

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Smart machines market– Market Dynamics
Leading Drivers - The miniaturization of sensors is notably driving the market growth. A major factor that has had an impact on the growth of the market is the miniaturization of sensors, which has led to a reduction in the cost of sensors and, in turn, of smart machines. As the price of sensors continues to depreciate, there will be an emergence of more machines that can assist in improving logistics, delivery, surveillance applications, and other applications for the end-users. Over the years, there has been an improvement in sensor detection, with the use of components such as fiber optic gyroscopes and ring laser gyroscopes. There have also been developments in inertial devices, such as Inertial Measurement Units (IMUs), which have improved the capability of smart machines over the years. Thus, the miniaturization of sensors is expected to drive the growth of the market during the forecast period.

Key Trends - An increase in the adoption of data analytics is the primary trend in the market. Vendors in the market are devising strategies to improve the customer experience of end-users adopting smart machines by capitalizing on data analytics as the market is gaining traction. They are increasingly incorporating smartphone apps in their service offerings to provide end-users with a platform for attaining critical information about product and service updates. They present data in the form of personalized dashboards and provide self-service options, such as periodic condition reports and scheduling of back-ups. Vendors are also equipping their mobile robot platforms with sensors that can help in detecting wear and tear of parts. Such factors are likely to drive the growth of the market during the forecast period.

Major challenges - The high cost of deployment is the major challenge impeding the market growth. Smart machines such as autonomous robots involve the use of sensors, software, and advanced technologies, which incur significant one-time costs for deployment. The high costs involved are a major impediment for potential end-users, especially in developing countries that have price-sensitive customers. Also, additional costs are involved in the modification of infrastructure and facilities required for the seamless integration of smart machines in existing markets. The forecast period will also see vendors offering certain accessories, add-ons, and maintenance services, which will increase the costs in terms of servicing, electricity, and upgrades. Such factors are likely to hinder the growth of the market during the forecast period.

For more information on drivers, trends, and challenges, Find insights in a sample report!

What are the key data covered in this Smart machines market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the smart machines market between 2023 and 2027

• Precise estimation of the smart machines market size and its contribution to the market in focus on the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the Smart machines market across North America, Europe, APAC, South America, and Middle East and Africa

• A thorough analysis of the market's competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of smart machines market vendors

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Table of Contents

1 Executive Summary

• 1.1 Market overview

2 Market Landscape

• 2.1 Market ecosystem

3 Market Sizing

• 3.1 Market definition

• 3.2 Market segment analysis

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

• 4.1 Global smart machines market 2017 - 2021

• 4.2 Component Segment Analysis 2017 - 2021

• 4.3 Product Segment Analysis 2017 - 2021

• 4.4 Geography Segment Analysis 2017 - 2021

• 4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

• 5.1 Five forces summary

• 5.2 Bargaining power of buyers

• 5.3 Bargaining power of suppliers

• 5.4 Threat of new entrants

• 5.5 Threat of substitutes

• 5.6 Threat of rivalry

• 5.7 Market condition

6 Market Segmentation by Component

• 6.1 Market segments

• 6.2 Comparison by Component

• 6.3 Software - Market size and forecast 2022-2027

• 6.4 Hardware - Market size and forecast 2022-2027

• 6.5 Market opportunity by Component

7 Market Segmentation by Product

• 7.1 Market segments

• 7.2 Comparison by Product

• 7.3 Expert systems - Market size and forecast 2022-2027

• 7.4 Autonomous robots - Market size and forecast 2022-2027

• 7.5 Digital assistants - Market size and forecast 2022-2027

• 7.6 Others - Market size and forecast 2022-2027

• 7.7 Market opportunity by Product

8 Customer Landscape

• 8.1 Customer landscape overview

9 Geographic Landscape

• 9.1 Geographic segmentation

• 9.2 Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027

• 9.4 Europe - Market size and forecast 2022-2027

• 9.5 APAC - Market size and forecast 2022-2027

• 9.6 South America - Market size and forecast 2022-2027

• 9.7 Middle East and Africa - Market size and forecast 2022-2027

• 9.8 US - Market size and forecast 2022-2027

• 9.9 China - Market size and forecast 2022-2027

• 9.10 Germany - Market size and forecast 2022-2027

• 9.11 Japan - Market size and forecast 2022-2027

• 9.12 UK - Market size and forecast 2022-2027

• 9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape

• 11.3 Landscape disruption

• 11.4 Industry risks

12 Vendor Analysis

• 12.1 Vendors covered

• 12.2 Market positioning of vendors

• 12.3 ALLSCRIPTS HEALTHCARE SOLUTIONS INC.

• 12.4 Alphabet Inc.

• 12.5 Amazon.com Inc.

• 12.6 Apple Inc.

• 12.7 Cerner Corp.

• 12.8 Clearpath Robotics Inc.

• 12.9 International Business Machines Corp.

• 12.10 Koninklijke Philips NV

• 12.11 KUKA AG

• 12.12 Microsoft Corp.

• 12.13 Mobile Industrial Robots AS

• 12.14 Salesforce.com Inc.

• 12.15 Samsung Electronics Co. Ltd.

• 12.16 Smarsh Inc.

• 12.17 ST Engineering Aethon Inc.

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist

• 13.3 Currency conversion rates for US$

• 13.4 Research methodology

• 13.5 List of abbreviations

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