Global Smart Machines Market Overview
Machining systems and tools have undergone major growth in the recent past. Research and development activities coupled with proliferated technological advancements are expected to lead the smart machines market during the forecast period. A fresh study conducted by Market Research Future (MRFR) has assessed lucrative growth of the global smart machines market throughout the assessment period of 2016-2022.
Smart Machines Market are systems that are integrated with machine to machine (M2M) technology, enabling them to carry out various smart activities such as problem-solving and decision making without the requirement for any human intervention. Smart machines market are also capable of performing repetitive tasks at high speed with a high rate of accuracy. Smart machines are equipped with an extensive sensor network, making them capable of retaining information for a varied number of processes, their environment, and machine condition, enhancing uptime as well as quality.
Smart machines can learn through application-specific algorithms and are observed to improve in performance over a period of time. An upsurge in technological advancements is likely to be one of the primary factors to cause sizeable growth in the global Smart Machines Market. Also, favorable government initiatives are estimated to push the Smart Machines Market exponentially. With a rise in the investments by various enterprises to enhance operational efficiency and productivity, the Smart Machines Market is anticipated to gain traction in the foreseeable future. However, lacking technical expertise, among other factors, is assessed to restrain market growth to a considerable extent.
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The Market Research Future (MRFR) has studied the profiles of various market competitors including Apple Inc. (U.S.), Google Inc. (U.S.), ABB Limited (Switzerland), IBM Corporation (U.S.), LG Electronics (South Korea), Microsoft Corporation (U.S.), BAE Systems (U.K.), Digital Reasoning Systems, Inc. (U.S.), and General Electric Co. (U.S.).
The global smart machines market is segmented by application and type for better understanding and higher accuracy. Based on application, the smart machines market is segmented into healthcare, automotive, logistics, consumer electronics, and aerospace & defense. In addition to the mentioned applications, smart machines are in high demand across retain and banking & financial services sector. With a budding demand for patient care and a need for continuous health monitoring, the applications of smart machines in the healthcare industry are expected to propel during the assessment period.
Based on type, the Smart Machines Market includes the segments of expert system, digital assistance, embedded systems, and autonomous robots. The expert systems are forecasted to account for the highest market share, with the autonomous robots segment scoring the second highest market share.
Detailed Regional Analysis
The global Smart Machines Market is regionally segmented into North America, Asia Pacific, Europe, and Rest of the World by Market Research Future (MRFR). Among the regional segments mentioned, North America is projected to spearhead the global smart machines market. North America is estimated to account for a leading market share, owing to a growing acceptance of the manufacturing and service sectors in the U.S.
The APAC region is expected to garner a lucrative CAGR during the forecast period of 2016-2022. China is anticipated to dictate the country-specific market in Asia Pacific due to hefty investments witnessed in the communications technology domain. Additionally, favorable government initiatives have prompted an upsurge in demand for M2M solutions in the region. Also, propulsion in demand for transportation and energy sector is expected to drive ample growth in smart machines market. Europe is anticipated to grow at a reasonable CAGR during the same period.
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April 2019: Vention has joined Yaskawa Motoman’s Partner Network to support the deployment of robot cell equipment for Yaskawa’s smart series robots. Vention is a next-generation digital manufacturing platform for industrial machines.
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