Smart Machines Market Size, Trends, Growth, Share & Forecast 2023-2028

IMARC Group, a leading market research company, has recently released a report titled "Smart Machines Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The study provides a detailed analysis of the industry, including the smart machines market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the Smart Machines Market?

The global smart machines market size reached US$ 185.86 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 552.76 Billion by 2028, exhibiting a growth rate (CAGR) of 18.20% during 2023-2028.

What are Smart Machines?

Smart machines refer to cognitive computing systems that can solve problems and make decisions without human intervention. It includes robots, autonomous vehicles, household appliances, wearable devices, drones, and industrial equipment. Smart machines are based on several advanced technologies, such as artificial intelligence (AI), machine learning (ML), deep learning, natural language processing (NLP), the Internet of Things (IoT), and cloud computing. These systems are widely used to manufacture products, perform inspections, monitor patients' health, interact with customers, and assist in farming activities. In addition to this, smart machines also minimize energy consumption, promote sustainability, and aid in better decision-making. As a result, these systems find extensive utilization across the healthcare, automotive, power generation, defense, aerospace, consumer electronics, and agriculture industries.

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What are the growth prospects and trends in the smart machines industry?

The escalating product demand in the healthcare sector for minimally invasive surgeries, vital monitoring, virtual check-ups, and automated diagnostic testing is primarily driving the smart machines market. Besides this, the expanding automotive industry and the elevating requirement for these devices in autonomous vehicles for navigation, route optimization, and performance monitoring are further augmenting the market growth. Moreover, the integration of speech recognition technology that enables natural conversation with machines, reduces the need for manual inputs, and provides personalized recommendations is also catalyzing the global market. Apart from this, the development of smart cities, advancements in AI and ML technologies, and the extensive utilization of these systems in the defense sector are acting as significant growth-inducing factors. Furthermore, the growing product popularity in manufacturing processes for quality control checks, data collection and analysis, and the execution of precise and accurate repetitive tasks, such as loading, unloading, stacking, storing, and assembly, is expected to bolster the smart machines market in the coming years.

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What is included in market segmentation?

The report has segmented the market into the following categories:

Component Insights:

Hardware
Software
Services

Machine Type Insights:

Robots
Autonomous Cars
Drones
Wearable Device
Others

Technology Insights:

Cloud Computing Technology
Big Data Technology
Internet of Everything
Robotics
Cognitive Technology
Affective Technology

Application Insights:

Automotive
Consumer Electronics
Healthcare
Industrial
Logistics and Transportation
Military, Aerospace and Defense
Security

Market Breakup by Region:

North America (United States, Canada)
Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

ABB Ltd
Apple Inc.
BAE Systems plc
General Electric Company
Google LLC (Alphabet Inc.)
International Business Machines Corporation
KUKA AG (Midea Group Co. Ltd.)
LG Electronics Inc.
Microsoft Corporation
Smarsh Inc.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.