Smart machines are intelligent devices which use machine-to-machine technology that allow them to solve problems and make choices without human interventions. These machines are capable of performing repetitive tasks with high accuracy at high speed. Technological advancements coupled with active R&D are the major factors that are stimulating the growth of smart machines market globally. Smart machines help to correct and prevent various processing errors caused by wear and tear of mechanical components and drift of thermal working point. Smart machines are capable of holding information about a series of processes and machine conditions as they are equipped with sensor network which helps in enhancing the uptime of a task. Smart machines are capable of providing status updates through exchange of information with other automation systems, to a high level control systems.
Smart machines market can be segmented on the basis of products, application, technology and geography. On the basis of products, the smart machines market is categorized into expert systems, intelligent assistants, neuro computers, smart embedded systems, and autonomous robots. Expert systems consist of smart grid and medical decision support systems, and the segment is expected to dominate the smart machines among other products owing to the higher flexibility and adaptability of these systems. Based on the technology, the smart machines market is segmented into micro and nano sensors, radio frequency, and voice recognition. Micro and nano sensor technology is widely used in smart machines owing to its nature of working in extreme conditions. The application of sensor technology is expected to spur the smart machines market growth. Based on applications, the smart machines market is categorized into consumer electronics, automotive, healthcare, industrial, logistics and transportation, military, aerospace and security and security. Rising demand for continuous monitoring and patient care is expected to stimulate the smart machine market in healthcare applications. Technological proliferation such as development of auto driving system is expected to fuel the smart machine market in the automotive sector. Furthermore, on the basis of geography the smart machines market is segmented into five major regions including North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Asia Pacific is the dominant region in smart machines market owing to heavy investments on communication technologies coupled with favorable regulatory incentive in the region.
Increasing level of investments by various enterprise for improving productivity and operational efficiency is anticipated to drive the smart machines market growth over the forecast period. Rising need to eliminate human errors coupled with growing importance of automation are some of the factors supporting the growth of smart machines market. However, the use of machines in place of human labor will lead to unemployment and is expected to inhibit the market growth.
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Some of the key players in the smart machines market includes Alchemy API Inc., Apple Inc., Digital Reasoning Inc., Google Inc., IBM Corporation, and Narrative Science Inc. Google offers GoogleNow, and self-driving technology where as Apple came up with Siri, a smart personal assistant. Moreover, IBM Corporation offers Watson, a cognitive technology, which process information more like a human.
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