Industry Insight
Machining tools and systems have undergone significant increase in recent period. Increasing technological advancement coupled with research and development actions has forced to growth of smart machines. Smart machines are systems or devices that use machine to machine (M2M) technology, which allow them to make choices or solve problems without human intervention. These systems hold the capability of performing cyclic tasks at high accuracy and high speeds. Smart machines run autonomously and help correct and prevent abundant processing errors occurred by varying conditions in the raw material or wear and tear of the mechanical components and drift of thermal working point. These devices can offer status updates to a high level control device through trade of data with another automation devices.
Additionally, outfitted with an extensive sensor network, smart machines are competent of holding information regarding their environment, machine situation and an array of processes, thereby enhancing the quality and the uptime. Smart machines study through application-specific algorithms and can enhance their performance over time. Technological advancement is anticipated to be the key aspect driving the smart machines market over the forecast period. Additionally, favorable government policies are estimated to boost the market growth. Increasing investments by various organizations to improve operational productivity and efficiency is expected to fuel the market demand. Further, growing need to eradicate human errors and significance of automation by organizations is expected to drive the market demand over the forecast period. However, possible usage of machines instead of human labor is likely to create issues regarding unemployment, which is expected to hinder the market growth over the next five years.
Product Insights
On the basis of product the market is segmented into expert systems, smart embedded systems, neurocomputers, intelligent assistants, and autonomous robots. Expert systems include smart grid and medical decision support system among others and accounted for the major market share, followed by autonomous robots. Additionally, the advanced robots tender more adaptability and flexibility due to which this segment is projected to lead the market over the next five years.
Application Insights
Smart systems or machines have several applications, and this segment includes logistics and transportation, aerospace and defense, consumer electronics, automotive, healthcare, industrial, security, military and others. In addition to the above mentioned application sectors, they are also used across banking, financial services and retail industry. Increasing demand for continuous monitoring and patient care has put significant pressure on hospitals which is expected to have positive impact on the market demand in healthcare industry. Technological development and proliferation of auto assisted driving systems is estimated to boost the automotive segment. They are broadly used in consumer electronics sector and offer possible opportunities followed by automotive and transportation.
Technology Insights
Technologies include neurocomputing, micro and nano sensors, radio frequency (RF), and voice recognition. Usage of sensor technology is estimated to augment the market demand. Nano and micro sensor technology is used broadly across smart devices due to its capability to work consistently even in intense conditions.
Regional Insights
Asia Pacific accounts for the major market share. China is expected to experience significant market growth due to heavy capital investments in communication technologies. Additionally, favorable initiatives have increased the growth for M2M solutions in Asia Pacific. Increasing demand from energy and transportation sector has significantly boost regional market demand.
Competitive Insights
The key players include Apple Inc, AlchemyAPI Inc, LG Electronics, Digital Reasoning, Narrative Science, Google and IBM among others. Google offers Cars which uses self driving technology and Apple offers Siri technology which acts as an intelligent personal assistant.
