Global market for smart machines is expected to expand at an impressive CAGR of 18.8% over the forecast period 2015-2024. The market will reach US$ 258.5 Bn by 2024 end, up from US$ 55.3 Bn in 2015 in revenues. Asia Pacific will continue to be the largest market globally.
Rising need for information and data access on any device, anywhere, and any time will continue to fuel the demand for smart machines in the near future. In addition, growing significance of processing and analysis of huge, unstructured data is expected to propel the demand for smart machines in various verticals, including healthcare, automotive, manufacturing, aerospace, and defense. With advent of operational intelligence technology, an increasing number of businesses will adopt smart machines for intelligent, more efficient, and more precise operation.
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Based on a component, the global smart machines market is segmented into hardware, software, and service. On the basis of machine type, autonomous cars will continue to capture a dominating market share than robots, drones, wearable electronics, and others. Based on technology, the market for smart machines is segmented into big data, cloud computing, robotics, Internet of everything (IoE), effective technology, and cognitive technology. Effective technology is however anticipated to witness substantial growth during the forecast period.
On the basis of geography, Asia Pacific will continue to be the largest market for smart machines globally. APEJ accounted for the highest market share – around 40% in 2015, and is expected to gain 232 BPS by 2024 end. Market in North America is anticipated to register high growth rate during the forecast period, led by the U.S., which accounted for almost 90% of the revenue share in 2015. Latin America will also represent a promising market for smart machines.
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The market in Europe is expected to gain substantial market share in terms of revenue. Owing to high demand for smart machines from manufacturing and automobile industries, the European market will be dominated by France and Germany, accounting for notable market shares. Australia is estimated to witness strong smart machine sales, following rapid adoption by commercial and agriculture sectors. MEA is expected to be a significant market from smart machines due to growing digitization of government services.
A few key players in the global smart machines market include Apple Inc., Google Inc., Microsoft Corporation, BAE Systems, Creative Virtual Ltd., Digital Reasoning Systems, Inc., IBM Corporation, Narrative Science Inc., Rethink Robotics, ABB Limited, Rockwell Automation, Inc., and General Electric Co.