A new report from Transparency Market Research, titled ‘Smart Machines Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024,’ states that the market is expected to grow swiftly owing to increasing applications of smart machines, the growing need to reduce human errors, and the rising importance of automation.
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Machines and tools used in complex industrial procedures, as well as the ones used for daily purposes, have advanced considerably in the recent past. Smart machines are intelligent devices or equipment that use machine-to-machine technology to resolve various problems and make choices without the involvement of humans. Smart machines offer a high level of accuracy even while dealing with repetitive tasks. The development of smart technologies across various industries has minimized the possibilities of errors that may result in the wear and tear of machines and mechanical components. Also, since the past few years, technical advancements and the increased investment in research and development activities have been extremely beneficial for the growth of the global smart machines market.
Smart machines are primarily fitted with sensor networks that make them more competent to store information about a machine’s condition, operating environment, and processes. This enhances the uptime and quality of smart machines.
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Smart machines use application-specific algorithms for enhancing their performance. The global smart machines market is segmented on the basis of geography, application, product type, and technology. By product type, the global smart machines market is classified into expert systems, intelligent assistants, smart embedded systems, autonomous robots, neurocomputers, and others. Some of the most common technologies used in smart machines are radio frequency, micro and nano sensors, and voice recognition. Smart machines find applications across various industry verticals such as healthcare, automotive, consumer electronics, industrial, transportation, logistics, security, and aerospace.
The increasing demand for patient care and monitoring is expected to propel the global smart machines market in the years to come. The adoption of the latest technologies is also expected to benefit the global smart machines market in the near future. Based on geography, the global smart machines market is divided into the Middle East and Africa, North America, Europe, Latin America, and Asia Pacific. Currently, Asia Pacific holds the largest share in the global smart machines market and is expected to maintain its dominance over the report’s forecast period.
Leading players in the global smart machines market are focusing on enhancing their productivity and operational efficiency. Some of the leading players operating in the global smart machines market are IBM Corporation, Google Inc., Alchemy API Inc., Narrative Science Inc, Apple Inc., and Digital Reasoning Inc.
Going forward, the global smart machines market is expected to be driven by factors such as the growing need to eliminate human errors and the rising expenditure on automation.