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Smart Machines Market: Growth Opportunities and forecast 2024

Press Release   •   Jan 10, 2018 04:30 EST

Machines and tools of daily use as well as those used in complex industrial processes have evolved considerably in the last few decades. The rising demand for improved technologies and the growing investment in the research and development of the same have catapulted smart machines to the forefront of the global industrial sector.

Smart machines refer to intelligent devices that use machine-to-machine technology for resolving problems and make choices without human interference. These machines offer high accuracy even when performing repetitive tasks at high speed. Technological advances and increased research and development investments have proven extremely beneficial in giving momentum to the global smart machines market. Additionally, deploying smart technologies across industries significantly reduces the chances of errors that may cause wear and tear of mechanical components.

For the purpose of the study, the global smart machines market is segmented on the basis of product type, technology, application, and geography. Based on product type, the market is classified into intelligent assistants, expert systems, smart embedded systems, neuro computers, autonomous robots, and others. Likewise, radio frequency, voice recognition, and micro and nano sensors are the most commonly used technologies in smart machines.

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Smart Machines Market: Key Trends and Opportunities

Smart machines are fitted with extensive sensor networks that make them competent for storing information regarding their machine situation, an array of processes, and the environment they are operating in. This consequently enhances the quality and uptime of smart machines. Smart machines usually utilize application-specific algorithms to enhance their performance over time.

The most common applications of smart machines are in industries such as consumer electronics, healthcare, automotive, industrial, logistics, transportation, aerospace, and security. The rising demand for continuous patient care and monitoring has been fuelling demand for smart machines in healthcare applications. The market also gains impetus from the proliferation of the latest technologies such as the introduction of auto driving systems in the automotive sector.

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Regionally, the global smart machines market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Of these, Asia Pacific holds the dominant share in the market owing to the increasing investment on communication technologies and the implementation of favorable government policies in the region.

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Smart Machines Market: Competitive Outlook

To provide a holistic outlook of the prevailing competitiveness in the market, the report profiles companies such as IBM Corporation, Apple Inc., Google Inc., Alchemy API Inc., Digital Reasoning Inc., and Narrative Science Inc. Among these enterprises, Google has already introduced Google Now in the market, while Apple has come up with Siri, both of which are smart professional assistants. Furthermore, IBM Corporation has unveiled Watson, a cognitive technology designed to process information like humans do.

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