Smart machines are intelligent devices that use AI and machine learning capabilities to automate tasks that traditionally require human intelligence. They can perceive their environment, learn from experiences, communicate with humans through natural language, and perform intelligent actions to achieve goals. Common applications of smart machines include industrial robots, self-driving vehicles, intelligent personal assistants, smart speakers, and many more. The global smart machines market offers various products ranging from robotics, autonomous vehicles, drones, wearable electronics, and home appliances. Advances in artificial intelligence and automation are making smart machines more capable of performing an increasingly wide range of tasks.

The global Smart Machines Market is estimated to be valued at Us$ 143.6 Mn in 2023 and is expected to exhibit a CAGR Of 18% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The growing adoption of AI technology is primarily driving the growth of the smart machines market. AI technology is enabling smart machines to perform complex tasks, replicate human intelligence and actions. Moreover, the growing labor costs and need for efficiency and accuracy in industry verticals such as manufacturing, automotive and healthcare are further fueling the adoption of smart machines that use AI for automation. Another major driver for this market is the increasing demand for smart personal assistants such as Amazon Alexa and Google Home. Advancements in AI, natural language processing and machine learning have made these assistants more intuitive, intelligent and capable of automating numerous routine tasks. Their widespread adoption in homes and offices is supporting the expansion of the overall smart machines market during the forecast period.

Segment Analysis

The smart machines market is dominated by the industrial robotics sub-segment which holds around 45% market share. Industrial robotics systems are extensively used across automotive, electronics and food & beverages industries for various manufacturing applications which require high accuracies. These robots assist in handling heavy components, carrying out repetitive tasks and working in conditions unsafe for humans. The expanding manufacturing sector and increasing focus on factory automation is leading to higher adoption of industrial robots.

PEST Analysis

Political: Governments across major nations are supporting adoption of smart technologies through funding and initiatives. For instance, Made in China 2025 plan aims to transform China into a manufacturing powerhouse through extensive use of robotics and AI.

Economic: The market is fueled by rising labor costs as smart machines enable cost savings over human labor for repetitive jobs. Globally growing economies are investing heavily in industrial automation to boost productivity.

Social: With increasing labor shortages faced by various industries, smart machines provide a solution to meet production needs. However, concerns around job losses have emerged which need to be addressed through reskilling of workforce.

Technological: Continuous advancements in robotics, AI, IoT and computing are augmenting capabilities of smart machines. Developments in areas such as predictive maintenance, autonomous navigation and cloud connectivity are expanding application scope.

Key Takeaways

The Global Smart Machines Market  Demand   is expected to witness high growth over the forecast period owing to rapidly growing manufacturing and industrial sectors across major countries. The global smart machines Market is estimated to be valued at US$ 143.6 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030.

The North American region currently dominates the market with a share of over 35% in 2023 mainly due to large presence of technology giants and major manufacturers in the US and Canada adopting smart machines aggressively. The automotive industry accounts for the largest end-use segment holding a value share of 20% in 2023. Integration of robotics and AI is enabling higher levels of automation in automotive production lines to improve productivity and quality. Leading automakers such as General Motors, Ford and Tesla have increased deployment of collaborative robots, autonomous guided vehicles and AI-powered inspection systems across their factories.

Key players operating in the smart machines market are Google Inc., Apple Inc., Rethink Robotics, BAE Systems, Narrative Science Inc., Creative Virtual Ltd., Microsoft Corporation, Digital Reasoning Systems, Inc., and IBM Corporation. Google has established itself as a leader in AI and machine learning technologies, while IBM is at the forefront of developing cognitive computing systems. Apple’s Siri and Microsoft’s Cortana are well-known AI assistant brands. Rethink Robotics provides collaborative robots for factory automation.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it