IMARC Group, a leading market research company, has recently released a report titled “Smart Machines Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. The study provides a detailed analysis of the industry, including the smart machines market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the Smart Machines Market?

The global smart machines market size reached US$ 185.86 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 552.76 Billion by 2028, exhibiting a growth rate (CAGR) of 18.20% during 2023-2028.

What are Smart Machines?

Smart machines refer to cognitive computing systems that can solve problems and make decisions without human intervention. It includes robots, autonomous vehicles, household appliances, wearable devices, drones, and industrial equipment. Smart machines are based on several advanced technologies, such as artificial intelligence (AI), machine learning (ML), deep learning, natural language processing (NLP), the Internet of Things (IoT), and cloud computing. These systems are widely used to manufacture products, perform inspections, monitor patients' health, interact with customers, and assist in farming activities. In addition to this, smart machines also minimize energy consumption, promote sustainability, and aid in better decision-making. As a result, these systems find extensive utilization across the healthcare, automotive, power generation, defense, aerospace, consumer electronics, and agriculture industries.

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What are the growth prospects and trends in the smart machines industry?

The escalating product demand in the healthcare sector for minimally invasive surgeries, vital monitoring, virtual check-ups, and automated diagnostic testing is primarily driving the smart machines market. Besides this, the expanding automotive industry and the elevating requirement for these devices in autonomous vehicles for navigation, route optimization, and performance monitoring are further augmenting the market growth. Moreover, the integration of speech recognition technology that enables natural conversation with machines, reduces the need for manual inputs, and provides personalized recommendations is also catalyzing the global market. Apart from this, the development of smart cities, advancements in AI and ML technologies, and the extensive utilization of these systems in the defense sector are acting as significant growth-inducing factors. Furthermore, the growing product popularity in manufacturing processes for quality control checks, data collection and analysis, and the execution of precise and accurate repetitive tasks, such as loading, unloading, stacking, storing, and assembly, is expected to bolster the smart machines market in the coming years.

What is included in market segmentation?

The report has segmented the market into the following categories:

Component Insights:

• Hardware
• Software
• Services
  
  

Machine Type Insights:

• Robots
• Autonomous Cars
• Drones
• Wearable Device
• Others
  
  

Technology Insights:

• Cloud Computing Technology
• Big Data Technology
• Internet of Everything
• Robotics
• Cognitive Technology
• Affective Technology
  
  

Application Insights:

• Automotive
• Consumer Electronics
• Healthcare
• Industrial
• Logistics and Transportation
• Military, Aerospace and Defense
• Security
  
  

Market Breakup by Region:

• North America (United States, Canada)
• Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa
  
  

Who are the key players operating in the industry?

The report covers the major market players including:

• ABB Ltd
• Apple Inc.
• BAE Systems plc
• General Electric Company
• Google LLC (Alphabet Inc.)
• International Business Machines Corporation
• KUKA AG (Midea Group Co. Ltd.)
• LG Electronics Inc.
• Microsoft Corporation
• Smarsh Inc.
  
  

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