April 23, 2024
Smart Machines Market

The Global Smart Machines Market Is Driven by Rising Demand for Automation

Smart machines are increasingly used across industries for tasks that require speed, precision, and continuity. Such machines consist of mechanical components controlled through artificial intelligence, machine learning, and computer vision. Advance robotics is transforming areas like manufacturing, transportation & logistics, healthcare, and consumer goods by automating repetitive and hazardous work. For instance, robot arms are commonly deployed in automobile plants for welding different parts while observing strict quality standards. Similarly, connected devices use AI to optimize production, reduce downtimes, and minimize human errors.

The global Smart Machines Market is estimated to be valued at US$ 165.43 Mn in 2024 and is expected to exhibit a CAGR of 3.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends in the smart machines market size is the integration of robotics with machine learning capabilities. Machine learning allows robots and machines to become smarter and more capable over time. As machines learn from experience, they can perform tasks in a more human-like manner and assist humans in complex tasks. For example, robotic systems deployed in healthcare leverages machine learning models to analyze medical data and recommend personalized treatment plans. Similarly, autonomous mobile robots used for logistics adapts to changing warehouse environments using deep learning algorithms.

Another key trend is the growth of collaborative robotics or “cobots”. Cobots are designed to safely work alongside human workers without the need for safety fences or cages. Using sensors and controls, cobots can detect nearby humans and adjust movements accordingly to ensure no accidental contact. This has enabled more flexible human-robot collaboration in diverse industries like automotive, electronics, and food & beverage processing. Cobots are replacing traditional robots that operate separately from humans behind protective fences.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as smart machines market requires large investments in R&D. Established players enjoy significant economies of scale.

Bargaining power of buyers: The bargaining power of buyers is moderate due to presence of multiple vendors in the market providing substitutable products.

Bargaining power of suppliers: The bargaining power of suppliers is low owing to availability of substitute raw materials and components supplied.

Threat of new substitutes: The threat of substitutes is moderate as there are limited products that can substitute smart machines.

Competitive rivalry: The competitive rivalry is high due to presence of established global players competing on pricing and technological innovation.

Key Takeaways

The global smart machines market is expected to witness high growth over the forecast period due to advancements in artificial intelligence and robotics. The global Smart Machines Market is estimated to be valued at US$ 165.43 Mn in 2024 and is expected to exhibit a CAGR of 3.1% over the forecast period 2024 to 2031.

Regional analysis
North America is the largest market for smart machines and is expected to continue its dominance over the forecast period attributed to high focus on innovation. The U.S contributes majorly to the region’s overall market share. Asia Pacific is anticipated to grow at fastest pace during the forecast period led by increasing industrial automation across industries in developing economies like China and India.

Key players
Key players operating in the smart machines market are Ossur, Steeper Group, Blatchford, Inc., Fillauer LLC, Ottobock, and WillowWood Global LLC, among others. Ossur leads the global prosthetics market with wide range of products and global footprint. Steeper focuses on developing myoelectric prosthetics for upper limb.

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