Smart machines market size is set to grow at a CAGR of 18.7% by 2027, Evolving opportunities with Apple Inc., BAE Systems Plc. among others - Technavio

NEW YORK, Feb. 23, 2023 /PRNewswire/ -- The smart machines market is estimated to increase by USD 25.41 billion between 2022 and 2027. The market's growth momentum will accelerate at a CAGR of 18.7%. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. For more insights on the historic (2017 to 2021) and forecast market size (2022 to 2027) - Request a sample report.

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Smart machines market– Vendor Analysis
Vendor Landscape -

The global smart machines market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer residential real estate in the market are Apple Inc., BAE Systems Plc, Cerner Corp., Clearpath Robotics Inc., CoreTigo Ltd., Creative Virtual Ltd., HAHN Group GmbH, International Business Machines Corp., KUKA AG, Mobile Industrial Robots AS, Samsung Electronics Co. Ltd., Smarsh Inc., ST Engineering Aethon Inc., ALLSCRIPTS HEALTHCARE SOLUTIONS INC., Amazon.com Inc., Koninklijke Philips NV, Microsoft Corp., RELX Plc, Salesforce.com Inc., and Alphabet Inc. and others.

Vendor Offerings -

• Apple Inc.: The company offers smart machines with mobile-first and cloud-first electronic health records under the brand Avenel.
• BAE Systems Plc: The company offers smart machines named Google AI which provides various services such as AI lenses and AI research.
• Cerner Corp.: The company offers smart machines called Amazon Web Services which provides IoT, machine learning, and AI technology.
• Creative Virtual Ltd.: The company offers smart machines with touch solutions, AI, and Machine learning technology.

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Smart machines market- Segmentation Assessment
Segment Overview
Technavio has segmented the market based on the component (software and hardware), and product (expert systems, autonomous robots, digital assistants, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The software segment will account for a significant share of the market's growth during the forecast period. The smart machines software segment has the largest market share in the market due to its capacity to give organizations better efficient, accurate, and cost-effective solutions. They can streamline operations and boost the company's overall productivity, cutting costs and boosting revenues. Software designed for smart machines can also assist companies in promptly identifying and addressing any issues, lowering the possibility of errors and raising customer satisfaction. Additionally, they can help firms make better decisions and perform overall by empowering them to do so. Thus, owing to such factors the segment is expected to grow during the forecast period.

Geography Overview
By geography, the global smart machines market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global residential real estate market.

• North America is estimated to contribute 39% to the growth of the global market during the forecast period. The emergence of the concept of Industry 4.0, which involves the use of IoT, cloud computing, and automation in the industrial sector, is the major driver of the market in North America. A major propellant of the expert systems market in North America is the increase in government initiatives to invest in improving healthcare. Other expert systems, such as smart grids, are also gaining traction in the Americas, as there is an increase in the installation of smart meters, along with an improvement in substations in the region. The forecast period will see an increase in the adoption of smart meters and communication protocols to enhance the monitoring and control of distribution lines in the region. Therefore, owing to such factors the regional market is expected to grow during the forecast period.

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Smart machines market– Market Dynamics
Leading Drivers - The miniaturization of sensors is notably driving the market growth. A major factor that has had an impact on the growth of the market is the miniaturization of sensors, which has led to a reduction in the cost of sensors and, in turn, of smart machines. As the price of sensors continues to depreciate, there will be an emergence of more machines that can assist in improving logistics, delivery, surveillance applications, and other applications for the end-users. Over the years, there has been an improvement in sensor detection, with the use of components such as fiber optic gyroscopes and ring laser gyroscopes. There have also been developments in inertial devices, such as Inertial Measurement Units (IMUs), which have improved the capability of smart machines over the years. Thus, the miniaturization of sensors is expected to drive the growth of the market during the forecast period.

Key Trends - An increase in the adoption of data analytics is the primary trend in the market. Vendors in the market are devising strategies to improve the customer experience of end-users adopting smart machines by capitalizing on data analytics as the market is gaining traction. They are increasingly incorporating smartphone apps in their service offerings to provide end-users with a platform for attaining critical information about product and service updates. They present data in the form of personalized dashboards and provide self-service options, such as periodic condition reports and scheduling of back-ups. Vendors are also equipping their mobile robot platforms with sensors that can help in detecting wear and tear of parts. Such factors are likely to drive the growth of the market during the forecast period.

Major challenges - The high cost of deployment is the major challenge impeding the market growth. Smart machines such as autonomous robots involve the use of sensors, software, and advanced technologies, which incur significant one-time costs for deployment. The high costs involved are a major impediment for potential end-users, especially in developing countries that have price-sensitive customers. Also, additional costs are involved in the modification of infrastructure and facilities required for the seamless integration of smart machines in existing markets. The forecast period will also see vendors offering certain accessories, add-ons, and maintenance services, which will increase the costs in terms of servicing, electricity, and upgrades. Such factors are likely to hinder the growth of the market during the forecast period.

For more information on drivers, trends, and challenges, Find insights in a sample report!

What are the key data covered in this Smart machines market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the smart machines market between 2023 and 2027
• Precise estimation of the smart machines market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Smart machines market across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of smart machines market vendors

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Table of Contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Component
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global smart machines market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global smart machines market 2017 - 2021 ($ billion)

• 4.2 Component Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Component Segment 2017 - 2021 ($ billion)

• 4.3 Product Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Product Segment 2017 - 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Component

• 6.1 Market segments
• Exhibit 30: Chart on Component - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Component - Market share 2022-2027 (%)

• 6.2 Comparison by Component 
• Exhibit 32: Chart on Comparison by Component
• Exhibit 33: Data Table on Comparison by Component

• 6.3 Software - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Software - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Software - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Software - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Software - Year-over-year growth 2022-2027 (%)

• 6.4 Hardware - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Hardware - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Hardware - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Hardware - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Hardware - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Component 
• Exhibit 42: Market opportunity by Component ($ billion)

7 Market Segmentation by Product

• 7.1 Market segments
• Exhibit 43: Chart on Product - Market share 2022-2027 (%)
• Exhibit 44: Data Table on Product - Market share 2022-2027 (%)

• 7.2 Comparison by Product 
• Exhibit 45: Chart on Comparison by Product
• Exhibit 46: Data Table on Comparison by Product

• 7.3 Expert systems - Market size and forecast 2022-2027 
• Exhibit 47: Chart on Expert systems - Market size and forecast 2022-2027 ($ billion)
• Exhibit 48: Data Table on Expert systems - Market size and forecast 2022-2027 ($ billion)
• Exhibit 49: Chart on Expert systems - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Expert systems - Year-over-year growth 2022-2027 (%)

• 7.4 Autonomous robots - Market size and forecast 2022-2027 
• Exhibit 51: Chart on Autonomous robots - Market size and forecast 2022-2027 ($ billion)
• Exhibit 52: Data Table on Autonomous robots - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Chart on Autonomous robots - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Autonomous robots - Year-over-year growth 2022-2027 (%)

• 7.5 Digital assistants - Market size and forecast 2022-2027 
• Exhibit 55: Chart on Digital assistants - Market size and forecast 2022-2027 ($ billion)
• Exhibit 56: Data Table on Digital assistants - Market size and forecast 2022-2027 ($ billion)
• Exhibit 57: Chart on Digital assistants - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Digital assistants - Year-over-year growth 2022-2027 (%)

• 7.6 Others - Market size and forecast 2022-2027 
• Exhibit 59: Chart on Others - Market size and forecast 2022-2027 ($ billion)
• Exhibit 60: Data Table on Others - Market size and forecast 2022-2027 ($ billion)
• Exhibit 61: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 7.7 Market opportunity by Product 
• Exhibit 63: Market opportunity by Product ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 64: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 65: Chart on Market share by geography 2022-2027 (%)
• Exhibit 66: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 67: Chart on Geographic comparison
• Exhibit 68: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027 
• Exhibit 69: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 70: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 71: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 73: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 74: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 75: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027 
• Exhibit 77: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 78: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 79: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 81: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 82: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 83: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 89: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 90: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 91: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027 
• Exhibit 93: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 94: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 95: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027 
• Exhibit 97: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 98: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 99: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 Japan - Market size and forecast 2022-2027 
• Exhibit 101: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 102: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 103: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.12 UK - Market size and forecast 2022-2027 
• Exhibit 105: Chart on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 106: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 107: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 109: Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 110: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 111: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 112: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 113: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 114: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 115: Matrix on vendor position and classification

• 12.3 ALLSCRIPTS HEALTHCARE SOLUTIONS INC. 
• Exhibit 116: ALLSCRIPTS HEALTHCARE SOLUTIONS INC. - Overview
• Exhibit 117: ALLSCRIPTS HEALTHCARE SOLUTIONS INC. - Business segments
• Exhibit 118: ALLSCRIPTS HEALTHCARE SOLUTIONS INC. - Key news
• Exhibit 119: ALLSCRIPTS HEALTHCARE SOLUTIONS INC. - Key offerings
• Exhibit 120: ALLSCRIPTS HEALTHCARE SOLUTIONS INC. - Segment focus

• 12.4 Alphabet Inc.
• Exhibit 121: Alphabet Inc. - Overview
• Exhibit 122: Alphabet Inc. - Business segments
• Exhibit 123: Alphabet Inc. - Key news
• Exhibit 124: Alphabet Inc. - Key offerings
• Exhibit 125: Alphabet Inc. - Segment focus

• 12.5 Amazon.com Inc.
• Exhibit 126: Amazon.com Inc. - Overview
• Exhibit 127: Amazon.com Inc. - Business segments
• Exhibit 128: Amazon.com Inc. - Key news
• Exhibit 129: Amazon.com Inc. - Key offerings
• Exhibit 130: Amazon.com Inc. - Segment focus

• 12.6 Apple Inc.
• Exhibit 131: Apple Inc. - Overview
• Exhibit 132: Apple Inc. - Business segments
• Exhibit 133: Apple Inc. - Key news
• Exhibit 134: Apple Inc. - Key offerings
• Exhibit 135: Apple Inc. - Segment focus

• 12.7 Cerner Corp.
• Exhibit 136: Cerner Corp. - Overview
• Exhibit 137: Cerner Corp. - Business segments
• Exhibit 138: Cerner Corp. - Key offerings
• Exhibit 139: Cerner Corp. - Segment focus

• 12.8 Clearpath Robotics Inc. 
• Exhibit 140: Clearpath Robotics Inc. - Overview
• Exhibit 141: Clearpath Robotics Inc. - Product / Service
• Exhibit 142: Clearpath Robotics Inc. - Key offerings

• 12.9 International Business Machines Corp. 
• Exhibit 143: International Business Machines Corp. - Overview
• Exhibit 144: International Business Machines Corp. - Business segments
• Exhibit 145: International Business Machines Corp. - Key offerings
• Exhibit 146: International Business Machines Corp. - Segment focus

• 12.10 Koninklijke Philips NV 
• Exhibit 147: Koninklijke Philips NV - Overview
• Exhibit 148: Koninklijke Philips NV - Business segments
• Exhibit 149: Koninklijke Philips NV - Key news
• Exhibit 150: Koninklijke Philips NV - Key offerings
• Exhibit 151: Koninklijke Philips NV - Segment focus

• 12.11 KUKA AG
• Exhibit 152: KUKA AG - Overview
• Exhibit 153: KUKA AG - Business segments
• Exhibit 154: KUKA AG - Key offerings
• Exhibit 155: KUKA AG - Segment focus

• 12.12 Microsoft Corp.
• Exhibit 156: Microsoft Corp. - Overview
• Exhibit 157: Microsoft Corp. - Business segments
• Exhibit 158: Microsoft Corp. - Key news
• Exhibit 159: Microsoft Corp. - Key offerings
• Exhibit 160: Microsoft Corp. - Segment focus

• 12.13 Mobile Industrial Robots AS 
• Exhibit 161: Mobile Industrial Robots AS - Overview
• Exhibit 162: Mobile Industrial Robots AS - Product / Service
• Exhibit 163: Mobile Industrial Robots AS - Key offerings

• 12.14 Salesforce.com Inc.
• Exhibit 164: Salesforce.com Inc. - Overview
• Exhibit 165: Salesforce.com Inc. - Product / Service
• Exhibit 166: Salesforce.com Inc. - Key news
• Exhibit 167: Salesforce.com Inc. - Key offerings

• 12.15 Samsung Electronics Co. Ltd. 
• Exhibit 168: Samsung Electronics Co. Ltd. - Overview
• Exhibit 169: Samsung Electronics Co. Ltd. - Business segments
• Exhibit 170: Samsung Electronics Co. Ltd. - Key news
• Exhibit 171: Samsung Electronics Co. Ltd. - Key offerings
• Exhibit 172: Samsung Electronics Co. Ltd. - Segment focus

• 12.16 Smarsh Inc.
• Exhibit 173: Smarsh Inc. - Overview
• Exhibit 174: Smarsh Inc. - Product / Service
• Exhibit 175: Smarsh Inc. - Key offerings

• 12.17 ST Engineering Aethon Inc. 
• Exhibit 176: ST Engineering Aethon Inc. - Overview
• Exhibit 177: ST Engineering Aethon Inc. - Product / Service
• Exhibit 178: ST Engineering Aethon Inc. - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 179: Inclusions checklist
• Exhibit 180: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 181: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 182: Research methodology
• Exhibit 183: Validation techniques employed for market sizing
• Exhibit 184: Information sources

• 13.5 List of abbreviations 
• Exhibit 185: List of abbreviations

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