Smart Machines Global Market Report 2024

The smart machine market size has grown rapidly in recent years. It will grow from $175.81 billion in 2023 to $200.07 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to the rise in digitization and cloud technologies, increasing demand for automation to achieve efficiency and quality, growing demand for automation solutions coupled with technological advancements, rising need for automation to eliminate human errors, and increasing adoption of smart machine solutions.

The smart machine market size is expected to see rapid growth in the next few years. It will grow to $331.92 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The forecasted growth is driven by the industrial internet of things (IIoT), the emergence of 5G and edge computing, and the adoption of innovative technology across various industry sectors. Additionally, favorable government initiatives supporting manufacturing and machinery use, along with the increasing demand for cloud-based manufacturing solutions, contribute to this growth. Major trends expected in this period include advancements in artificial intelligence, a focus on sustainable manufacturing practices, the increasing use of edge computing technologies in manufacturing, the adoption of digital twins and simulation tools for predictive maintenance and optimization, and the digitalization of manufacturing processes for Web3 and blockchain technology.

The smart machine market is poised for growth, driven by the rising demand for improved data accessibility across industries. Data accessibility enables employees to retrieve information from databases efficiently, enhancing organizational performance. Smart machines heavily rely on accessible, diverse, and relevant data for optimal performance and adaptability. For example, a BARC survey in June 2022 found that organizations using big data experienced an 8% increase in profits and a 10% reduction in costs. Additionally, 69% reported better strategic decision-making, while 54% noted improved operational process control. As industries increasingly seek enhanced data accessibility, the smart machine market is expected to expand significantly.

Major companies in the smart machine market are developing innovative products with technological advancements, such as smart diagnostic systems, to enhance profitability. Smart diagnostic systems utilize cutting-edge technologies such as machine learning, artificial intelligence (AI), and the Internet of Things (IoT) to improve the precision, speed, and effectiveness of diagnostic procedures. For example, in November 2021, Koninklijke Philips N.V. launched an AI-powered MR 5300 1.5T system approved by the FDA under 510(k). This system streamlines and automates difficult clinical and operational tasks in outpatient clinics and MR departments, featuring AI-driven technologies to enhance diagnostic imaging and patient care. It includes Philips' unique BlueSeal magnet and is designed for helium-free operation, promoting sustainability and operational efficiency.

In January 2021, Alphabet Inc., a US-based technology company, acquired Fitbit for $2.1 billion. This acquisition is aimed at driving innovation in wearable devices, strengthening Alphabet's presence in the wearable market, and enhancing its competitiveness in the smartwatch segment. Fitbit Inc., the company acquired by Alphabet, is known for its expertise in smartwatches and fitness-tracking devices.

Major companies operating in the smart machines market report are Amazon.com Inc., Apple Inc., Alphabet Inc., Microsoft Corporation, Dell Technologies Inc., Robert Bosch GmbH, Sony Group Corporation, Siemens AG, General Electric Company, Panasonic Corporation, LG Electronics Inc., Intel Corporation, Qualcomm Technologies Inc., Oracle Corporation, Schneider Electric SE, Honeywell International Inc., 3M Company, Salesforce.com Inc., ABB Ltd., Hewlett Packard Enterprise, BAE Systems plc, BOE Technology Group Co. Ltd., Sharp Corporation, Koninklijke Philips NV, Pioneer Corporation, Corning Incorporated, Emerson Electric Co., Rockwell Automation Inc., KUKA AG, ST Engineering Aethon Inc.

North America was the largest region in the smart machines market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart machines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the smart machines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Smart machines are cognitive computing systems capable of decision-making and problem-solving without human intervention. They leverage machine-to-machine and cognitive computing technologies, including machine learning and deep learning, to perform tasks autonomously.

Smart machines consist of hardware, software, and services. Hardware comprises tangible components or delivery systems that execute instructions from software. Technologies such as cloud computing, big data, the internet of things, robotics, cognitive computing, and affective computing enable smart machines such as robots, autonomous vehicles, drones, and wearables. These technologies find application in various sectors such as manufacturing, transportation, healthcare, consumer goods, retail, aerospace, defense, and others.

The smart machines market research report is one of a series of new reports that provides smart machines market statistics, including smart machines industry global market size, regional shares, competitors with smart machines market share, detailed smart machines market segments, market trends, and opportunities, and any further data you may need to thrive in the smart machines industry. This smart machines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The smart machines market consists of revenues earned by entities by services such as maintenance, updates, and support through subscription models, cloud-based services for data storage, processing, or communication, consulting and implementation services. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart machines market also includes sales of physical smart machines, such as robots, drones, and autonomous vehicles. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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