The global smart machines market comprises machines and devices that are capable of performing complex tasks with minimal human interference. Smart machines leverage technologies such as artificial intelligence, machine learning, computer vision, natural language processing, and motion control. Smart machines are increasingly being used in industries such as automotive, transportation & logistics, food & beverages, and healthcare for tasks such as quality inspection, packaging, sorting, and fulfillment. The integration of AI capabilities enables smart machines to optimize operations, learn from experiences, and work more safely and efficiently than conventional machines.
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 Dynamics:
The growing adoption of AI and integration of AI capabilities in machines is expected to drive the growth of the smart machines market. Artificial intelligence helps enhance the capabilities of machines by enabling them to learn from experiences, identify patterns, and adapt to new requirements. AI integration provides machines with advanced functionalities such as computer vision, speech recognition, language translation, and decision-making abilities. This allows smart machines to perform complex tasks with minimal human supervision. Additionally, AI-powered smart machines have extensive applications across industries as they help automate repetitive and dangerous jobs, thereby improving productivity and workplace safety. Furthermore, rapid advances in AI, ML, and robotics technologies are making smart machines more affordable and accessible, which is expected to further propel the demand.
Segment Analysis
The smart machines market size is segmented into industrial robots, cobots, robot components, and others. The industrial robot segment dominates the market and accounts for around 35% share of the total market. Industrial robots find extensive applications in various industries such as automotive, electronics, pharmaceuticals, food & beverages, and others for tasks such as assembly, material handling, packaging, and inspection. The demand for industrial robots is high owing to their advantages such as high efficiency, accuracy, reliability, and ability to work in hazardous and vulnerable conditions.
PEST Analysis
Political: Governments across countries are supporting the domestic manufacturing sector through initiatives like “Make in India” which is boosting the demand for industrial robots from sectors like automotive and electronics.
Economic: Rising labor costs and global economic slowdown are prompting companies to invest in smart machines for improved productivity and cost reduction. Automation helps increase output at lower costs.
Social: Aging population and declining workforce is increasing the demand for smart machines adoption to fulfill production needs. However, some jobs may get replaced raising unemployment concerns initially.
Technological: Advancements in technologies like artificial intelligence, IoT, machine learning, and computer vision are augmenting the capabilities of smart machines. This is supporting their increasing applications in new domains.
Key Takeaways
The global smart machines market is expected to witness high growth. 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.
The Asia Pacific region currently dominates the market and is expected to maintain its lead. Countries like China, Japan, and South Korea are major markets owing to large manufacturing sectors and government initiatives to promote robotics and automation.
Key players operating in the smart machines market are Ossur, Steeper Group, Blatchford, Inc., Fillauer LLC, Ottobock, and WillowWood Global LLC, among others. Key players are focusing on developing advanced product offerings integrated with latest technologies like AI and IoT. They are also expanding their geographic footprint through organic and inorganic growth strategies to bolster their shares in the high growth market.
