Machining systems and tools have undergone substantial growth in recent years. Technological advancement along with research and development activities has led to the development of smart machines. Smart machines are devices or systems that integrate machine to machine (M2M) technology, which enables them to solve problems or make decisions without human intervention. These systems possess the capability of performing repetitive tasks at high speeds and high accuracy.
Smart machines operate autonomously and help prevent and correct numerous processing errors caused by drift of thermal working point, changing conditions in the raw material or wear and tear of the mechanical components. These systems can provide status updates to a high-level control system through the exchange of information with other automation systems.
Furthermore, equipped with an extensive sensor network, smart machines are capable of holding information about an array of processes, machine condition, and their environment, thereby enhancing the quality and the uptime. Smart machines learn through application-specific algorithms and can improve their performance over time. Technological proliferation is expected to be the key factor driving the demand for smart machines. In addition, favorable government initiatives are expected to spur market demand. Rise in the number of investments by various enterprises to improve operational efficiency and productivity is expected to drive the market. Further, increasing
Rise in the number of investments by various enterprises to improve operational efficiency and productivity is expected to drive the market. Further, increasing the importance of automation and need to eliminate human errors by businesses is expected to positively impact market growth. However, the possibility of excessive use of machines in place of human labor is expected to lead to the rise in issues regarding unemployment, which is likely to pose a challenge to market growth.
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The smart machines market on the basis of product offerings is segmented into smart embedded systems, autonomous robots, neurocomputers, expert systems and intelligent assistants. Expert systems comprised medical decision support system and smart grid among others and accounted for the largest market share, closely followed by the autonomous robots segment. Further, the advanced robots offer more flexibility and adaptability owing to which this segment is expected to dominate the market during the forecast period.
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