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
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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.
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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