May 27, 2014
Wellesley, Mass., May 27, 2014 – BCC Research (www.bccresearch.com) reveals in its new report,SMART MACHINES: TECHNOLOGIES AND GLOBAL MARKETS, the global market for smart machines is expected to grow to $15.3 billion by 2019, with a five-year compound annual growth rate (CAGR) of 19.7%. The autonomous robot category, one of the fastest performing segment in the overall market, is projected to move at a significant CAGR of 22.8%.
The global market for smart machines comprises five segments, including expert systems, neurocomputers, autonomous robots, smart embedded systems, and intelligent assistants. Expert systems (e.g., medical decision support systems, smart grid) made up the largest share of the market in 2013, followed by autonomous robots. However, by 2024 autonomous robots (robots that can perform with a high degree of autonomy and make complex judgments) are expected to outstrip expert systems and dominate the market altogether.
Expert systems, currently the largest segment of the overall market, is expected to reach $7 billion by 2019, registering a 15% CAGR. By 2024, this segment is projected to grow to $12.4 billion.
However, the autonomous robots segment (including self-driving vehicles for space exploration), which was valued at just $1.1 billion in 2013, is set to jump to nearly $3.6 billion in 2019 and $13.9 billion in 2024.
“These advanced robots have greater mobility, dexterity, flexibility, and adaptability than their predecessors,” says BCC Research instrumentation and sensors analyst Andrew McWilliams. “They combine artificial intelligence with advanced sensors and actuators, and are constructed from improved materials. These technological advances, coupled with declining costs, are making new uses possible, ranging from space exploration to military operations, from industry to mowing lawns.”
SMART MACHINES: TECHNOLOGIES AND GLOBAL MARKETS provides an overview of the global market for smart machines, including expert systems, neurocomputers, autonomous robots, smart embedded systems, and intelligent assistants. It includes analyses of global market trends, with data from 2013, estimates for 2014 and 2019, and projections of CAGRs through 2024.
Editors and reporters who wish to speak with the analyst, should contact Steven Cumming at steven.cumming@bccresearch.com.
Smart Machines: Technologies and Global Markets( IAS094A )
Publish Date: May 2014
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