About the Smart Machines Market in Europe
The growing need for process improvements and the need to reduce cost on major process related parameters drive the adoption of smart machines in both the industrial and service industries. Major level of adoption is witnessed in the industrial set-up mainly due to the advantages of smart machines in streamlining the complete production or manufacturing processes. The industrial sector is governed by machines that are operated according to set parameters and continue in the process with the aid of automation solutions. Robotics and smart machines are the next generation of automation technologies that are adopted in factories to enhance productivity and cut process-related operational expenses.Service industries, which are highly customer centric, are on the verge of developing a one-stop solution environment with the existing workforce. Smart machines, such as expert systems and digital assistants, are deployed to address the growing consumer enquiries and complaints. Successful implementation of smart machines in service industries is expected to garner 25%-30% new customers in the banking and retail sectors.
Technavio’s analysts forecast the Smart Machines Market in Europe to grow at a CAGR of 15.18% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the Smart Machines Market in Europe for 2016-2020. To calculate the market size, the report considers revenue generated from the sales of smart machines such as expert systems, autonomous robots, and digital assistants in Europe.
The market is divided into the following segments based on type:
Technavio Announces the Publication of its Research Report – Smart Machines Market in Europe 2016-2020
Technavio recognizes the following companies as the key players in the Smart Machines Market in Europe: BAE Systems, Creative Virtual, and Rethink Robotics.
Other Prominent Vendors in the market are: Anki, Artificial Solutions, Astute Solutions, Knightscope, OpiFlex, QBotix, Robotics Inventions, Rockwell Collins, and Ward Systems Group.
Commenting on the report, an analyst from Technavio’s team said: “A trend that is expected to have a big impact on this market is the development of M2M technologies. Collaborative robots are emerging in the industrial sector with more number of applications opting for this technology to enhance productivity targets and safety of the working environment. With enhanced human-machine collaboration, the next level of communication in the industrial sector is expected in machine to machine (M2M) technologies. Robotic technology providers are developing and testing M2M technology in the industrial sector for large-scale implementation.”
According to the report, a key growth driver is the reduction of redundancy in operations and increased safety. The implementation of automation and robotics in a process or discrete industry minimizes the repeated operations performed by the skilled workforce. Organizations across industries are looking to curtail the use of labor in repeated operations. This increases the process efficiency, and reduces the cost incurred when deploying a human labor.
Further, the report states that one challenge that could hamper market growth is the lack of finance for smart machine companies. "
BAE Systems, Creative Virtual, Rethink Robotics, Anki, Artificial Solutions, Astute Solutions, Knightscope, OpiFlex, QBotix, Robotics Inventions, Rockwell Collins, Ward Systems Group.