Global Market for Smart Machines Expected to Reach $15.3 Billion in 2019; Autonomous Robots Moving at 22.8% CAGR
According to a new report from BCC Research,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%.
Wellesley, Mass., (PRWEB) May 27, 2014
BCC Research (http://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(at)bccresearch(dot)com.
About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key competitors. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Our clients include the top companies in industries around the world as well as universities, business schools, start-ups, consulting firms and investment companies. BCC Research is a unit of Eli Research LLC. Visit our website at http://www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern time), or email information(at)bccresearch(dot)com.
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC, 49-2 Walnut Park, Wellesley, MA 02481, Telephone: (+1) 781-489-7301; Email: editor(at)bccresearch(dot)com as the source and publisher. Thank you.
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