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Technavio

Innovation

Need to Reduce Human Error, Operating Costs Driving Smart Machines Market

Trend expected to continue in the Americas through 2020

Published: Thursday, May 26, 2016 - 11:31

(Business Wire: London) According to the latest market study released by Technavio, the smart machines market in the Americas is expected to grow at a compound annual growth rate (CAGR) of approximately 15 percent during the forecast period.

This research report, titled “Smart Machines Market in the Americas 2016-2020” provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up-to-date analysis and forecasts for various market segments and all geographical regions.

The report categorizes the smart machines market in the Americas into three major types:
• Expert systems
• Autonomous robots
• Digital assistants

Expert systems

The expert systems market in the Americas is expected to grow at a CAGR of more than 11 percent. Expert systems are gaining popularity in the Americas in both the industrial and services sectors. The growth of expert systems is slightly higher in the service sector, such as healthcare, retail, and agriculture, as compared to the industrial sector.

The clinical decision support system (CDSS) is a type of expert system used in the healthcare industry in the Americas after the passage of Health Information Technology for Economic and Clinical Health (HITECH) Act in 2009, through which providers must apply one clinical decision support rule that includes diagnostic test ordering and the ability to track compliance. “Several providers install CDSS for patients that are diagnosed improperly or given wrong medication. These errors are included in the list and population health management reports, which are used for improvement initiatives,” says Bharath Kanniappan, a lead analyst at Technavio for automation research.

The expert system is also widely used in the fisheries and aquaculture sectors, wherein the ROI is significantly high. These systems provide site-specific and integrated advice that are essential for farmers and fishers to manage their facilities efficiently. The other expert systems, such as smart grids, are also experiencing high demand in the Americas due to modernization of substations and installation of smart meters in every household. The demand is likely to grow by 2021.

Autonomous robots

The autonomous robots market in the Americas is expected to grow at a CAGR of more than 23 percent. Autonomous robots can help hospitals by delivering lab results and patient samples expeditiously, without employees leaving their posts. These robots can navigate hospital hallways without traditional guidance, and can find alternate routes when another is blocked. They stop at pick-up points, and collect samples for labs. With the help of advanced technologies, autonomous robots can understand the emotion hidden in a human voice, which is helpful in consulting a patient.

The continuous research and exploration by JPL, California Institute of Technology, has led to the development of autonomous robots that can construct a map based on visual sensors. These robots can move in different directions if the map shows any bumpy terrain pattern. Such advances in robotics technology have increased the deployment of robots in manufacturing plants as they can avoid collision with other machine or humans. Also, these robots are used to explore hostile areas in search and rescue operations by the military.

Digital assistants

The digital assistants market in the Americas is predicted to grow at a CAGR of more than 12 percent during the forecast period. A digital assistant is a customized automated digital character, such as an avatar or a 3D animated persona, which provides information and service assistance to customers.

Digital assistants are rapidly taking over traditional customer contact centers in the Americas, as they are gaining popularity, particularly among young users who are attracted by the concept of computerized customer executives and self-service. The combination of natural language processing (NLP) and artificial intelligence (AI) makes it possible for intelligent virtual assistants to possess large volumes of knowledge repositories and solve all user queries with more than 90-percent accuracy.

The retail sector is the largest end-user of digital assistants in the Americas. The travel, BFSI, and education sectors are the other sectors where digital assistants are gaining popularity in the Americas. “The demand for virtual assistants in the education sector is growing significantly, as every student is reliant on Internet search for any topic-related information. Students use the Internet on smartphones, tablets, computers, or laptops, and seek instant and accurate reply for their posted queries,” says Bharath.

Discuss

About The Author

Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

If you are interested in more information, please contact our media team at media@technavio.com.