Intelligence Devices Market is expected to grow at 14.67% CAGR during the 2021-2028 period. Despite the covid-19 pandemic, and growing restricts, the investment in technology continues to pour in globally. The investment climate has even soared to new heights in regions like Asia Pacific, as benefits like automation, and growing threat to mass production in industries like food production is shifting manufacturers to include more technology in production. The growing demand for intelligent devices, and supporting technologies like machine learning, and AI will drive robust growth for the global intelligent devices market.
The Intelligence Devices Market is an innovative, and competitive landscape. The major players in the market are continuously engaged in innovating a wide range of technologies including natural language processing, machine learning, automated vehicles, wearable devices, among others. The growing demand for technology in everyday life, and global initiatives for energy efficiency, more support for chronically ill patients through intelligent medical devices, and home appliances, and potential of technologies like machine learning for research remains major draws for their growth in the global landscape. Some key players in the global intelligent devices market are Schneider Electric (France), ABB Ltd. (Switzerland), Cisco Systems, Inc. (United States), Siemens AG (Germany), Eaton Corporation Plc (Ireland), General Electric (United States), Schweitzer Engineering Laboratories, Inc. (United States), and Honeywell International, Inc. (United States).
Demand for Software to Remain Robust as New Engineering Research Proves Costly
Growing demand for automated devices, and increasing demand for supporting software remains the key highlight for growth in the Intelligence Devices Market. The demand for software remains far more robust as compared to new hardware. The hardware segment still holds the highest revenue share by product type. However, the CAGR of software segment remains a step ahead like it did in 2018. This is likely due to the low costs of development in software, as compared to its rewards, and potential for mass application. The success rate for software remains more promising, with predictable models for cost analysis. While the costs of hardware with unpredictable R&D still remain a major concern, as despite the promising application, the success is often not guaranteed. The growing demand for software solutions across a wide range of sectors like banking, manufacturing, agriculture, and others also remains a promising draw for growth for players in the intelligent devices market. The service segment remains the most promising for new players, as unlike the hardware and software segment, it can be a low-key affair in terms of costs, lowering barrier, and promising potential entry to new players across the globe. Furthermore, growing erosion of loyalty, and increasing need for quality customer care also promises new opportunities for small players in the intelligent devices market.
Robots to Remain a Key Application in Manufacturing and Healthcare Sector
Robots are growing in their use in a wide range of applications, mainly in manufacturing, warehousing, and healthcare sector. On one hand, the technology remains a costly affair for small players, as human capital remains widely available, and requires low initial investments. However, major players like Amazon have moved to robotic warehousing solutions to meet growing needs for high-weight handling capacities, increased demand for efficiency, and growing demand to operate 24/7 to appeal to global clientele. The growing demand for robotic is also fuelled by lowering initial costs through improvements in technologies like virtual stimulation, growing financial capital support, and large retail operations, among others. The growing demand for robots in the manufacturing industry is highly visible to most, as areas like automotive remain ripe for automation, with added advantages like reduced cost of mass-scale manufacturing. The growing demand for robotics in the global intelligent devices market will likely help it earn significant total revenues, growing from a third place in 2018. On the other hand, the drones, and autonomous cars technology, along with wearable devices will remain highly competitive. According to the international energy agency, over 9 million American consumers withheld their purchase in 2019, due to the global pandemic. Moreover, the energy also predicted that more people are waiting to purchase autonomous vehicles like electric cars as they are waiting for the ‘best and the latest’. The growing demand for autonomous cars, increased improvements in wearable devices, and major potential for expansion in drone technology in areas like environmental conservation, and agriculture will remain key drivers for growth for players in the intelligent devices market. The potential for wearable devices also promises to spill-over immediately in areas like healthcare, as the global pandemic is pushing healthcare institutions to adopt wearable medical gowns, which can monitor among other vitals, also virus spread, or bacteria contamination. The growing demand for new, and advanced wearable devices in the general populace, and niche applications like in healthcare promise a new beginning for new players entering the intelligent devices market.
North America to Hold the Highest Revenue Share During 2021-2028 Period
Thanks to the growing innovation in the region, North America remains the brightest spot in the intelligent devices market. The global market is driven primarily by rising investment in technology, and increased innovation in collaboration with universities, and research facilities. The growing investment in research facilities from major players in North America like Google, Amazon, Microsoft, and increased commitment from players like IBM remains a bright spot in the increasing bleak outlook of the global economy. The growing demand for the intelligent devices will also shape the increased dependence of universities, and colleges in North America on as private funding remains the most viable source of revenues for private institutions. The increasing deficit, growing income level drops due to the pandemic, and increased complaints of high-fees of higher education remains key challenges of private colleges, and universities. The pandemic will likely shift these institutions towards private sources of funding which will likely drive tremendous growth in the global intelligent devices market.
By Type of Intelligence Devices Market
Hardware
Software
Service
By Application of Intelligence Devices Market
Robots
Autonomous cars
Drones
Wearable device
Others
By Region of Intelligence Devices Market
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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