The smart machines market is expected to grow at a CAGR of 12% during the forecast period. Changes in global labor force, Miniaturization of sensors, and Technological advances in hardware are some of the significant factors fueling smart machines market growth.
Changes in global labor force
The market has a moderate number of suppliers, which offer moderately differentiated products. The raw materials used in the manufacturing of smart machines include electronic components such as sensors, cameras, actuators, and microprocessors. A few players are present in the market to provide raw materials specifically to smart machine manufacturers. Also, few vendors focus on maintaining long-term partnerships with suppliers. Therefore, the bargaining power of suppliers was moderate in 2019 and is expected to remain the same during the forecast period.
