Augmented And Virtual Reality in Manufacturing Market
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Augmented And Virtual Reality in Manufacturing Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
Recently, there has been a phenomenal growth in the manufacturing market size for augmented and virtual reality. Predictions indicate that it is expected to expand from $13.14 billion in 2024 to $17.17 billion in 2025, reflecting a compound annual growth rate (CAGR) of 30.7%. This rapid growth in the preceding phase can be explained by the escalating need for enhanced hardware and software technologies, the proliferation of digitalization within the manufacturing sector, the increased usage of AR VR for enhancing manufacturing plants and training workforce, the rising demand from manufacturers for AR VR devices purposed for simulation applications, and the soaring penetration of the Industrial Revolution 4.0.
Augmented And Virtual Reality in Manufacturing Market Size Forecast: What’s the Projected Valuation by 2029?
Exponential expansion is anticipated in the coming years for the market size of augmented and virtual reality in manufacturing. It is projected to climb to $49.8 billion in 2029, exhibiting a compound annual growth rate (CAGR) of 30.5%. This increase during the predicted period can be credited to the escalating use of smartphones and the proliferation of suitable electronic products like headsets. It can also be attributed to a surge in government initiatives, streamlined repair procedures, and heightened quality management. Key trends during the projection period will involve the growing smartphone usage, availability of compatible electronic devices like headsets, escalation in government initiatives, ease in the repair process, and elevated quality management.
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What Are the Drivers Transforming the Augmented And Virtual Reality in Manufacturing Market?
The rise in industrial automation is set to fuel the expansion of augmented and virtual reality within the manufacturing sector. This form of automation employs control systems, machinery, and advanced technologies to automate industrial processes, primarily within the manufacturing and production industries. The surge in industrial automation adoption is spurred by economic, technological, and market dynamics, prompting manufacturers to integrate automation in their strategy for operational excellence, competitiveness, and sustainability in a rapidly evolving business environment. Augmented and virtual reality overlay real-time performance information onto physical machinery, offering crucial insights into robotic performance, production parameters, and maintenance plans. This facilitates proactive decision-making and the refinement of manufacturing operations. For example, in September 2023, the International Federation of Robotics, a non-profit organization based in Germany, announced that worldwide industrial robot installations in factories amounted to 553,052, up by 5% from 2022. On a regional basis, 73% of all the newly installed robots were stationed in Asia, while 15% were in Europe and 10% in the Americas. Consequently, the rise in industrial automation is propelling the growth of augmented and virtual reality within the manufacturing market.
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What Long-Term Trends Will Define the Future of the Augmented And Virtual Reality in Manufacturing Market?
Leading enterprises in the augmented and virtual reality production field are enhancing their customer experience by engineering sophisticated smart glasses like the Z100. These smart glasses serve as wearable computers, rendering a hands-free interface by superimposing digital data onto the user’s visual canvas, typically via a transparent screen. For example, in January 2024, the trailblazing technology firm Vuzix Corporation, launched the Z100 smart glasses. They aim to perfect the link between workforce and AI enhancement solutions. The Z100 smart glasses, with their distinctive attributes, boost corporate application of AR glasses by providing employees with a hands-free wearable gadget that flawlessly mimics normal eyewear. The Z100, boasting a battery life of up to 48 hours with a single charge, blend cutting-edge heads-up waveguide technology in a chic, lightweight structure, weighing a mere 35 grams, akin to regular glasses. The glasses, fortified by sophisticated monocular waveguide optical systems and Vuzix’s own microdisplay engine, deliver a crisp, transparent, monochromatic image, showcasing crucial data directly in front of the user’s eyes via Android or iOS devices, without any hand intervention. This offers users immediate access to vital task specifics like language interpretation, closed captioning, navigation, health monitoring, messaging, workflow updates, and a lot more.
Which Segments in the Augmented And Virtual Reality in Manufacturing Market Offer the Most Profit Potential?
The augmented and virtual reality in manufacturing market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: Augmented Reality, Virtual Reality
3) By Device Type: Head-Mounted Display, Head-Up Display, Handheld Devices
4) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises
5) By Application: Product Design And Development, Safety And Training, Maintenance And Repair
Subsegments:
1) By Hardware: AR/VR Headsets, Sensors, Cameras, Display Units, Processors, Wearables (Smart Glasses, Haptic Gloves)
2) By Software: AR Or VR Development Tools, Simulation Software, 3D Visualization Software, Data Analytics And Management Software, Application Software For Specific Use Cases (Training, Design)
3) By Services: Integration Services, Consulting Services, Support And Maintenance Services, Training And Education Services
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Which Firms Dominate the Augmented And Virtual Reality in Manufacturing Market by Market Share and Revenue in 2025?
Major companies operating in the augmented and virtual reality in manufacturing market are Apple Inc., Google LLC, Panasonic Holdings Corporation, Samsung Group, Microsoft Corporation, Sony Group Corporation, Novac Technology Solutions, Intel Corporation, Lenovo Group Limited, Continental AG, Xiaomi Corporation, Seiko Epson Corporation, HTC Corporation, PTC Inc., Magic Leap Inc., ESI Group, WayRay AG, EON Realty Inc., Ultraleap, SoluLab Inc., Kaon Interactive Inc., Vuzix Corporation, Blippar Group Limited, Scope AR, SkillReal, Atheer Inc., Worldviz Inc.
Which Regions Offer the Highest Growth Potential in the Augmented And Virtual Reality in Manufacturing Market?
North America was the largest region in the augmented and virtual reality in manufacturing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the augmented and virtual reality in manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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