Press release
Augmented Industrial Reality Market Opportunities, Challenges, Growth Strategies And Forecast 2024-2033
Augmented Industrial Reality Market
The Business Research Company presents an extensive market research report on the Augmented Industrial Reality Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The augmented industrial reality market size has grown exponentially in recent years. It will grow from $3.56 billion in 2023 to $4.61 billion in 2024 at a compound annual growth rate (CAGR) of 29.3%. The growth in the historic period can be attributed to early adoption in manufacturing, pioneering use in maintenance and training, integration with iot devices, precision in assembly and quality control, enhanced remote assistance.
The augmented industrial reality market size is expected to see exponential growth in the next few years. It will grow to $12.93 billion in 2028 at a compound annual growth rate (CAGR) of 29.4%. The growth in the forecast period can be attributed to customer experience enhancement, growing cross-industry applications, increased data visualization needs, safety and compliance, remote assistance demand.. Major trends in the forecast period include sustainability and eco-friendly practices, augmented training and skill development, augmented maintenance and support, security and privacy enhancements, customized and scalable solutions..
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Key Market Players:
Apple Inc., Google LLC, Microsoft Corporation, Huawei Technologies Co. Ltd., Sony Group Corporation, Amazon Web Services Inc., Siemens AG, Lenovo Group Limited, International Business Machines Corporation (IBM), Oracle Corporation, Xiaomi Corporation, Honeywell International Inc., SAP SE, ABB Ltd., Infosys Limited, Dassault Systèmes SE, Snap Inc., PTC Inc., Unity Technologies Inc., Sofvie Inc., Magic Leap Inc., Rokid Inc., Epson America Inc., Zappar Limited, Vuzix Corporation, RealWear Inc., Atheer Inc., Spatial Systems Inc., Blippar Limited, Wikitude GmbH are prominent players in the industry.
Market Drivers:
The increasing prevalence of remote work is expected to propel the growth of the augmented industrial reality market going forward. Remote work, also known as telecommuting or telework, refers to a work arrangement in which employees do not need to commute to a physical office or workplace. The increasing prevalence of remote work has become a significant factor driving the adoption and development of augmented industrial reality (AIR) solutions. Augmented industrial reality (AIR) can be highly beneficial in remote work scenarios, particularly in industries that rely on physical operations and require collaboration between on-site and remote teams. For instance, according to Forbes Media LLC, a US-based media company, as of 2023, 12.7% of full-time employees in the United States work from home, while 28.2% work a hybrid model. By 2025, an estimated 32.6 million Americans are expected to work remotely, which equates to about 22% of the workforce. Therefore, the increasing prevalence of remote work is driving the growth of the augmented industrial reality market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/augmented-industrial-reality-global-market-report
Market Segments Include:
1) By Component: Hardware, Software, Services
2) By Technology: Marker Based AR Technology, Marker Less AR Technology, Anchor Based AR Technology
3) By Application: Product Design And Development, Maintenance And Repair, Quality Assurance, Training And Education, Assembly Instruction, Other Applications
4) By Industry: Automotive, Healthcare, Energy And Utilities, Chemical, Other Industries
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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