Augmented And Virtual Reality in Manufacturing Global Market Reach $38.19 Billion By 2033, Key Factors behind Market's Exponential Growth

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Augmented And Virtual Reality in Manufacturing Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $38.19 Bn In 2028 At A CAGR Of 30.6% :

The augmented and virtual reality in manufacturing market size has grown exponentially in recent years. It will grow from $10.09 billion in 2023 to $13.14 billion in 2024 at a compound annual growth rate (CAGR) of 30.2%. The growth in the historic period can be attributed to growing demand for better hardware and software technologies, rise in digitalization in the manufacturing industry, rise in applications of AR VR for manufacturing plant improvisation, and workforce training, rise in demand among manufacturers for AR VR devices for simulative applications, surge in penetration of Industrial Revolution 4.0.

The augmented and virtual reality in manufacturing market size is expected to see exponential growth in the next few years. It will grow to $38.19 billion in 2028 at a compound annual growth rate (CAGR) of 30.6%. The growth in the forecast period can be attributed to growing adoption of smartphones, availability of compatible electronic products such as headsets, rise in government initiatives, simplified repair process, improved quality management. Major trends in the forecast period include growing adoption of smartphones, availability of compatible electronic products such as headsets, rise in government initiatives, simplified repair process, improved quality management.

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Augmented And Virtual Reality in Manufacturing Market Major Segments
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

Key Driver - The Synergy Of Industrial Automation And Augmented/Virtual Reality In Manufacturing

Increasing industrial automation is expected to propel the growth of augmented and virtual reality in the manufacturing market going forward. Industrial automation uses control systems, machinery, and technologies to automate industrial processes and tasks, typically in manufacturing and production environments. The increasing adoption of industrial automation is driven by economic, technological, and market forces that compel manufacturers to embrace automation as a strategic imperative for achieving operational excellence, competitiveness, and sustainability in a rapidly changing business landscape. Augmented and virtual reality overlays real-time performance data onto physical equipment, providing operators valuable insights into robot performance, production metrics, and maintenance schedules. This enables proactive decision-making and optimization of manufacturing processes. For instance, in October 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, around 517,385 new industrial robots were installed in industries worldwide in 2021, indicating a 31% growth rate year over year. Therefore, increasing industrial automation drives augmented and virtual reality in the manufacturing market.

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Prominent Trend - Innovative Smart Glasses Revolutionize Augmented Reality In Manufacturing

Major companies operating in the augmented and virtual reality in manufacturing market are developing advanced smart glasses, such as Z100 smart glasses, to better serve customers with advanced features. Z100 smart glasses are wearable computers that offer users a hands-free experience by overlaying digital information onto the user's field of view, typically through a transparent display. For instance, in January 2024, Vuzix Corporation, a US-based technology company, launched the Z100 smart glasses to create a seamless connection between workers and AI optimization tools. The unique feature of the Z100 smart glasses elevates enterprise usage of AR glasses by offering workers a hands-free wearable device that seamlessly resembles standard eyeglasses. With a battery life of up to 48 hours on a single charge, the Vuzix Z100 smart glasses integrate industry-leading heads-up waveguide technology into a stylish, lightweight design, tipping the scales at just 35 grams, equivalent to the weight of typical glasses. Enhanced by advanced monocular waveguide optics and Vuzix's proprietary microdisplay engine, these glasses produce a sharp, transparent, monochrome image, presenting vital information directly before the wearer's eyes from their Android or iOS device without the need for hands. Users benefit from instant access to critical task details, ranging from language translation and closed captioning to navigation, health tracking, messaging, workflow updates, and beyond.

Augmented And Virtual Reality in Manufacturing Market Players
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.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the augmented and virtual reality in manufacturing market in 2023. 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.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Augmented And Virtual Reality in Manufacturing Market Report Structure
3. Augmented And Virtual Reality in Manufacturing Market Trends And Strategies
4. Augmented And Virtual Reality in Manufacturing Market - Macro Economic Scenario
5. Augmented And Virtual Reality in Manufacturing Market Size And Growth
…..
27. Augmented And Virtual Reality in Manufacturing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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