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Augmented Industrial Reality Market Report: In-Depth Analysis Of Industry Share, Size, Growth And Outlook Up To 2033
Augmented Industrial Reality Market Report
As per the report, 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 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%.
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Remote Work Revolution Drives Growth In The Augmented Industrial Reality (Air) Market
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.
Increasing Focus On Technological Innovations To Drive The Revenues
Major companies operating in the augmented industrial reality market are developing innovative technologies, such as Magic Leap's ActiveSphere concept UI in cars, to explore the potential of augmented reality (AR) for automotive user interfaces. Magic Leap's ActiveSphere concept UI is an augmented reality (AR) user interface that is designed for automotive use. For instance, in April 2023, Audi AG, a Germany-based automobile manufacturing company, launched Magic Leap's ActiveSphere concept UI in cars. It is based on the Magic Leap 2 AR headset and uses hand and eye tracking to allow drivers to interact with the UI without taking their eyes off the road. It is screenless, which eliminates distractions and improves safety. It is customizable, so drivers can choose the information and features that are most important to them. It also enhances efficiency and personalization.
The augmented industrial reality market covered in this report is segmented -
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
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Major companies operating in the augmented industrial reality market report are 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
Contents of the report:
1. Executive Summary
2. Augmented Industrial Reality Market Report Structure
3. Augmented Industrial Reality Market Trends And Strategies
4. Augmented Industrial Reality Market - Macro Economic Scenario
5. Augmented Industrial Reality Market Size And Growth
…..
27. Augmented Industrial Reality Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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