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Augmented Industrial Reality Market Report 2024: Size, Share, Growth, Trends, Forecast to 2033
Augmented Industrial Reality Market Report
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
augmented industrial reality Market 2024 Key Insights:
• The augmented industrial reality market is expected to grow to$12.93 billion in 2028 at a compound annual growth rate (CAGR) of 29.4%.
• Remote Work Revolution Drives Growth In The Augmented Industrial Reality (Air) Market
• Increasing Focus On Technological Innovations To Drive The Revenues
• North America was the largest region in the augmented industrial reality market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
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