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Human Augmentation Market Size, Growth And Forecast To 2033
Human Augmentation Market Size
According to The Business Research Company's, The human augmentation market size has grown exponentially in recent years. It will grow from $186.88 billion in 2023 to $230.56 billion in 2024 at a compound annual growth rate (CAGR) of 23.4%. The growth in the historic period can be attributed to rising adoption of human augmentation, growing research and development, high cost of capital expenditure, increasing demand for human augmentation.
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Market Drivers and Trends:
The increasing adoption of smart wearable devices is expected to propel the growth of the human augmentation market. Smart wearable devices refer to electronic devices that are worn as accessories or embedded into clothing and accessories, typically equipped with sensors, connectivity features, and advanced computing capabilities. Human augmentation is used in smart wearable devices to provide individuals with new ways to monitor, enhance, and interact with physical and cognitive functions. For instance, in February 2023, according to a survey of 8,014 respondents by Digital Health Consumer Adoption Survey by Rock Health Inc., a US-based digital health solutions company, In 2022, 46% of respondents owned a wearable smart device, up 4 percent from 2020 (43%), and 45% in 2021. Therefore, the increasing adoption of smart wearable devices is expected to propel the growth of the human augmentation market.
Major companies operating in the human augmentation market are focusing on product innovations, such as walk-sensing and coaching systems, to increase their profitability in the market. Walk-sensing and coaching systems are a type of technology that aims to improve posture and walking technique by sensing, diagnosing, and coaching the user's walk. For instance, in October 2022, Kyocera Corporation, a Japan-based electronics company, launched Physical Avatar, which provides a physical representation for remote workers in the office and allows them to interact with colleagues through a 360-degree camera and microphone array. It also introduced new human augmentation technology prototypes in Japan with advanced AI to enhance human abilities. The company aims to develop technologies that contribute to personal safety, convenience, and a higher quality of life. One of the solutions described is the Walk Sensing and Coaching System, which uses sensors to analyze walking patterns and provide coaching to improve posture and reduce the risk of falls.
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Major Key Players of the Market:
Alphabet Inc., Toyota Motor Corporation, Samsung Electronics Co. Ltd., Microsoft Corporation, General Motors Company, Huawei Technologies Co. Ltd., Sony Corporation, Raytheon Technologies Corporation , Panasonic Holdings Corporation, NVIDIA Corporation, Parker Hannifin Corporation, Garmin International Inc., Facebook Reality Labs (FRL), Fossil Group Inc., Magic Leap Inc., Hocoma AG , Wandercraft SAS, Touch Bionics Inc., Cyberdyne Inc., Vuzix, Ekso Bionics Holdings Inc., ReWalk Robotics Inc., Atheer Inc., BrainGate Company, Bionik Laboratories Corporation, Rex Bionics Ltd., B-Temia Inc., Life Sense (Pty) Ltd., Wearable Robotics SRL, Ekso Bionics Holdings Inc.
Human Augmentation Market 2024 Key Insights:
• The human augmentation market is expected to grow to $488.89 billion in 2028 at a compound annual growth rate (CAGR) of 20.7%.
• Smart Wearables Driving The Surge In Human Augmentation
• Recent Product Development In Japan's Human Augmentation Market
• North America was the largest region in the human augmentation market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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