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Major Market Shift in Augmented And Virtual Reality in Manufacturing Industry: Innovative Smart Glasses Revolutionize Augmented Reality In Manufacturing
Major Market Shift in Augmented And Virtual Reality in Manufacturing Industry
The augmented and virtual reality in manufacturing market has expanded exponentially in recent years. It is projected to increase from $13.14 billion in 2024 to $17.17 billion in 2025, reflecting a CAGR of 30.7%. The historical growth was fueled by the increasing demand for improved hardware and software technologies, the digitalization of manufacturing, the integration of AR and VR for plant improvements and workforce training, manufacturers' interest in simulative applications, and the growing adoption of Industry 4.0.
The augmented and virtual reality in manufacturing market is expected to grow to $49.8 billion by 2029, at a CAGR of 30.5%. Growth is driven by smartphone adoption, compatible electronics, and government initiatives. Major trends include the rise of smartphones, improved quality management, and simplified repair processes.
What Factors Are Propelling the Expansion of the Augmented And Virtual Reality in Manufacturing Market?
Increasing industrial automation is expected to propel the growth of augmented and virtual reality in the manufacturing market. Industrial automation, using advanced control systems and machinery, is becoming increasingly essential in manufacturing. Augmented and virtual reality technologies help optimize production by overlaying real-time performance data onto physical equipment. For instance, the International Federation of Robotics reported in September 2023 that the number of industrial robot installations worldwide rose by 5% in 2022, signaling increased demand for automation solutions. This trend is driving the growth of augmented and virtual reality technologies in manufacturing.
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Which Businesses Are at the Forefront of Augmented And Virtual Reality in Manufacturing Market Development?
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.
What Are the Latest Innovations in the Augmented And Virtual Reality in Manufacturing Market?
In the augmented and virtual reality in manufacturing market, companies are developing advanced smart glasses like the Z100 smart glasses to provide customers with cutting-edge features. Z100 smart glasses overlay digital information on the user's field of view. In January 2024, Vuzix Corporation, a US-based technology company, introduced Z100 smart glasses, offering a hands-free experience for workers with AI optimization tools. These glasses, which weigh only 35 grams, provide access to task details such as language translation, navigation, workflow updates, and more, with up to 48 hours of battery life.
How Is the Augmented And Virtual Reality in Manufacturing Market Segmented?
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
Subsegments:
1) By Hardware: AR/VR Headsets, Sensors, Cameras, Display Units, Processors, Wearables (Smart Glasses, Haptic Gloves)
2) By Software: AR Or VR Development Tools, Simulation Software, 3D Visualization Software, Data Analytics And Management Software, Application Software For Specific Use Cases (Training, Design)
3) By Services: Integration Services, Consulting Services, Support And Maintenance Services, Training And Education Services
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Where Is the Augmented And Virtual Reality in Manufacturing Market Growth Most Prominent?
North America was the largest region in the augmented and virtual reality in manufacturing market in 2024. 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.
What Is Covered In The Augmented And Virtual Reality in Manufacturing Global Market Report?
- Market Size Analysis: Analyze the Augmented And Virtual Reality in Manufacturing Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Augmented And Virtual Reality in Manufacturing Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Augmented And Virtual Reality in Manufacturing Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Augmented And Virtual Reality in Manufacturing Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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