Published Date: 30-Sep-2022
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According to a new report, published by KBV research, The Global Augmented Reality & Virtual Reality In Manufacturing Market size is expected to reach $27.9 billion by 2028, rising at a market growth of 27.9% CAGR during the forecast period.
The Augmented Reality market is leading the Global Augmented Reality & Virtual Reality In Manufacturing Market by Technology in 2021; thereby, achieving a market value of $19.5 billion by 2028. This expansion is attributable to the demand for augmented reality (AR) technology, which enables manufacturers to concurrently access human procedures and automated data. Moreover, the use of AR technology for manufacturing training, boosting process efficiency, and staff well-being propels the growth of the AR in manufacturing market.
The Handheld Devices market is anticipated to grow at a CAGR of 29.2% during (2022 - 2028). The segment is anticipated to grow as a result of the growing demand for high-quality immersive technologies. Handheld augmented reality (AR) and virtual reality (VR) gadgets allow people to enjoy technology advancements while wandering without needing to affix devices to their heads or sit in front of a display terminal.
The Hardware market has acquired maximum revenue in the Global Augmented Reality & Virtual Reality In Manufacturing Market by Component in 2021; thereby, achieving a market value of $16.0 billion by 2028. The increasing popularity of AR and VR devices in a variety of sectors helps to segment expansion. The requirement for augmented reality & virtual reality headsets is anticipated to be fueled by technological breakthroughs, networking, and connection improvements throughout the forecast years.
The Safety & Training market is estimated to grow at a CAGR of 28.2% during (2022 - 2028). The repair & maintenance industry is driven by the requirement for efficient enterprise repair and maintenance tools across all enterprises. AR and VR have been gaining traction in security & training owing to the usage of modern technology in training Programmes.
The North America market dominated the Global Augmented Reality & Virtual Reality In Manufacturing Market by Region in 2021; thereby, achieving a market value of $9.9 billion by 2028. The Europe market is exhibiting a CAGR of 27.7% during (2022 - 2028). Additionally, The Asia Pacific market is experiencing a CAGR of 28.6% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Samsung Electronics Co., Ltd. (Samsung Group), Google LLC, Microsoft Corporation, Vuzix Corporation, WorldViz, Inc., EON Reality, Inc., ESI Group, SkillReal Ltd., Kaon Interactive, Inc. and Solulab, Inc.
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