Overview and Scope
Augmented industrial reality refers to a transformative technology that integrates augmented reality into industrial operations to enhance worker capabilities, improve safety, optimize processes, and ultimately drive productivity and efficiency gains in various industries. It can also reduce training costs and manufacturing cycle time.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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. The regions covered in the augmented industrial reality market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The augmented industrial reality market report table of contents includes:
1. Executive Summary
2. Augmented Industrial Reality Market Characteristics
3. Augmented Industrial Reality Market Trends And Strategies
4. Augmented Industrial Reality Market – Macro Economic Scenario
5. Global Augmented Industrial Reality Market Size and Growth
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32. Global Augmented Industrial Reality Market Competitive Benchmarking
33. Global Augmented Industrial Reality Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Augmented Industrial Reality Market
35. Augmented Industrial Reality Market Future Outlook and Potential Analysis
36. Appendix
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