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 – Yahoo Finance
AR and VR are entirely compatible technologies which enable a comprehensive 360-degree content perspective in a dynamic simulative world and are driven by relevant analytical findings. Businesses’ demand for augmented reality and virtual reality gadgets for simulative applications has increased.
New York, Oct. 25, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Augmented Reality & Virtual Reality In Manufacturing Market Size, Share & Industry Trends Analysis Report By Technology, By Device Type, By Component, By Application, By Regional Outlook and Forecast, 2022 – 2028” – https://www.reportlinker.com/p06352702/?utm_source=GNW
In addition, the increase in AR & VR applications for manufacturing plant improvement and staff training stimulates the expansion of the sector.
In recent years, augmented reality & virtual reality technologies for collecting sights and sounds have gained popularity due to technological advancements. In addition, the accessibility of numerous electronic items like tablets, and other smart devices interoperable with augmented reality and virtual reality technologies has resulted in a major expansion of market prospects. In January 2022, Microsoft Corporation Inc. debuted its HoloLens 2 mixed reality headset in India. The headset’s artificial intelligence, time-of-flight depth sensor, and semantic understanding enable users to interact with holograms in a more realistic manner.
The usage of virtual reality would limit the motions of manufacturing workers since their interface with the actual world would be impeded by the headgear. Augmented reality gadgets enhance the naturalness and fluidity of staff mobility. Owing to delivery delays and losses produced by faulty freight transportation or loading, a decrease in warehouse operation costs has always been on the horizon. AR may expedite cargo selection for loaders by providing them with interactive voiced instructions to help them discover the correct cargo and determine where it needs to be positioned in the truck.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has halted the operations of various industries, majorly manufacturing sector. The shortage of labour, supply chain disruption, shutdown of the manufacturing units and complete lockdown have significantly affected the manufacturing sector. However, the integration of augmented reality and virtual reality to remove physical trials helps businesses save R&D expenses. Moreover, VR technologies cut training expenses and enable enterprises to redeploy resources for improved outputs.
Market Growth Factors
Streamlined Way of Maintenance and Enhanced Quality Control
Using AR, manufacturing businesses may manage, maintain, and repair production-related equipment. Traditionally, an employee utilized an outdated handbook to detect problems and then take the appropriate measures. Nevertheless, augmented reality would eliminate the necessity for traditional instructions. Wearing an augmented reality (AR) wearable technology can reduce the time required for issue investigation, identification, and subsequent resolution.
Reduction in the Accidents and Disruptions in Manufacturing Units
Virtual reality is assisting in predicting and perhaps avoiding the dangers and disruption risks connected with assembly line utilization. By modelling the production environment, manufacturers may identify possible hazards and eradicate them far in advance of their occurrence. It is impossible to miss the significance of this solution, since it reduces downtime in addition to repair and maintenance costs and improves employee safety.
Market Restraining Factors
Confidentiality & Security Problems and Risky Behaviour Promotion
Privacy and security problems may be raised by augmented reality. AR makes it impossible to distinguish between what is genuine and what is not, contributing to a concern of being “tricked” during an assault. For instance, social media users might be more prone to trust fake data if they accept their Facebook friends posted about it. Augmented Reality is a technique that superimposes a digital layer on the real environment. It may be utilized in a variety of ways, including games and entertainment.
Based on technology, the Augmented Reality & Virtual Reality in Manufacturing Market is bifurcated into Augmented Reality and Virtual Reality. The virtual reality segment garnered a substantial revenue share in the Augmented Reality & Virtual Reality in Manufacturing Market in 2021. This expansion is attributable to the broad use of virtual reality and the increasing popularity of industrial Internet of things, industrial robots, and smart factories, which have provided a major platform for VR uses in the manufacturing sector.
Device Type Outlook
By device, the Augmented Reality & Virtual Reality in Manufacturing Market is segmented into Head-mounted Display, Head-up Display and Handheld Devices. Head-mounted Display segment registered the largest revenue share in the Augmented Reality & Virtual Reality in Manufacturing Market in 2021. An important driving element is the rising demand for head-mounted displays and smart glasses in industrial and commercial applications. Due to the utilization of HMD devices for product development, the HMD segment is anticipated to continue its dominance during the forecast period.
On the basis of component, the Augmented Reality & Virtual Reality in Manufacturing Market is classified into Hardware, Software and Services. The services segment acquired a promising revenue share in the Augmented Reality & Virtual Reality in Manufacturing Market in 2021. Significant development in the services area has been attributable to an expansion in integrated technology-related consulting & service offerings, like training, maintenance, and security services, that would continue to expand during the projected period.
On the basis of application, the Augmented Reality & Virtual Reality in Manufacturing Market is fragmented into Product Design & Development, Safety & Training and Maintenance & Repair. The Product Design & Development segment garnered the largest revenue share in the Augmented Reality & Virtual Reality in Manufacturing Market in 2021. Employing AR and VR technology in product design as well as development applications has enhanced market rivalry for manufacturers. Consequently, the market expansion is fueled by the convenience of employing AR and VR technologies for product creation and development.
Region-wise, the Augmented Reality & Virtual Reality in Manufacturing Market is analyzed across North America, Europe, Asia Pacific and LAMEA. North America emerged as the leading region in the Augmented Reality & Virtual Reality in Manufacturing Market with the highest revenue share in 2021. Increased adoption of industrial revolution 4.0 in the U.S. manufacturing sector stimulates industry expansion in the region.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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.
Strategies Deployed in Augmented Reality & Virtual Reality In Manufacturing Market
Aug-2022: Vuzix Corporation launched Blade 2 smart glasses, its third generation Blade model. This Blade 2 is an AR workforce solution developed on the popular Blade form factor, which would provide a host of better features and high performance specifically developed to fulfill the requirements of connected workers.
Aug-2022: Vuzix Corporation signed an agreement with L3Harris Technologies, an American technology company. This agreement aimed to create a personalized waveguide-based optics engine, which aimed to be utilized in head borne systems developed for military applications.
May-2022: Microsoft came into a partnership with Kawasaki, a group of motorsport vehicles. Under this partnership, Kawasaki became a new customer for the tech giant’s “industrial metaverse”, which is a fancy way of saying factory floor workers to wear a HoloLens headset to assist with production, repairs, and managing supply chains.
May-2022: Google took over Raxium, a Bay Area startup. This acquisition aimed to work on microLED display technologies for wearables and augmented & virtual reality (AR and VR) headsets.
May-2022: ESI Group teamed up with ENSAM, a French engineering and research institute of higher education. Through this collaboration, ESI Group would expand its commitment to the industrial and academic ecosystems by enabling Inspector software accessible to as many individuals as possible, allowing them to collaborate on a dependable and flexible solution to tackle the technological problems and special requirements of the community.
Feb-2022: Harman International, a subsidiary of Samsung Electronics took over Apostera, a German automotive software firm. This acquisition aimed to expand its business in the augmented reality and mobility technology sector. Integrated with Harman’s digital cockpit product portfolio, Apostera’s technologies would narrow the gap between the physical and digital worlds.
Jan-2022: Microsoft launched its mixed reality headset HoloLens 2 in India. HoloLens 2 assists companies and their employees to complete important tasks quickly, safely, and more efficiently, and develop new ways to connect with customers as well as partners.
Jan-2022: Microsoft joined hands with Qualcomm Technologies, an American multinational corporation. This collaboration aimed to expand and boost the adoption of augmented reality (AR) in the consumer and enterprise sector. Under this collaboration, Qualcomm Technologies would work with Microsoft across various initiatives to support the ecosystem, comprising the development of custom AR chips to allow a new wave of power-efficient, lightweight AR glasses to offer rich and immersive experiences, and plans to combine software such as Microsoft Mesh and Snapdragon Spaces XR Developer Platform.
Jun-2021: EON Reality launched EON-XR’s 9.0 update. EON Reality’s goal with every release is to democratize XR uses as much as possible, which would make the development and utilization of immersive XR lessons easier than ever for students and instructors.
Mar-2021: Microsoft unveiled Mesh, a service to build apps for people to collaborate in augmented reality. This product would allow developers to create applications wherein people can share holograms, speak with one another, create doodles, and appear as virtual avatars.
Jan-2021: Google Cloud signed an agreement with Magic Leap, an American startup company. This agreement aimed to provide spatial computing solutions to companies and Google Cloud customers. In the partnership, Magic Leap would provide its enterprise solutions on the Google Cloud Marketplace and explore new cloud-based, spatial computing solutions operating on Google Cloud.
Jul-2020: Vuzix Corporation came into a partnership with ProGlove, a provider of wearable scanners. This partnership aimed to bring together an integrated product solution to fulfill the rising requirement for more efficiency and safety in industries ranging from retail, transportation, logistics, and manufacturing.
Jun-2020: Google took over North, an Amazon-backed company that makes smart glasses. This acquisition aimed to assist Google to realize its vision of “ambient computing,” where ubiquitous connected devices work together.
Nov-2019: WorldViz released multi-projection (CAVE) virtual reality for both Unity and Vizard. Multi-Projection VR would enable the sharing of 3D experiences without the need for the usage of users wearing VR goggles.
Scope of the Study
Market Segments covered in the Report:
• Augmented Reality
• Virtual Reality
By Device Type
• Head-mounted Display
• Head-up Display
• Handheld Devices
• Product Design & Development
• Safety & Training
• Maintenance & Repair
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Samsung Electronics Co., Ltd. (Samsung Group)
• Google LLC
• Microsoft Corporation
• Vuzix Corporation
• WorldViz, Inc.
• EON Reality, Inc.
• ESI Group
• SkillReal Ltd.
• Kaon Interactive, Inc.
• Solulab, Inc.
• Exhaustive coverage
• Highest number of market tables and figures
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