Augmented and Virtual Reality in Manufacturing Market By Component (Hardware, Software, Services), By Technology (Augmented Reality, Virtual Reality), By Organization Size (Large Enterprises, Small and Medium-sized Enterprises), By Application (Product Design and Development, Safety and Training, Maintenance and Repair): Global Opportunity Analysis and Industry Forecast, 2021-2031
Augmented and virtual reality solutions are used to offer a digital immersive user experience that can be used for entertainment and business applications among various industry verticals. Virtual reality is an extensive term for a multi-sensory computer-generated experience, which enables users to experience and interact with a simulated environment. On the contrary, augmented reality enhances the real world using digitally produced perceptual overlays. The global augmented and virtual reality market is anticipated to witness significant growth during the forecast period, owing to an increase in the penetration of smart devices and connected solutions.
Rise in investments in AR and VR in Manufacturing and the increase in government initiatives for driving the adoption are driving the growth of the market. In addition, the cost-efficient benefits of augmented and virtual reality-based solutions in manufacturing are fueling the growth of augmented and virtual reality in manufacturing market. However, the high investment required in setting up AR and VR in manufacturing and concerns regarding security and privacy issues associated with AR limit the growth of this market. Conversely, the rise in digitalization in the manufacturing industry is anticipated to provide numerous opportunities for the expansion of the market during the forecast period.
The global augmented and virtual reality in manufacturing market is segmented into component, technology, organization size, application, and region. Depending on the component, the market is divided into hardware, software, and services. By technology, it is divided into augmented reality and virtual reality. Based on organization size, it is categorized into large enterprises and small & medium-sized enterprises. Based on application, it is bifurcated into product design and development, safety & training, and maintenance & repair. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global augmented and virtual reality in manufacturing market is dominated by key players such as EON Reality, Inc., ESI Group, Google LLC, Kaon Interactive Inc., Microsoft Corporation, NOVAC Technology Solutions, Samsung Group, SkillReal, Vuzix Corporation, and Worldviz, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
KEY BENEFITS FOR STAKEHOLDERS
The study provides an in-depth analysis of the global augmented and virtual reality in manufacturing market forecast along with the current & future trends to explain the imminent investment pockets.
information about key drivers, restraints, & opportunities and their impact analysis on global augmented and virtual reality in manufacturing market trends is provided in the report.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the market from 2022 to 2031 is provided to determine the market potential.
Key Market Segments
By Technology
Augmented Reality
Virtual Reality
By Component
Hardware
Software
Services
By Organization Size
Large Enterprises
Small and Medium-sized Enterprises
By Application
Product Design and Development
Safety and Training
Maintenance and Repair
By Region
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Vuzix Corporation
EON Reality, Inc.
Worldviz, Inc.
ESI Group
Kaon Interactive Inc.
SkillReal
Samsung Group
Google LLC
Microsoft Corporation
NOVAC Technology Solutions
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