Augmented and Virtual Reality in Manufacturing Market to Reach $72.4 Billion, Globally, by 2031 at 29.8% CAGR: Allied Market Research

Press Releases

Jan 24, 2023

PORTLAND, Ore., Jan. 24, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “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”. According to the report, the global augmented and virtual reality in manufacturing market generated $5.4 billion in 2021, and is anticipated to generate $72.4 billion by 2031, witnessing a CAGR of 29.8% from 2022 to 2031.

Prime determinants of growth

Rise in investments in AR and VR in manufacturing and the cost-efficient benefits of augmented and virtual reality-based solutions in manufacturing drive the growth of the global augmented and virtual reality in manufacturing market. However, the high investment required in setting up AR and VR in manufacturing market and concerns regarding security and privacy issues associated with AR restrict the market growth. Moreover, the rise in digitalization in the manufacturing industry is anticipated to provide numerous opportunities for the market growth in the coming years.

Download Sample Report at:

https://www.alliedmarketresearch.com/request-sample/32259

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a positive impact on the global augmented and virtual reality in manufacturing market, owing to the increased shift toward the adoption of virtual and augmented reality technologies
As during the pandemic, a greater number of businesses had turned to remote working operations, the demand for augmented and virtual reality skyrocketed.

The augmented reality segment to maintain its leadership status throughout the forecast period

Based on technology, the augmented reality segment held the highest market share in 2021, accounting for nearly three-fifths of the global augmented and virtual reality in manufacturing market, and is estimated to maintain its leadership status throughout the forecast period, as technology development in AR provides a product configurator that is used to bridge the gap between product design and sale. On the other hand, virtual reality segment is projected to manifest the highest CAGR of 31.0% from 2022 to 2031, as it helps in decision-making regarding the expansion and advancement of land, buildings, and machinery.

The hardware segment to maintain its leadership status throughout the forecast period

Based on component, the hardware segment held the highest market share in 2021, accounting for more than two-fifths of the global augmented and virtual reality in manufacturing market, and is estimated to maintain its leadership status throughout the forecast period, owing to the surge in the utilization of the Internet of Things (IoT) platform allows the programming language for all SaaS technologies hosted in the cloud. However, the services segment is projected to manifest the highest CAGR of 31.3% from 2022 to 2031, owing to the growing integration of the developing technologies of computer graphics, computer simulation, artificial intelligence, sensing, display, and network parallel to processing technologies in manufacturing is enhancing the services for manufacturing sectors.

Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/32259

The large enterprises segment to maintain its lead position during the forecast period

Based on age group, the large enterprises segment accounted for the largest share in 2021, contributing to more than three-fifths of the global augmented and virtual reality in manufacturing market, and is projected to maintain its lead position during the forecast period, owing to the growing adoption of AR and VR for machine-to-machine communication or other systems based on data exchange between machines and components is driving the market in large enterprises. However, the small and medium sized enterprises segment is expected to portray the largest CAGR of 31.1% from 2022 to 2031, owing to the growing awareness of their benefits among end users.

North America to maintain its dominance by 2031

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global augmented and virtual reality in manufacturing market, and is likely to dominate the market during the forecast period, owing to its potential to reduce accidents and disruptions in manufacturing units with the various aids offered by solution providers. However, the Asia-Pacific region is expected to witness the fastest CAGR of 31.4% from 2022 to 2031, owing to supportive government initiatives in the manufacturing sector, an increase in adoption, and advancement in internet connectivity.

Leading Market Players:

Vuzix Corporation,
EON Reality, Inc.,
Worldviz, Inc.,
ESI Group,
Kaon Interactive Inc.,
SkillReal,
Samsung Group,
Google LLC,
Microsoft Corporation,
NOVAC Technology Solutions

Buy this Report at:

https://www.alliedmarketresearch.com/checkout-final/69a32c401599bc7319c3d505ae37816a

Trending Reports in ICT & Media Industry (Book Now with 10% Discount):

Augmented Reality in Retail Market Expected to Reach $61.3 Billion by 2031

Augmented Reality Market Expected to Reach $411.4 Billion by 2031

Augmented Analytics Market Expected to Reach $29,856 Million by 2025

Augmented Intelligence Market Expected to Reach $121.57 Billion by 2030

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com/reports-store/information-and-communication-technology-and-media
Follow Us on Blog: https://www.technologyplz.com/