LONDON, Feb. 07, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Augmented Industrial Reality Global Market Report 2024, the augmented industrial reality market has witnessed remarkable expansion in recent years, with the industry size projected to surge from $3.56 billion in 2023 to $4.61 billion in 2024, marking an impressive Compound Annual Growth Rate (CAGR) of 29.3%. This augmented industrial reality market growth trajectory can be attributed to early adoption in manufacturing, pioneering applications in maintenance and training, integration with Internet of Things (IoT) devices, precision in assembly and quality control, and enhanced remote assistance.
Exponential Growth Forecast:
Looking ahead, the augmented industrial reality market is poised for continued exponential growth, with a projected market size of $12.93 billion by 2028, boasting a CAGR of 29.4%. Factors driving this growth include customer experience enhancement, cross-industry applications, increased demand for data visualization, emphasis on safety and compliance, and the growing need for remote assistance.
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Key Regions and Segments:
North America emerged as the largest region in the augmented industrial reality market in 2023. However, Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The augmented industrial reality market is segmented by component (hardware, software, services), technology (marker-based AR technology, markerless AR technology, anchor-based AR technology), application (product design and development, maintenance and repair, quality assurance, training and education, assembly instruction, and other applications), and industry (automotive, healthcare, energy and utilities, chemical, and other industries).
Driving Forces and Trends:
The increasing adoption of augmented reality technology is a primary driver propelling the growth of the augmented industrial reality market. Augmented industrial reality enhances traditional AR technology by applying it to manufacturing, maintenance, and training processes, thereby improving efficiency, accuracy, and safety measures. Noteworthy trends in the forecast period include sustainability and eco-friendly practices, augmented training and skill development, augmented maintenance and support, security and privacy enhancements, and the emergence of customized and scalable solutions.
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For companies operating in the augmented industrial reality market, the insights provided in the report offer valuable strategic guidance. By understanding augmented industrial reality market dynamics, emerging trends, and competitive landscapes, businesses can develop innovative technologies and solutions to gain a competitive edge. For example, Magic Leap's ActiveSphere concept UI in cars and Atlas Copco AB's acquisition of Extend3D GmbH showcase strategic moves aimed at expanding product offerings and tapping into the potential of augmented reality technology.
Augmented Industrial Reality Global Market Report 2024 by The Business Research Company provides insights on the augmented industrial reality market size, augmented industrial reality market segments, augmented industrial reality market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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