How Has the Augmented Industrial Reality Market Evolved Historically and What is its Current Size?
The augmented industrial reality market has seen considerable growth due to a variety of factors.
• In recent years, the industrial augmented reality market has witnessed significant exponential expansion. The market, which is set to rise from $4.61 billion in 2024 to $5.95 billion in 2025, is projected to have a compound annual growth rate (CAGR) of 29.2%.
The development in the historical period can be linked to initial implementation in the manufacturing sector, innovative applications in maintenance and training, incorporation with IoT devices, accuracy in assembly and quality management, as well as improved remote support.
What Is The Projected Growth Of The Augmented Industrial Reality Template Market?
The augmented industrial reality market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the augmented industrial reality market, with significant expansion predicted in the coming years. By 2029, the market is projected to reach a value of $16.92 billion at a compound annual growth rate (CAGR) of 29.8%.
This growth is anticipated to be driven by factors such as the enhancement of customer experience, the rise in applications across different industries, the increasing need for data visualization, safety and compliance measures, and the demand for remote assistance. Key trends to look out for during the forecast period include sustainable and eco-friendly practices, augmented training and professional development, augmented maintenance and support, improved security and privacy measures, and customized, scalable solutions.
What Are The Key Drivers Fueling Growth In The Augmented Industrial Reality Market?
The surge in remote work is anticipated to accelerate the development of the augmented industrial reality market. Telecommuting, otherwise known as remote work, involves working arrangements where employees aren't required to travel to a concrete office setting. This trend's rise is playing a massive role in promoting the use and advancement of augmented industrial reality (AIR) solutions. Enhanced industrial reality proves notably advantageous in remote working circumstances, especially within sectors dependent on physical activities and the synergy between on-location and remote teams. To illustrate, Forbes Media LLC, an American media corporation, has noted that by 2023, 12.7% of US-based full-time employees are remote workers, while 28.2% adopt a mixed work model. By 2025, it's anticipated that about 32.6 million American individuals will be working remotely, constituting approximately 22% of the total working population. Thus, the burgeoning occurrence of remote work is propelling the expansion of the augmented industrial reality market. Increased uptake of augmented reality tech is expected to bolster the augmented industrial reality market. Augmented reality (AR) adds digital data and virtual objects to reality via a screen or camera. Augmented industrial reality amplifies AR technology by incorporating it into manufacturing, maintenance, and learning functions, boosting precision and effectiveness by supplying real-time information and visual assistance to laborers in industrial contexts. This fusion can curtail delays, heighten output, and improve safety precautions. For instance, the Department for Business and Trade, a British ministerial department, noted in January 2022 that the probable growth rate for investing in AR and virtual reality (VR) in the United Kingdom is predicted to be 78.3% up to 2024. This expansion is likely to culminate in total expenses of £62.5 billion ($65.53 billion) by 2030. Consequently, the rising uptake of AR technology is fostering the augmented industrial reality market's growth.
What Are The Principal Market Segments In The Global Augmented Industrial Reality Industry?
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
Subsegments:
1) By Hardware: Augmented Reality Headsets, Smart Glasses, Mobile Devices (AR-Enabled), Sensors And Cameras, Projectors
2) By Software: AR Development Platforms, Content Creation Software, Simulation Software, Visualization Tools, Analytics Software
3) By Services: Consulting Services, Integration Services, Training And Support Services, Content Development Services, Maintenance And Management Services
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How Are New Trends Impacting The Size Of The Augmented Industrial Reality Market?
Leading firms in the augmented industrial reality market, such as Magic Leap, are pioneering innovative technologies like ActiveSphere concept UI, specifically for use in vehicles. This points to the growing interest in implementing augmented reality (AR) in automotive user interfaces. The ActiveSphere concept UI, designed by Magic Leap for vehicular applications, was introduced by Audi AG, a German car manufacturer, in April 2023. Running on Magic Leap 2 AR headset, the system leverages hand and eye tracking technologies, enabling drivers to engage with the UI without diverting their gaze from the road. Being a screenless UI, it minimizes distractions and subsequently enhances safety. It offers customization options, allowing drivers to select their desired information and features. This system bolsters efficiency and personalization alike.
Who Are the Key Players In The Augmented Industrial Reality Market?
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
What Are The Regional Insights Into The Augmented Industrial Reality Market?
North America was the largest region in the augmented industrial reality market in 2024. 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
