Augmented reality is an interactive experience that involves integrating digital information with the real-time user environment to produce an illusion of the improved version of the actual world by using sensory modalities, including visual, sound, and other sensory stimuli.
According to the MarkNtel Advisors’ research report, “Global Industrial Augmented Reality Market Analysis, 2021,” the market is likely to grow at a CAGR of around 45% during 2021-26 due to factors like the surging demand for reducing workflow complexity & enhancing work optimization entwined with the growing need for a technology to track, identify, and resolve technical issues. In addition to this, augmented reality is beneficial in assembling, retrofitting, repairing production lines and manufacturing processes.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, The UK, France, Spain, Italy, Russia|
|Asia-Pacific: China, India, Japan, South Korea|
|South America: Brazil|
|Middle East & Africa: GCC, Africa|
|Key Companies Profiled||Google Inc, PTC Inc, Upskill, Microsoft Corporation, Wikitude GmbH, Moverio, Epson, Lenovo, Daqri, Samsung, BeetSoft Co. Ltd, NEXT/NOW, 4Experience, Quytech|
|Unit Denominations||USD Million/Billion|
Impact of COVID-19
The sudden outbreak of the COVID-19 pandemic has severely affected the overall global economy due to the social distancing norms, travel restrictions, and fewer on-site staff. However, advanced technologies like augmented reality can offer assistance during crises and help businesses maintain their continuity and overcome losses. Further, during the pandemic, a gradual inclination of retail businesses & their customers toward digital shopping has also accelerated the growth of the Industrial Augmented Reality Market across the world.
Heads-Up Segment Accounted for the Largest Market Share
Based on the Display, the market bifurcates into Heads-Up Display and Heads-Down Display. The Head-Up Display captured a significant share in the Global Industrial Augmented Reality Market in the previous few years and is likely to maintain its dominance over the forecast period. The segment growth attributes to the rapidly growing automotive industry and surging innovations in driving assistance systems.
The incorporation of augmented reality in automobiles offers features like displaying warning signals, speed, and turning indicators on the windshield. Thus, it helps enhance driver’s safety and reduces road hazards, thereby fueling the segment growth, cites MarkNtel Advisors in their research report, “Global Industrial Augmented Reality Market Analysis, 2021.”
Manufacturing Segment Dominated the Market
Within the End-User segment, the Global Industrial Augmented Reality Market classifies into E-Commerce & Retail, Industrial Manufacturing, Energy, Education, Automotive, Healthcare, Construction Industry, Agriculture, Defense & Aerospace, and Gaming & Entertainment sectors. Among these, the Industrial Manufacturing sector held the largest market share in the previous few years. Augmented reality in the industrial manufacturing sector ensures efficient operational workflow and quick identification of glitches, thereby helps reduce the process downtime subsequently.
North America Attained the Highest Market Share
Geographically, North America acquired the largest share in the Global Industrial Augmented Reality Market in the past few years. The United States accounted for the largest share in the regional market owing to the high adoption and deployment rate of advanced technologies in the country. In addition to this, the abundant availability of leading industrial players in the region is another crucial factor driving the growth of the Industrial Augmented Reality Market in the North American region.
Cost-Effective Benefits of Augmented Reality likely to Boost the Market Growth
Augmented reality offers a cost-effective solution for skill development, as it eliminates the need for a physical environment by imitating real scenarios with the help of technology. For example, utilization of actual aircraft for training pilots is a costlier process. Hence, the use of augmented reality can help reduce the cost of training by providing virtual scenarios. Thus, the demand for augmented reality in industries is significantly increasing with time.
According to MarkNtel Advisors, the leading players in the global Industrial Augmented Reality market include Google Inc, PTC Inc, Upskill, Microsoft Corporation, Wikitude GmbH, Moverio, Epson, Lenovo, Daqri, Samsung, BeetSoft Co. Ltd., 4Experience, and Quytech.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
A. The Global Industrial Augmented Reality Market is forecast to grow at a CAGR of 45% during 2021-26.
A. Google Inc, PTC Inc, Upskill, Microsoft Corporation, Wikitude GmbH, Moverio, Epson, Lenovo, Daqri, Samsung, BeetSoft Co. Ltd, NEXT/NOW, 4Experience, Quytech are a few leading players in the Global Industrial Augmented Reality Market.
A. Heads-Up Display is likely to attain the highest CAGR during the forecast period and maintain its significant market share.
A. North America continues to grow at the highest CAGR during 2021-26, thereby presenting immense opportunities to market players of the Global Industrial Augmented Reality Market.
A. The surging demand for reducing workflow complexity and enhancing work & operation optimization are the primary factors driving the growth of the Global Industrial Augmented Reality Market.
A. The outbreak of the COVID-19 pandemic has positively impacted the growth of the Global Industrial Augmented Reality Market owing to the gradual shift of retail businesses and their customers towards digital shopping during the pandemic.