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.
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.
Allied Market Research Logo
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 …….