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