The augmented and virtual reality in manufacturing market size was valued at $5.4 billion in 2021, and is estimated to reach $72.4 billion by 2031, growing at a CAGR of 29.8% from 2022 to 2031.
Virtual reality (VR) and augmented reality (AR) are the technologies that are transforming the ways in which users use screens and producing innovative and engaging interactive experiences. Additionally, with virtual reality, users can explore a world created by a computer by wearing a headset and other wearable devices. On the other hand, augmented reality is somewhat different. By using a smartphone or clear eyewear, it layers digital visuals onto the environment around people rather than taking them to a virtual world.
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The use of augmented reality (AR) and virtual reality (VR) in the manufacturing industry is a growing trend, and is expected to significantly impact the industry in the coming years. AR and VR technologies enable manufacturers to visualize and interact with digital models of their products, equipment, and processes, providing an immersive and interactive experience. The use of AR and VR in manufacturing can help reduce product development time and costs, improve product quality, and enhance worker training and safety.
Another trend in the augmented and virtual reality in manufacturing market is the adoption of mixed reality (MR) technology. MR combines AR and VR technologies to create a hybrid environment that blends the physical and digital worlds. MR technology enables manufacturers to create highly realistic and interactive simulations of their products and processes, allowing for more accurate and efficient product design and testing. The use of MR in manufacturing is expected to increase in the coming years, driven by the increasing demand for advanced visualization and simulation technologies.
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The augmented and virtual reality in manufacturing industry was immensely impacted by the outbreak of COVID-19 as consumers are fast migrating to internet platforms. Due to the COVID-19 pandemic, digital connections have assumed prominence in the personal, business, and entertainment spheres. The COVID-19 measures and restrictions, such as social isolation and lockout procedures, have altered people’s behavior.
These unexpected changes created a significant impact on augmented and virtual reality in manufacturing market, due to the increase in virtual training, education, and shopping as well as industry training and supervision with AR and VR devices, the world’s transition toward a remote work culture and be it for schools, universities, or corporations, which led to a boom in the AR and VR market, which directly influencing market growth all over the world.
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The global augmented and virtual reality in manufacturing industry is dominated by key players such as EON Reality, Inc., ESI Group, Google LLC, Kaon Interactive Inc., Microsoft Corporation, NOVAC Technology Solutions, Samsung Group, SkillReal, Vuzix Corporation and Worldviz, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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