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Increasing efficiency and cost savings are expected to drive the augmented and virtual reality market in aviation growth.
The augmented and virtual reality market in aviation is projected to grow from USD 78 million in 2019 to USD 1,372 million by 2025, at a CAGR of 61.2% during the forecast period. AR VR in aviation enables smoother and efficient operations that lead to cost savings in aviation functions such as manufacturing, maintenance, airport operations, airline operations, aviation training, among others. AR VR provides an immersive and interactive approach that connects the aviation ecosystem to improve the efficiency of various tasks. Smoother airport and airline operations lead to more revenue as aircraft spend less time out of service and more time flying.
By product, the gesture tracking device segment is expected to grow at the highest rate during the forecast period.
By product, the gesture tracking devices segment is expected to witness the highest CAGR because as the sensor and tracking algorithms advance, their demand for training and operations will increase. Gesture tracking provides a hands-free interface during manufacturing, designing, and training which gives the user an interactive and real life-like experience.
Gesture tracking in manufacturing is especially helpful as having one hand busy going through manuals or design blueprints can hamper efficiency. Gesture tracking will enable mechanics to go through digital instructions and 3D designs on AR headsets using gestures. Gesture tracking in VR enables an interactive experience for training where the trainees receive real-time feedback of simulations when they take action. These benefits are expected to drive the gesture tracking devices in AR VR at a high rate during the forecast period.
By technology, virtual reality segment is expected to lead the market for AR VR market in aviation during the forecast period.
Virtual reality has been integrated by many OEMs, MROs, and airlines. Airlines such as Qantas and Lufthansa are using VR to prove in-flight entertainment and provide pilot as well as cabin crew training, whereas OEMs, and MROs are using it to train mechanics. This integration is expected to grow further as technology develops. Thus, the virtual reality segment is expected to lead the AR VR technology market in aviation.
Asia Pacific augmented and virtual reality market in aviation is expected to witness the highest CAGR during the forecast period.
The augmented and virtual reality industry in aviation in the Asia Pacific region is projected to grow at the highest rate during the forecast period. Asia Pacific has experienced a boom in the aviation industry due to increased domestic travel, aircraft fleet, and airport projects. Due to Asia being a growing economy, technology developments in Asia are expected to be implemented at a faster rate in the coming years. This includes AR VR technology, as the developments in aviation will create a demand for AR VR technology to be implemented as the next step in this region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation & technology directors, and executives from various key organizations operating in the augmented and virtual reality market in aviation.
??By Company Type: Tier 1: 40%, Tier 2: 40%, and Tier 3: 20%
??By Designation: C-level Executives: 20%, Directors: 30%, and Others 50%
??By Region: North America: 30%, Europe: 10%, Asia Pacific: 50%, and RoW: 10%
The augmented and virtual reality market in aviation comprises major players such as Microsoft Corporation (US), Google Inc. (US), Eon Reality (US), Aero Glass (US), Upskill (US), Oculus VR (US), Jasoren (US), IMB (US), Fountx (Australia), and Sony (Japan), among others. The study includes an in-depth competitive analysis of these key players in the augmented and virtual reality market in the industry, with their company profiles, recent developments, and key market strategies.
The study covers the augmented and virtual reality market in aviation and aims at estimating the market size and growth potential across different segments, such as Technology, Function, Component, Application, Product, Vertical, and Region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will provide market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall augmented and virtual reality market in aviation and its subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, opportunities, and challenges.