“Human augmentation market projected to grow at CAGR of 23.9% from 2019 to 2024”
The human augmentation market is projected to grow from USD 70.9 billion in 2019 to USD 206.9 billion by 2024, at a CAGR of 23.9%. Major factors driving the growth of the human augmentation market include the surge in technology penetration in healthcare, safe and strong military personnel, advent of artificial intelligence in wearable devices, and growing popularity of wearable augmentation products.
“Intelligent virtual assistant human augmentation market for consumer electronics in APAC to grow at highest CAGR”
APAC is one of the major markets for intelligent virtual assistant globally where China and India among others are the 2 major countries. BFSI sector is a major application area where virtual assistant solutions are extensively used. This is due to the faster response time, upgraded customer treatment, and higher customer satisfaction. The consumer electronics segment is mostly driven by the fast-growing infotainment systems in mobiles and tablets. All these will together support in boosting the market growth of intelligent virtual assistants in APAC.
“Augmented reality human augmentation market for enterprise to grow at highest CAGR during forecast period”
Augmented reality is taking advantage of latest innovations in mobile technology, big data analytics, and the Internet to offer new information-rich communication channels for enterprises. Also, augmented reality helps improve design speeds and reduce the amount of time it takes for a product to get to market by removing the need for a physical prototype. It improves safety and compliance efforts. AR training and knowledge solutions allows technicians to collaborate with experts remotely. Users can share their view of a situation with a remote expert and the AR accordingly maps work instructions and expert collaboration directly onto an object or area.
“Augmented reality market in China for energy applications to grow at highest CAGR during forecast period”
AR will benefit utilities in improving business processes such as helping to restore power faster, while it can also help in managing the aging workforce and help in knowledge management. The technology helps utilities bring in proficiency in employee training, conduct faster maintenance activities, and offer operational safety, thereby driving the market growth in this country. 2D diagrams of complex components can be enriched with 3D models. Employees can rotate and interact with the 3D models to gain a better understanding of the equipment. This enables more in-depth training and faster information retention.
Break-up of the profiles of primary participants is as follows:
- By Company Type: Tier 1 = 18%, Tier 2 = 22%, and Tier 3 = 60%
- By Designation: C-level Executives = 21%, Directors = 35%, and Others = 44%
- By Region: North America = 45%, Europe = 20%, APAC = 30%, and RoW = 5%
Key players operating in the human augmentation market are Google Inc. (US), Samsung Electronics Co. Ltd. (South Korea), Ekso Bionics Holdings Inc. (US), Vuzix Corporation (US), Garmin (US), Fossil Group Inc. (US), B-Temia Inc. (Canada), Casio (Japan), Magic Leap Inc. (US), Rewalk Robotics Inc. (Israel), Polar Electro (Finland), P&S Mechanics. (South Korea), Jawbone Inc. (US), Life Sense Group B.V (Netherlands), Atoun (Japan), Mobvoi (China), Rex Bionics (New Zealand), Goqii (US), Guangdong BBK Electronics Co. Ltd. (China), and Atheer, Inc, (US).
This research report segments the human augmentation market based on technology, functionality, and region. The report discusses major drivers, restraints, challenges, and opportunities pertaining to the human augmentation market as well as its value chain. The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key growth strategies adopted by them.
Key Benefits of Buying the Report
The report is expected to help market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall human augmentation market and its segments. This report is also expected to help stakeholders understand the competitive landscape of the market and gain insights to enhance the position of their businesses and plan suitable go-to-market strategies. The report also helps them understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.