Augmented & Virtual Reality in Manufacturing: Market Key Trends, Growth & ROI Insights

Increased AR/VR investments and cost-efficient benefits of AR/VR solutions drive the growth of the global augmented and virtual reality in manufacturing market.

WILMINGTON, DE, UNITED STATES, February 3, 2025 /EINPresswire.com/ -- According to a report by Allied Market Research, Augmented and Virtual Reality in Manufacturing Market was valued at $5.4 billion in 2021 and is projected to reach $72.4 billion by 2031, growing at a CAGR of 29.8% from 2022 to 2031.

Augmented Reality (AR) and Virtual Reality (VR) are revolutionizing how users interact with digital content, creating immersive and engaging experiences. VR allows users to explore computer-generated environments using headsets and wearable devices, while AR overlays digital elements onto the real world through smartphones or smart glasses.

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Market Growth Drivers:

1. Increased Investments in AR & VR: Growing investments in immersive technologies are accelerating market expansion.

2. Government Initiatives: Various government programs are promoting AR & VR adoption in manufacturing.

3. Cost-Efficient Benefits: AR and VR solutions enhance operational efficiency and reduce manufacturing costs.

4. However, challenges such as high setup costs and security and privacy concerns may hinder market growth. Conversely, the rise of digitalization in manufacturing presents lucrative opportunities for market expansion.

Segment Analysis:

1. Product Design & Development led the market in 2021 and is expected to maintain dominance due to its use in software testing and product innovation.

2. Safety & Training is anticipated to witness the highest growth as VR-based training minimizes physical risks and enhances learning experiences.

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Augmented Reality Segment Leads the Market
By technology, the augmented reality (AR) segment dominated the global augmented and virtual reality in manufacturing market in 2021, holding nearly three-fifths of the total market share. AR technology continues to lead due to advancements that enhance product configurators, bridging the gap between product design and sales. Meanwhile, the virtual reality (VR) segment is expected to register the highest CAGR of 31.0% from 2022 to 2031, as it plays a crucial role in decision-making related to land, building, and machinery advancements.

Hardware Segment Retains Leadership
By component, the hardware segment accounted for over two-fifths of the market share in 2021 and is expected to maintain its dominance throughout the forecast period. The growing use of IoT platforms and cloud-based SaaS technologies continues to drive hardware demand. However, the services segment is anticipated to experience the fastest CAGR of 31.3% from 2022 to 2031, driven by increasing adoption of computer graphics, simulation, AI, and sensor technologies in manufacturing.

Large Enterprises Continue to Lead
By enterprise size, large enterprises held over three-fifths of the market share in 2021 and are expected to retain their leading position. The adoption of AR and VR technologies for machine-to-machine communication and data-driven decision-making fuels this growth. However, the small and medium-sized enterprises (SMEs) segment is projected to witness the highest CAGR of 31.1% during the forecast period, owing to increasing awareness of AR and VR benefits.

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North America to Maintain Market Dominance
By region, North America led the market in 2021, accounting for nearly two-fifths of global revenue. The region’s dominance is attributed to AR/VR's potential to reduce accidents and disruptions in manufacturing. However, the Asia-Pacific region is set to register the fastest CAGR of 31.4% from 2022 to 2031, driven by supportive government initiatives, increased adoption, and advancements in internet connectivity.

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.

Key Players:
Leading companies in the global AR & VR in manufacturing market include EON Reality, ESI Group, Google LLC, Kaon Interactive, Microsoft, NOVAC Technology Solutions, Samsung, SkillReal, Vuzix Corporation, and Worldviz, Inc. These players are implementing strategic initiatives to enhance their market presence and drive innovation.

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

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