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The manufacturing market for immersive technology was estimated to be worth USD 0.71 billion in 2022. According to industry projections, immersive technology in the industrial sector will increase at a compound annual growth rate (CAGR) of 15.5% from USD 0.78 billion in 2023 to USD 2.87 billion by 2032. The main factors propelling the market’s expansion are higher productivity, improved training and skill development, maintenance and equipment optimisation, quality assurance and inspection, and maintenance.
Real-time data visualisation and guidance have been achieved in industrial operations through the implementation of MR and AR applications. Workers can obtain critical information, like assembly instructions or equipment diagnostics, immediately through AR headsets or MR displays, which enhances decision-making and reduces downtime.
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Key Players Immersive Technology in Manufacturing Market
Key Companies in the Immersive Technology in Manufacturing Sector market include:
In addition to enabling remote interaction, this real-time information access enables specialists to support local employees from a distance. Immersion technologies also have benefits for upkeep and repair processes. By employing augmented reality (AR), personnel can reduce downtime and expedite troubleshooting by superimposing digital data onto real equipment. Predictive maintenance models driven by deep data analytics help to both optimise maintenance schedules and avoid breakdowns. Consequently, propelling the manufacturing market’s revenue for immersive technology.
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Sectoral Insights
Hardware, Head-Mounted Displays (HMD), Gesture Tracking Devices (GTD), Projectors & Display Walls (PDW), Software/Platform, Services, Professional, and Managed are among the components that make up the manufacturing market segmentation for immersive technology. With 35% of market sales, the Head-Mounted Display (HMD) category dominated the market.
With regard to manufacturing market segmentation, Mixed Reality (MR), Virtual Reality (VR), Augmented Reality (AR), and 360-degree film are examples of Immersive Technology. With 40% of total revenue, the Augmented Reality (AR) category produced the most.
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Training & Learning, Emergency Services, Product Development, and Sales & Marketing are included in the manufacturing market segmentation of Immersive Technology based on Application. At 44.23 percent, the category with the highest revenue was Emergency Services.
The report offers market information for North America, Europe, Asia-Pacific, and the rest of the world, broken down by region. In 2022, the Immersive Technology in Manufacturing Market in North America held a 45.80% market share. A sophisticated technological infrastructure and relatively high labour costs stimulate early adoption of immersive technology, with a focus on worker productivity and strict adherence to standards.
Furthermore, the market for immersive technology in manufacturing in the United States had the biggest market share, while the market in Canada had the quickest rate of growth in the North American area.
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According to forecasts, the Asia-Pacific Immersion Technology in Manufacturing Market will expand at the quickest rate between 2023 and 2032. Immersion technology is being used by a manufacturing powerhouse to increase production and retain competitiveness, with the help of the government and the need to close the skills gap. Furthermore, the market for immersive technology in manufacturing in China was the largest by market share, while the market in India was expanding at the quickest rate in the Asia-Pacific area.
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