Immersive Technology in Manufacturing Market Share

Immersive Technology in Manufacturing Market Overview

Immersive technology in manufacturing market size was valued at USD 0.71 Billion in 2022. The immersive technology in manufacturing market industry is projected to grow from USD 0.78 Billion in 2023 to USD 2.87 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.5% during the forecast period (2023 - 2032). Increased Productivity, Quality Assurance and Inspection, Maintenance and Equipment Optimization, Improved Training and Skill Development, are the key market drivers enhancing the market growth.

Figure 1: Immersive Technology in Manufacturing Market Size, 2023-2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Immersive Technology in Manufacturing Market Trends

Increased Productivity is driving the market growth

An important transformation in the way manufacturing processes are carried out is being brought about by increased productivity in the market for immersive technology in manufacturing. This increase in productivity can be linked to the manufacturing sector's adoption of cutting-edge immersive technologies like virtual reality (VR), augmented reality (AR), and mixed reality (MR).An important factor in this increase in productivity is better training and skill development. Immersive technologies make it possible for factory workers to receive practical, hands-on training, which lowers the learning curve for new hires and improves the skills of current workers. Workers can develop competency more quickly with virtual simulations and AR-guided workflows, which increases productivity and reduces errors in manufacturing processes. Immersive technology have also transformed manufacturing design and prototype. In virtual settings, engineers and designers can produce 3D models and prototypes, facilitating quick design revisions. This saves time and money by shortening the product development cycle and decreasing the requirement for physical prototypes.

Applications for MR and AR have been implemented in manufacturing operations for real-time data visualization and guiding. Through AR headsets or MR displays, workers can directly access crucial information, such as assembly instructions or equipment diagnostics, improving decision-making and decreasing downtime. This real-time information access also makes remote cooperation possible, allowing specialists to assist local employees while working remotely. Furthermore, immersive technologies are advantageous for maintenance and repair procedures. Utilizing augmented reality (AR), technicians can overlay digital data onto actual gear to streamline troubleshooting and save downtime. Optimizing maintenance schedules and preventing breakdowns are both achieved through predictive maintenance models powered by deep data analytics. Thus, driving the Immersive Technology in manufacturing market revenue.

Immersive Technology in Manufacturing Market Segment Insights

Immersive Technology in Manufacturing Component Insights

The Immersive Technology in manufacturing market segmentation, based on Component includes Hardware, Head-Mounted Display (HMD), Gesture Tracking Devices (GTD), Projectors & Display Walls (PDW), Software/Platform, Services, Professional and Managed. The Head-Mounted Display (HMD) segment dominated the market, accounting for 35% of market revenue. These gadgets offer the immersive visual and aural experiences required for production applications. Their popularity is fueled by the expanding need for interactive, hands-free training, design, and maintenance experiences in the manufacturing sector. Adoption of HMDs is also being fueled by advancements in comfort, field of view, and resolution.

Immersive Technology in Manufacturing Technology Insights

The Immersive Technology in manufacturing market segmentation, based on Technology, includes Mixed Reality (MR), Virtual Reality (VR), Augmented Reality (AR) and 360 Film. The Augmented Reality (AR) category generated the most income (40%). Adoption of AR is primarily driven by its promise to enable hands-free access to crucial data, enhancing operational effectiveness and decision-making.

Immersive Technology in Manufacturing Application Insights

The Immersive Technology in manufacturing market segmentation, based on Application, includes Training & Learning, Emergency Services, Product Development and Sales & Marketing. The Emergency Services category generated the most income (44.23%). The improvement of worker safety and the lowering of hazards related to manufacturing processes are the driving forces behind this application.

Immersive Technology in Manufacturing Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Immersive Technology in Manufacturing Market dominated this market in 2022 (45.80%). Early adoption of immersive technology is encouraged by the presence of sophisticated technological infrastructure and relatively high labour expenses, with an emphasis on increasing worker productivity and adhering to strict standards. Further, the U.S. Immersive Technology in manufacturing market held the largest market share, and the Canada Immersive Technology in Manufacturing market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: IMMERSIVE TECHNOLOGY IN MANUFACTURING MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Immersive Technology in manufacturing market accounts for the second-largest market share. Immersive manufacturing solutions are innovated with a strong focus on industry concepts, backed by government programmes and a trained workforce. Further, the German Immersive Technology in manufacturing market held the largest market share, and the UK Immersive Technology in Manufacturing market was the fastest growing market in the European region

The Asia-Pacific Immersive Technology in Manufacturing Market is expected to grow at the fastest CAGR from 2023 to 2032. With government support and the need to close the skills gap, a manufacturing powerhouse sees the deployment of immersive technology as a way to enhance productivity while maintaining competitiveness. Moreover, China’s Immersive Technology in manufacturing market held the largest market share, and the Indian Immersive Technology in Manufacturing market was the fastest growing market in the Asia-Pacific region.

Immersive Technology in Manufacturing Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Immersive Technology in manufacturing market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Immersive Technology in manufacturing industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Immersive Technology in manufacturing industry to benefit clients and increase the market sector. In recent years, the Immersive Technology in manufacturing industry has offered some of the most significant advantages to medicine. Major players in the Immersive Technology in Manufacturing market, including Acer Inc., Atheer, Inc., AVEVA Group PLC, Barco NV, Blippar Ltd., Carl Zeiss AG, CM Labs Simulations Inc., EON Reality, Inc., FAAC Incorporated, Google, LLC, HCL Technologies Limited, Honeywell International, Inc., HTC Corporation, Immersive Media Company, Immersive Technologies Pty Limited, Lockheed Martin Corporation, Magic Leap, Inc., NCTech Limited, Oculus (Facebook Technologies, LLC.), Samsung Group, Sony Corporation, Unity Software Inc., Varjo Technologies Oy, VI-grade GmbH, Zeality Inc., and others, are attempting to increase market demand by investing in research and development operations.

Acer Inc. is a well-known player in the market for immersive technology in manufacturing, offering a variety of immersive solutions for the industry.. Acer offers VR and AR devices and platforms that improve training, design, and operational efficiency in manufacturing processes by using its expertise in hardware and software. Through the use of their goods and services, businesses can expedite training processes, develop better decision-making skills, and eventually increase productivity and product quality. Acer's dedication to technological advancement and innovation places them in a prime position to contribute significantly to the industry-changing effects of immersive technology.

Honeywell International, Inc. is a world leader in manufacturing's use of immersive technology and offers cutting-edge solutions for both commercial and industrial applications. Honeywell offers immersive technologies like augmented reality (AR) for remote support, training, and maintenance in production environments by using their extensive knowledge in automation, control systems, and industrial technology. Their solutions increase employee output, cut down on downtime, and boost operational effectiveness. The dedication of Honeywell to innovative technology and business solutions strengthens their position as a major force behind the adoption of immersive technology in the manufacturing industry, fostering innovation and process improvement.

Key Companies in the Immersive Technology in manufacturing market include

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  Acer Inc.

  
  


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  Atheer, Inc.

  
  


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  AVEVA Group PLC

  
  


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  Barco NV

  
  


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  Blippar Ltd.

  
  


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  Carl Zeiss AG

  
  


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  CM Labs Simulations Inc.

  
  


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  EON Reality, Inc.

  
  


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  FAAC Incorporated

  
  


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  Google, LLC

  
  


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  HCL Technologies Limited

  
  


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  Honeywell International, Inc.

  
  


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  HTC Corporation

  
  


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  Immersive Media Company

  
  


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  Immersive Technologies Pty Limited

  
  


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  Lockheed Martin Corporation

  
  


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  Magic Leap, Inc.

  
  


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  NCTech Limited

  
  


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  Oculus (Facebook Technologies, LLC.)

  
  


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  Samsung Group

  
  


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  Sony Corporation

  
  


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  Unity Software Inc.

  
  


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  Varjo Technologies Oy

  
  


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  VI-grade GmbH

  
  


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  Zeality Inc

  
  

Immersive Technology in Manufacturing Industry Developments

May 2021: Acer a collection of programmes that give stereoscopic 3D experiences while seamlessly integrating the digital environment into a narrative. SpatialLabs is powered by cutting-edge visual technologies, screen technology, and sensing technology. Creators can evaluate their ideas in real-time and at 360 ° without the need for additional glasses thanks to the data floating in front of the monitor.

March 2021: Harmony, a firm that offers numerous 3D media planning and management solutions globally, has announced the purchase of VisualLive in order to assist the architectural features, technology, and infrastructure sectors save costs and boost productivity.

Immersive Technology in Manufacturing Market Segmentation

Immersive Technology in Manufacturing Component Outlook

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  Hardware

  
  


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  Head-Mounted Display (HMD)

  
  


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  Gesture Tracking Devices (GTD)

  
  


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  Projectors & Display Walls (PDW)

  
  


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  Software/Platform

  
  


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  Services

  
  


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  Professional

  
  


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  Managed

  
  

Immersive Technology in Manufacturing Technology Outlook

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  Mixed Reality (MR)

  
  


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  Virtual Reality (VR)

  
  


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  Augmented Reality (AR)

  
  

Immersive Technology in Manufacturing Application Outlook

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  Training & Learning

  
  


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  Emergency Services

  
  


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  Product Development

  
  


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  Sales & Marketing

  
  

Immersive Technology in Manufacturing Regional Outlook

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  North America

  
  

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  U.S.

  
  


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  Canada

  
  

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  Europe

  
  

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  Germany

  
  


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  France

  
  


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  UK

  
  


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  Italy

  
  


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  Spain

  
  


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  Rest of Europe

  
  

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  Asia-Pacific

  
  
  
  
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    China

    
    
  
  
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    Japan

    
    
  
  
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    India

    
    
  
  
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    Australia

    
    
  
  
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    South Korea

    
    
  
  
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    Australia

    
    
  
  
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    Rest of Asia-Pacific

    
    
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America