According to the new research report "Human Augmentation Market by Technology (Wearable, Virtual Reality, Augmented Reality, Exoskeleton, Intelligent Virtual Assistants), Functionality (Body Worn, Non-body Worn), Region - Global Forecast 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 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.
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Virtual reality market to grow at highest CAGR during forecast period
The growing demand for virtual reality is due to increasing use in applications such as education and e-retailing sectors owing to the provision of easy learning and promotions and advertising, respectively. Furthermore, virtual reality technology is set to positively impact workplace automation as it can streamline processes and eliminate common pain points experienced by businesses of all sizes. The use of virtual reality will eliminate physical computers and create an exponentially increasing base of remote workers as well as reduce operating costs.
Wearable holds largest share of human augmentation market in APAC during forecast period
APAC is expected to grow at the highest CAGR during the forecast period. Japan’s strong base of technologically advanced manufacturing industries presents significant opportunities for the human augmentation market for technology in the country. Massive mobile user base and high population growth rate in the country are driving the growth for the human augmentation market in APAC. In India, the growing usage of smart devices, availability of cheap labor, and increase in disposable income, as well as rebounding economy, are the key driving factors for the growth of the human augmentation market.
China to grow at highest CAGR in human augmentation market, in terms of value, by 2024
China is a manufacturing and innovation hub for various end-user industries, such as semiconductors, automotive, and consumer electronics, including home appliances, smartphones, and computer and peripheral devices. Therefore, it holds immense potential for manufacturing and selling wearable technology devices. Massive mobile user base to drive the growth of the VR market. The video and gaming content companies are also expected to drive the VR market in this country. The market for virtual reality in China is expected to grow at the highest CAGR during the forecast period. A number of towns and cities in China have declared themselves incubator zones that are integrating VR into research, manufacturing, education, and other spheres, luring in capital. For example, Seekers VR, which is based in Wenzhou, east China’s Zhejiang province is working with the Wenzhou government to establish a college focused on educating students using VR.
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).
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