Human Augmentation Market

Samsung Electronics Co., Ltd. (South Korea), Google LLC (US), Ekso Bionics (US) and Vuzix Corporation (US) are leading players in Human Augmentation Market

The human augmentation market is estimated to be worth USD 131.7 billion in 2021 and is projected to reach USD 341.2 billion by 2026, at a CAGR of 21.0%. Growing demand for wearable human augmentation devices in healthcare sector, the recent advent of AI-powered wearable devices and rapid technological advancements such as availability of fast processing chipsets, miniaturization of sensors, use of brain-computer interfaces and evolution of nanotechnology are some of the major factors driving the market growth.

The major players in the human augmentation market with a significant global presence are Samsung Electronics Co., Ltd. (South Korea), Google LLC (US), Ekso Bionics (US), Vuzix Corporation (US) and Garmin Ltd. (US). The market players have adopted various strategies such as the development of advanced products, partnerships, collaborations, agreements, joint ventures, and acquisitions to strengthen their position in the human augmentation market. The organic and inorganic strategies have helped the market players to expand themselves globally with innovative and customized product offerings.

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Samsung Electronics Co., Ltd. (South Korea) offers various human augmentation products through its Information Technology & Mobile Communication (IM) division. The company invests a significantly in R&D activities related to cutting-edge technologies such as cloud, AR/VR (augmented/virtual reality) and IoT (Internet of Things). The company not only boasts a strong portfolio of human augmentation products but also a strong geographic presence with 241 subsidiaries globally. The company mainly adopts organic strategies such as product launches and developments to strengthen its position in the market. For instance, in August 2021, the company launched Galaxy 4 and Galaxy 4 Classic smartwatches that can measure several body composition parameters, such as fat percentage and water levels in real-time. Additionally, Samsung has partnered with different research/educational institutes, such as Deakin University (Australia), to develop affordable healthcare and diagnostic products for human well-being.

Google LLC (US) is a global technology leader that offers internet-related services and products related to cloud computing, advertising, artificial intelligence, augmented reality, and virtual reality. Related to human augmentation, some of the major products offered by the company include Google Wear OS smartwatch that synchronizes with Android smartphones. The company also offers ARcore, a software development kit that creates an enhanced augmented reality experience. ARcore uses environmental understanding, motion tracking, light emission API to detect and understand the position of objects in the real-world environment. The company extensively focuses on developing advanced products to strengthen its position in the human augmentation market. For instance, in May 2019, the company launched the Glass Enterprise Edition 2, a wearable device that helps businesses improve the quality of their output by providing users with access to information and tools needed for their work. This device provides workers with voice assistance and can be worn all day due to its comfortable and lightweight design. The company also spends extensively on R&D activities to foster product innovation. For instance, in 2020, it spent 15.1% of its revenue on R&D activities.

Ekso Bionics (US) is a global leader in the development of exoskeletons. The company offers a diverse portfolio of exoskeleton-related products. Its products are extensively used in medical and industrial applications. Ekso Bionics’ products are marketed to more than 170 rehabilitation centers globally, mainly in the US and Europe. The company leverages its patented exoskeleton technology to develop and market products useful for patients with lower limb impairments to rehabilitate early and provide better outcomes than conventional procedures. The company extensively focuses on inorganic growth strategies to strengthen its position in the human augmentation market. For instance, in January 2019, Ekso Bionics entered into a joint venture agreement with Zhejiang Youchuang Venture Capital Investment Co., Ltd (ZYVC) (China) to expand its business in China and other Asian markets.

Vuzix Corporation (US) is a global leader in the development of smart glasses and AR/VR technology-related products. The company’s products are mainly suited for defense, enterprise, security, and consumer applications. Various products offered by the company related to human augmentation include wearable computing devices with a personal AR/VR display that offers a high-quality viewing experience. Vuzix Corporation has a strong global presence and primarily operates in North American, Asia Pacific and European markets. The company majorly focuses on inorganic growth strategies such as collaborations to strengthen its position in the market. For instance, in February 2021, the company collaborated with Rods & Cones (Netherlands), a provider of end-to-end surgery proximity platforms, to provide its M-Series Smart Glasses as an additional video-capturing device that enables optimized remote interactions between surgeons and experts.

Garmin Ltd. (US) offers a wide range of GPS-integrated navigation, communication, and information products for automotive/mobile, outdoor, fitness, marine, and general aviation applications. The company not only boasts a diverse portfolio of smartwatches exclusively for consumer applications but also has a strong geographic presence in regions such as North America, Europe, and Asia Pacific. Garmin Ltd. extensively focuses on organic growth strategies, such as product launches and developments, to strengthen its position in the market. For instance, in September 2020, the company had launched the tactical edition of its instinct smartwatches. These watches are exclusively designed for an enhanced outdoor experience and make the outdoor activities informative and data rich. The company also uses inorganic growth strategies such as acquisitions to foster product innovation. For instance, the acquisition of Firstbeat (Finland) in June 2020 helped the company to enhance its portfolio of advanced smartwatches.

Related Reports:

Human Augmentation Market with COVID-19 Impact Analysis by Product Type (Wearable Devices, Virtual Reality Devices, Augmented Reality Devices, Exoskeletons, Intelligent Virtual Assistants), Functionality, Application, & Geography - Global Forecast to 2026

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Human Augmentation Market Size,  Share & Growth Report
Report Code
SE 3166
RI Published ON
1/5/2022
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