PUNE, India, Dec. 6, 2019 /PRNewswire/ -- The global Virtual Reality in Manufacturing Industry will derive growth from recent product advances. According to a report published by Fortune Business Insights, titled "Virtual Reality in Manufacturing Industry Size, Share & Industry Analysis, By Component (Hardware, Software, Content), By Application (Product Design and Development, Safety and Training,Maintenance and Repair, and Communication & Collaboration), and Regional Forecast, 2019-2026," the market size was was USD 924.7 million in 2018 and is projected to reach USD 14,887.0 million by 2026, exhibiting a CAGR of 39.2% during the forecast period.
A manufacturing process involves everything from design, prototype, and developing the final product. In such circumstances, there are several possibilities of error. For any manufacturing business, the end product should not possess any defects or errors. As a result, there is a need for incorporating concepts that will bode well in initial stages. Automated concepts such as artificial intelligence and the internet of things (IoT) have been a hit among manufacturers across the world. The advent of real-time concepts such as virtual and augmented reality have opened the doors for several possibilities. Virtual reality is one such concept that has helped overcome several downfalls that were initially present in the manufacturing industry. The use of virtual reality in manufacturing performing repetitive tasks that initially required continuous manual labour, has stood out among all. The demand for virtual reality (VR)-integrated concepts has risen among major business across the world. The increasing demand for this concept, coupled with the high precision and accuracy, will have a positive impact on the Virtual Reality in Manufacturing Industry in the coming years.
The report focuses on several aspects of the market, with primary focus on aspects such as leading products, major companies, and ongoing trends. It highlights products that have witnessed the highest demand in recent years and their subsequent impact on the market. Additionally, the report encompasses several factors that have constituted an increase in the Virtual Reality in Manufacturing Industry size in recent years.
Increasing Number of Product Launches to Aid Growth
Among all factors that have contributed to the growth of the market, the increasing number of product launches have had a comparatively high impact than the others. In May 2015, Eon Reality Inc. announced the launch of a new product under its VR in manufacturing portfolio. The Eon World Builder system allows design and development of a system, as per the requirement of the user. The product is integrated with mobile OS platforms such as android and IOS and is included under the Experience VR EON Library. The report discusses the impact of this product on the company and summarizes how it has influenced the market on a global scale.
North America to Emerge Dominant; Established IT Infrastructure to Provide Impetus to Growth
The report segments the market on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in North America is projected to emerge dominant. The presence of a well-established IT infrastructure has established the platform for early adoption of latest technologies. As of 2018, the market in North America was worth USD 359.5 million. Besides North America, Asia Pacific will witness considerable growth, driven by growing incorporation of VR-integrated technologies in several countries across this region.
List of the leading companies that are operating in the Virtual Reality in Manufacturing Industry are:
Facebook Technologies, LLC.
EON Reality, Inc.
Magic Leap, Inc.
Groove Jones LLC
Key Industry Developments:
November 2016: HTC and Autodesk announced a collaboration, with a view to creating an integrated system for designers to create and model. The system will work on a cloud integrated engine, thereby accounting for higher efficiency.
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