IVA Functionality Sets Pace for Human Augmentation Market Growth

The Human Augmentation Market Size would be USD 253.6 billion in 2023 and grow at a 16.5% compound annual growth rate (CAGR) to reach USD 545.1 billion by 2028.

Pune, 29/05/2024 (informazione.it - comunicati stampa - scienza e tecnologia)

A recent research report titled "Human Augmentation Market Size by Wearable (Wristwear, Bodywear, Footwear, Eyewear), AR (Head-mounted display), VR (Head-up display), Biometric (Fingerprint, Face, Iris), Exoskeleton (Powered, Passive), IVA (Chatbot), Functionality - Global Forecast to 2028" indicated that the market is expected to grow significantly. According to predictions, the market is expected to reach a valuation of USD 253.6 billion in 2023 and reach USD 545.1 billion by 2028. This growth trajectory indicates that between 2023 and 2028, the Compound Annual Growth Rate (CAGR) will be a strong 16.5%.

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The development of wearables, smart glasses, and other consumer-oriented technology is driving a phenomenal growth in the consumer market for human enhancement. These developments are not only improving day-to-day tasks but also changing how people engage with technology. In particular, the gaming and entertainment sector is leading the way in implementing augmented reality (AR) and virtual reality (VR) technologies to give users engaging and immersive experiences. The expansion of the human augmentation industry in the consumer segment is being further fueled by developers who are providing users with an unsurpassed degree of engagement through the integration of AR and VR technology into gaming platforms.

Human Augmentation market for Exoskeletons product type to hold the highest CAGR during the forecast period.

Exoskeleton goods have become a prominent sector of the human enhancement market, with their wide range of applications spanning multiple industries driving their enormous growth. These cutting-edge wearables are essential for helping those who have trouble moving about, meeting the demands of the ageing population, and supporting medical rehabilitation initiatives. Exoskeletons are also being used more and more in the military and to improve workplace safety, especially in industries where workers perform physically demanding jobs. Additionally, exoskeleton technology is being incorporated into the sports and fitness industry to enhance performance and reduce injuries. Exoskeletons are becoming more and more popular due to a number of reasons, such as ongoing research and development projects, worldwide cooperation efforts, customer interest, customisation options, and supporting regulatory frameworks.

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Human Augmentation market for commercial end-users holds the highest CAGR during the forecast period.

Commercial enterprises are increasingly adopting human augmentation technologies as a means of increasing labour productivity and efficiency. These cutting-edge solutions provide a way to improve total output across a range of industries, minimise errors, and streamline operations. Businesses can automate monotonous operations via human augmentation, which lowers labour costs and frees up personnel to work on more important or complicated projects. Augmented reality and wearable technology are transforming consumer experiences, especially in industries like retail and hospitality. By means of immersive marketing, smooth navigation, and customised services, companies operating in these domains are increasing consumer happiness and engagement, which in turn propels growth and competition in the market.

Human Augmentation market for Asia Pacific to hold the highest CAGR during the forecast period.

Asia Pacific is at the forefront of technical innovation, with countries like South Korea, China, and Japan in the forefront. Advances in biotechnology, robotics, artificial intelligence, and materials science are driving the development of cutting-edge technologies for human enhancement. Notably, the ageing populations of South Korea and Japan have led to a spike in the need for human augmentation solutions to address age-related health issues and mobility limits. Given that these technologies have the potential to address urgent societal issues, governments around the Asia Pacific region are actively funding research and development of these technologies. Such calculated bets not only encourage creativity but also accelerate the human augmentation industry's growth trajectory, establishing the area as a key global centre for technological advances.

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Human Augmentation Companies:

• Samsung (South Korea),
• Alphabet Incorporation (US),
• Apple Inc. (US),
• Meta (US),
• Microsoft (US),
• Sony Group Corporation (Japan),
• Ekso Bionics (US),
• Vuzix (US),
• Garmin Ltd. (US),
• Fossil Group Inc. (US),
• B-Temia (Canada),
• Casio Computers Co., Ltd. (Japan),
• ReWalk Robotics (US),
• Cyberdyne Inc. (Japan),
• Magic Leap, Inc. (US),
• Polar Electro (Finland),
• P&S Mechanics Co. Ltd. (South Korea),
• LifeSense (Netherlands),
• HK SMARTMV Limited (China),
• Rex Bionics Ltd. (New Zealand),
• Atheer, Inc. (US),
• Cortigent (US),
• Inbenta Holdings Inc. (US),
• Mycroft AI, inc. (US),
• CyberGlove Systems LLC (US),
• Scope AR (US),
• Merge Labs, Inc. (US),
• Wearable Robotics SRL (Italy),
• GOQII (US).

News Covered:

https://www.prnewswire.com/news-releases/human-augmentation-market-worth-545-1-billion-by-2028---exclusive-report-by-marketsandmarkets-301962942.html