Augmented and Virtual Reality in Manufacturing Global Market Report 2024

The augmented and virtual reality in manufacturing market size has grown exponentially in recent years. It will grow from $10.09 billion in 2023 to $13.14 billion in 2024 at a compound annual growth rate (CAGR) of 30.2%. The growth observed during the historical period can be attributed to several factors, including the increasing demand for advanced hardware and software technologies, the rise in digitalization within the manufacturing industry, the expanding applications of augmented reality (AR) and virtual reality (VR) for enhancing manufacturing plant operations and workforce training, the growing demand among manufacturers for AR and VR devices for simulation purposes, and the significant penetration of Industry 4 technologies.

The augmented and virtual reality in manufacturing market size is expected to see exponential growth in the next few years. It will grow to $38.19 billion in 2028 at a compound annual growth rate (CAGR) of 30.6%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing adoption of smartphones which serve as platforms for augmented and virtual reality applications, the availability of compatible electronic products such as headsets that facilitate immersive experiences, the rise in government initiatives supporting the integration of AR and VR technologies in manufacturing processes, the implementation of simplified repair processes enabled by AR and VR solutions, and the enhancement of quality management practices through these technologies. Major trends expected in the forecast period include the continued growth in smartphone adoption, the increasing availability of compatible electronic products such as headsets, ongoing government initiatives promoting AR and VR adoption, the streamlining of repair processes, and the further improvement of quality management practices.

The anticipated rise in industrial automation is poised to drive the growth of augmented and virtual reality (AR/VR) in the manufacturing market in the foreseeable future. Industrial automation, leveraging control systems, machinery, and technologies, aims to automate industrial processes and tasks, particularly in manufacturing and production environments. This increased adoption of industrial automation is fueled by various economic, technological, and market factors, compelling manufacturers to embrace automation as a strategic imperative for achieving operational excellence, competitiveness, and sustainability in a dynamic business landscape. Augmented and virtual reality technologies enhance this automation by overlaying real-time performance data onto physical equipment, providing operators with valuable insights into robot performance, production metrics, and maintenance schedules. This enables proactive decision-making and optimization of manufacturing processes. Notably, data from the International Federation of Robotics underscores a substantial growth in the installation of industrial robots worldwide in 2021, emphasizing the significant role of increasing industrial automation in driving the adoption of AR/VR in the manufacturing sector.

Key players in the augmented and virtual reality in manufacturing market are committed to developing advanced solutions to meet evolving customer needs. One such solution is the Z100 smart glasses, introduced by Vuzix Corporation, a US-based technology company. These smart glasses offer users a hands-free experience by overlaying digital information onto the user's field of view through a transparent display. Launched in January 2024, the Z100 smart glasses create a seamless connection between workers and AI optimization tools, enhancing enterprise usage of AR glasses. With features such as extended battery life, lightweight design, and industry-leading heads-up waveguide technology, these glasses empower users with instant access to critical task details, ranging from language translation and closed captioning to navigation and workflow updates, fostering efficiency and productivity in manufacturing environments.

In June 2023, Apple Inc., a US-based technology company, demonstrated its commitment to AR technology and its ambition in the field by acquiring Mira, a US-based provider of AR and VR solutions for manufacturing. Through this acquisition, Apple aims to strengthen its position in the AR/VR market and further advance its capabilities in delivering innovative solutions tailored to manufacturing and industrial applications.

Major companies operating in the augmented and virtual reality in manufacturing market are Apple Inc., Google LLC, Panasonic Holdings Corporation, Samsung Group, Microsoft Corporation, Sony Group Corporation, Novac Technology Solutions, Intel Corporation, Lenovo Group Limited, Continental AG, Xiaomi Corporation, Seiko Epson Corporation, HTC Corporation, PTC Inc., Magic Leap Inc., ESI Group, WayRay AG, EON Realty Inc., Ultraleap, SoluLab Inc., Kaon Interactive Inc., Vuzix Corporation, Blippar Group Limited, Scope AR, SkillReal, Atheer Inc., Worldviz Inc.

North America was the largest region in the augmented and virtual reality in manufacturing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the augmented and virtual reality in manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the augmented and virtual reality in manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Augmented and virtual reality in manufacturing involves leveraging digital technology to enhance different facets of the manufacturing process by providing workers with advanced information, training, and visualization tools. Augmented reality (AR) technology delivers real-time information, instructions, or visual aids to workers as they execute tasks on the factory floor. On the other hand, virtual reality (VR) is commonly utilized for training purposes, enabling workers to simulate intricate procedures, operate machinery, or practice assembly tasks within a virtual environment before implementing them in real-world scenarios. The integration of AR and VR technologies within manufacturing environments leads to significant improvements in efficiency, safety, quality, and collaboration.

The primary components of augmented and virtual reality in manufacturing comprise hardware, software, and services. Hardware encompasses the tangible elements of a computer system or any electronic device, incorporating technologies such as augmented reality (AR) and virtual reality (VR). These technologies are integrated into various types of devices, including head-mounted displays, head-up displays, and handheld devices. Organizations of diverse sizes, including both large enterprises and small and medium-sized enterprises (SMEs), utilize augmented and virtual reality for a range of applications such as product design and development, safety and training, and maintenance and repair.

The augmented and virtual reality in manufacturing market research report is one of a series of new reports that provides augmented and virtual reality in manufacturing market statistics, including augmented and virtual reality in manufacturing industry global market size, regional shares, competitors with a augmented and virtual reality in manufacturing market share, detailed augmented and virtual reality in manufacturing market segments, market trends and opportunities, and any further data you may need to thrive in the augmented and virtual reality in manufacturing industry. This augmented and virtual reality in manufacturing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The augmented and virtual reality in manufacturing market consists of revenues earned by entities by providing services such as remote assembly, hands-free instructions, augmented quality control and expanded inventory management. The market value includes the value of related goods sold by the service provider or included within the service offering. The augmented and virtual reality in manufacturing market also includes sales of AR maintenance and inspection tools, VR design and prototyping software and AR remote assistance platforms. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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