Dublin, Sept. 06, 2022 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
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.
However, high cost of human augmentation devices and health concerns related to AR and VR technologies are likely to hinder the market growth.
The market for wearable devices to account for the largest share during the forecast period
Wearable devices are expected to account for the largest share of the human augmentation market during the forecast period. The growing use of wearable devices to monitor health and fitness parameters is a major factor contributing to the market growth. Moreover, the development of miniaturized multifunctional ICs and advanced sensor technologies has facilitated the development of cost-effective wearable devices for various consumers applications. Different types of compact sensors can be integrated into wearable devices such as garments, hats, wristbands, socks, shoes, glasses, and wristwatches for continuous health monitoring.
The market for non-body-worn human augmentation products is estimated to register the highest CAGR between 2021 and 2026 in human augmentation market
Non-body-worn human augmentation products consist of intelligent virtual assistants, VR projectors and display walls, and AR and VR software. These products are expected to register the highest growth during the forecast period. The growing demand for immersive content for AR and VR devices for gaming and entertainment applications is expected to drive the market growth for AR and VR software, thereby driving the market growth for non-body-worn products.
In recent years, there has been an increased adoption of intelligent virtual assistants such as chatbots to enhance customer support services that lead to customer loyalty, customer retention, increased conversion rate, and reduced shopping cart abandonment. Chatbots provide accurate and personalized information, offer self-service options, provide outbound email notifications, and collect customer insights. The adoption of chatbots not only improves sales but also reduces operational costs with automated customer support.
Human Augmentation market in the Asia Pacific region is expected to witness a robust growth during 2021-2026
Human augmentation market in Asia Pacific is expected to witness a higher growth compared to the other regions. The presence of technologically advanced manufacturing industries in countries such as Japan and China presents ample growth opportunities for human augmentation products manufacturers. A massive mobile user base and a huge population in this region are the major factors driving the market growth. The surging demand for smart devices, increasing disposable income, along with easy availability of inexpensive labor, are some of the major factors contributing to the accelerated growth of the human augmentation market in many developing countries in this region, such as India.
Market Dynamics
Drivers
- High Demand for Wearable Augmentation Devices in Healthcare Sector
- Recent Advent of AI-Powered Wearable Devices
- Restoring Vision and Hearing
- Relaxing Brainwaves to Reduce Anxiety
- Reviving Mixed Reality
- Increased Adoption of Wearable Devices
- Rapid Technological Advancements
- Availability of Fast Processing Chipsets
- Miniaturization of Sensors
- Use of Brain-Computer Interfaces
- Evolution of Nanotechnology
Restraints
- High Cost of Human Augmentation Devices
- Health Concerns Related to AR and VR Technologies
Opportunities
- Rising Use of Human Augmentation Technologies to Ensure Safety and Improve Strength of Military Personnel
- Growing Implementation of Human Augmentation Technologies in Industrial Applications
Challenges
- Risk of Data Breach and Identity Theft
- Dearth of Skilled Personnel
- Requirement for Constant Modifications in Devices
- Development of Human Augmentation Products at Larger Scale and Offering Them at Lower Prices
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Human Augmentation Market, by Product Type
8 Human Augmentation Market, by Functionality
9 Human Augmentation Market, by Application
10 Purpose of Human Augmentation
11 Geographic Analysis
12 Competitive Landscape
13 Company Profiles
14 Appendix
Companies Mentioned
- Samsung Electronics Co., Ltd.
- Google LLC
- Ekso Bionics
- Vuzix Corporation
- Garmin Ltd.
- Fossil Group, Inc.
- B-Temia Inc.
- Casio
- Magic Leap
- Rewalk Robotics
- Cyberdyne Inc.
- Polar Electro
- P&S Mechanics Co., Ltd.
- Lifesense Group
- Atoun
- Mobvoi
- Rex Bionics Pty. Ltd.
- Atheer, Inc.
- Second Sight Medical Products
- Inbenta Holdings Inc.
- Mycroft Ai, Inc.
- Cyberglove Systems LLC
- Scope Ar
- Merge Labs, Inc.
- Wearable Robotics Srl
- Goqii
- Raytheon Technologies
For more information about this report visit https://www.researchandmarkets.com/r/w74s0
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