CHICAGO, Oct. 20, 2023 /PRNewswire/ -- The global human augmentation market is expected to be valued at USD 253.6 billion in 2023 and is projected to reach USD 545.1 billion by 2028; it is expected to grow at a CAGR of 16.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. The consumer market for human augmentation includes wearables, smart glasses, and other consumer-oriented technologies, leading to increased adoption and market growth. The gaming and entertainment industry is exploring virtual and augmented reality technologies for immersive experiences, contributing to the market's expansion.
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Human Augmentation Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 253.6 billion |
Estimated Value by 2028 | $ 545.1 billion |
Growth Rate | Poised to grow at a CAGR of 16.5% |
Market Size Available for | 2019–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Wearable, AR, VR, Biometric, Exoskeleton, IVA and Functionality |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Safety and liability issues |
Key Market Opportunities | Growing adoption of technologies in military and defense |
Key Market Drivers | Growth in virtual reality (VR) and augmented reality (AR) technologies |
Human Augmentation market for Exoskeletons product type to hold the highest CAGR during the forecast period.
Exoskeleton products in the human augmentation industry are growing due to their widespread applications in assisting individuals with mobility issues, addressing the needs of an aging population, supporting medical rehabilitation, enhancing workplace safety, military use, sports and fitness, technological advancements, customization, consumer interest, research and development, regulatory support, and global collaboration. These factors collectively contribute to the expansion of exoskeletons in the human augmentation landscape.
Human Augmentation market for commercial end-users holds the highest CAGR during the forecast period.
Commercial businesses are increasingly adopting human augmentation technologies to improve the productivity and efficiency of their workforce. These technologies can streamline operations, reduce errors, and enhance overall output. Human augmentation solutions can help businesses reduce labor costs by automating repetitive tasks and allowing existing employees to handle more complex or strategic functions. In sectors like retail and hospitality, businesses use augmented reality and wearable technology to improve customer experiences through innovative marketing, navigation, and personalized services.
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Human Augmentation market for Asia Pacific to hold the highest CAGR during the forecast period.
Asia Pacific, especially countries like Japan, South Korea, and China, is at the forefront of technological innovation. Ongoing advancements in robotics, artificial intelligence, biotechnology, and materials science drive the development of cutting-edge human augmentation technologies. Several countries in the Asia Pacific region, notably Japan and South Korea, have aging populations. With an increasing elderly demographic, there's a growing demand for human augmentation solutions to address age-related health issues and mobility impairments. Some governments in the Asia Pacific region actively invest in research and development of human augmentation technologies. These investments foster innovation and the growth of the market.
The human augmentation companies includes major Tier I and II players like Samsung (South Korea), Alphabet Incorporation (US), Apple Inc. (US), Meta (US), Microsoft (US) and others. These players have a strong market presence for human augmentation across various countries in North America, Europe, Asia Pacific, and RoW.
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