According to the new research report "Human Augmentation Market by Technology (Wearable, Virtual Reality, Augmented Reality, Exoskeleton, Intelligent Virtual Assistants), Functionality (Body Worn, Non-body Worn), Region - Global Forecast to 2024", The human augmentation market is projected to grow from USD 70.9 billion in 2019 to USD 206.9 billion by 2024, at a CAGR of 23.9%. Major factors driving the growth of the human augmentation market include surge in technology penetration in healthcare, safe and strong military personnel, advent of artificial intelligence in wearable devices, and growing popularity of wearable augmentation products.
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China to grow at highest CAGR in human augmentation market, in terms of value, by 2024
China is a manufacturing and innovation hub for various end-user industries, such as semiconductors, automotive, and consumer electronics, including home appliances, smartphones, and computer and peripheral devices. Therefore, it holds immense potential for manufacturing and selling wearable technology devices. Massive mobile user base to drive the growth of the VR market. The video and gaming content companies are also expected to drive the VR market in this country. The market for virtual reality in China is expected to grow at the highest CAGR during the forecast period. A number of towns and cities in China have declared themselves incubator zones that are integrating VR into research, manufacturing, education, and other spheres, luring in capital. For example, Seekers VR, which is based in Wenzhou, east China’s Zhejiang province is working with the Wenzhou government to establish a college focused on educating students using VR.
APAC to witness highest CAGR in human augmentation market during forecast period
Japan has a strong base of technologically advanced manufacturing industries that presents a significant opportunity for the market technology market in the country. Also, massive mobile user base and high population growth rate in the country are driving growth for the market in APAC. In India, growing usage of smart devices, availability of cheap labor, and increase in disposable income, as well as rebounding economy, are the key driving factors for the growth of the human augmentation market.
Key Market Players
Key players operating in the human augmentation market are Google Inc. (US), Samsung Electronics Co. Ltd. (South Korea), Ekso Bionics Holdings Inc. (US), Vuzix Corporation (US), Garmin (US), Fossil Group Inc. (US), B-Temia Inc. (Canada), Casio (Japan), Magic Leap Inc. (US), Rewalk Robotics Inc. (Israel), Polar Electro (Finland), P&S Mechanics. (South Korea), Jawbone Inc. (US), Life Sense Group B.V (Netherlands), Atoun (Japan), Mobvoi (China), Rex Bionics (New Zealand), Goqii (US), Guangdong BBK Electronics Co. Ltd. (China), and Atheer, Inc, (US).
GOOGLE
Google Inc. is determined to tap the augmented reality (AR) headset space, which is currently in nascent stage. For example, in May 2019, the Glass Enterprise Edition 2 was launched to target enterprise & industrial applications. The Glass Enterprise Edition 2 has a powerful processor and a new artificial-intelligence engine, as well as offers fast charging and long battery life. The use of Qualcomm's Snapdragon X1 chip within the same will provide more power and use its multi-core capabilities to power things like a new AI engine. These smart glasses are easier and faster to deploy as they are built upon Android, and therefore can be used for Android-friendly APIs as well as Android Enterprise Mobile Device Management.
CASIO
Casio is among the leading multinational consumer electronics companies offering calculators, musical instruments such as an electronic keyboard, and electronic dictionary. The company earns nearly 85% of its revenue from the consumer business domain, which includes functional watches such as outdoor wristwatches and smartwatches. Casio realizes the potential for smartwatches in the wearable technology market; therefore, it is focused on developing and offering new products to its consumers frequently.
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