According to a report published by Fortune Business Insights, titled “ Virtual Reality in Manufacturing Industry Size, Share & Industry Analysis, By Component (Hardware, Software, Content), By Application (Product Design and Development, Safety and Training, Maintenance and Repair, and Communication & Collaboration), and Regional Forecast, 2019-2026,”Virtual reality is one such concept that has helped overcome several downfalls that were initially present in the manufacturing industry. The use of virtual reality in manufacturing performing repetitive tasks that initially required continuous manual labour, has stood out among all.
Virtual Reality in Manufacturing Industry was USD 924.7 million in 2018 and is projected to reach USD 14,887.0 million by 2026, exhibiting a CAGR of 39.2% during the forecast period.
The report focuses on several aspects of the market, with primary focus on aspects such as leading products, major companies, and ongoing trends. It highlights products that have witnessed the highest demand in recent years and their subsequent impact on the market. Additionally, the report encompasses several factors that have constituted an increase in the Virtual Reality in Manufacturing Industry size in recent years.
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A manufacturing process involves everything from design, prototype, and developing the final product. In such circumstances, there are several possibilities of error. For any manufacturing business, the end product should not possess any defects or errors. As a result, there is a need for incorporating concepts that will bode well in initial stages. Automated concepts such as artificial intelligence and the internet of things (IoT) have been a hit among manufacturers across the world. The advent of real-time concepts such as virtual and augmented reality have opened the doors for several possibilities.
Some of the leading companies that are operating in the Virtual Reality in Manufacturing Industry are:
- Unity Technologies
- HTC Corporation
- Facebook Technologies, LLC.
- EON Reality, Inc.
- Magic Leap, Inc.
- NextVR Inc.
- NVIDIA Corporation
- Groove Jones LLC
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North America to Emerge Dominant; Established IT Infrastructure to Provide Impetus to Growth
The report segments the market on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in North America is projected to emerge dominant. The presence of a well-established IT infrastructure has established the platform for early adoption of latest technologies. As of 2018, the market in North America was worth USD 359.5 million. Besides North America, Asia Pacific will witness considerable growth, driven by growing incorporation of VR-integrated technologies in several countries across this region.
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Market Segmentation Virtual Reality in Manufacturing Industry –
- Vertical Solutions
- Proof of Concept
- North America (U.S. and Canada)
- Europe (U.K., France, Germany, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Southeast Asia, and Rest of Asia Pacific)
- Middle East & Africa (GCC, South Africa and Rest of Middle East & Africa)
- Latin America (Brazil, Mexico, and Rest of Latin America)
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Table of Content –
1.1.Definition, By Segment
3.1.Drivers, Restraints, and Opportunities
4.1.Macro and Micro Economic Indicators
4.2.Consolidated SWOT Analysis of Key Players
5.Global Market Analysis, Insights and Forecast, 2015-2026
5.1.Key Findings / Summary
5.2.Market Analysis, Insights and Forecast – By Offering
5.2.2.Blockchain as a Service
5.3.Market Analysis, Insights and Forecast – By Deployment
5.3.1.Proof of Concept
5.4.Market Analysis, Insights and Forecast – By Region
5.4.4.Middle East & Africa
6.North America Market Analysis, Insights and Forecast, 2015-2026
6.1.Key Findings / Summary
6.2.Market Analysis, Insights and Forecast – By Offering
6.2.2.Blockchain as a Service
6.3.Market Analysis, Insights and Forecast – By Deployment
6.3.1.Proof of Concept
6.4.Market Analysis, Insights and Forecast – By Country
7.Europe Market Analysis, Insights and Forecast, 2015-2026
7.1.Key Findings / Summary
7.2.Market Analysis, Insights and Forecast – By Offering
7.2.2.Blockchain as a Service
7.3.Market Analysis, Insights and Forecast – By Deployment
7.3.1.Proof of Concept
7.4.Market Analysis, Insights and Forecast – By Country
7.4.5.Rest of Europe
8.Asia Pacific Market Analysis, Insights and Forecast, 2015-2026
8.1.Key Findings / Summary
8.2.Market Analysis, Insights and Forecast – By Offering
8.2.2.Blockchain as a Service
8.3.Market Analysis, Insights and Forecast – By Deployment
8.3.1.Proof of Concept
8.4.Market Analysis, Insights and Forecast – By Country
8.4.5.Rest of Asia Pacific
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