DUBLIN–(BUSINESS WIRE)–The “Global Human Augmentation Market By Functionality, By Product Type, By Application, By Regional Outlook, Industry Analysis Report and Forecast, 2021-2027” report has been added to ResearchAndMarkets.com’s offering.
The Global Human Augmentation Market is expected to reach $385.9 billion by 2027, rising at a market growth of 18.8% CAGR during the forecast period.
Modern technological breakthroughs have resulted in the emergence of human augmentation, thereby enhancing the way people accomplish things and interpret their surroundings. Expanded capacities have also been achieved using external tools, for instance, eyeglasses, optics, magnifying lenses, or many more cutting-edge technologies that may readily provide a person with a seamless experience.
Beginning with efforts to increase physical capabilities, advances in microelectronics enabled new applications like cognitive and sensory enhancements, is expected to provide human augmentation a significant boost. Hearing aids for persons with auditory difficulties and augmented reality glasses for object identification and navigation support are examples of small electronic devices that can help people with specialised activities.
In general, electronic devices for enhanced human systems use various communication technologies to focus on daily routines and tasks. Enhanced wearable gadgets powered by the Internet of Things, on the other hand, ensure higher applications for physical enhancement, mental help, and advanced sensing. The notion of human augmentation encompasses a wide range of aspects, from mental to physical, all of which are tied to a certain purpose or technology.
COVID-19 Impact Analysis
COVID-19 has resulted in a worldwide health disaster and multiple deaths. Lockdowns were implemented in various places, causing supply chain disruptions. The advent of the pandemic had a significant impact on key human augmentation product producers throughout the first two quarters of 2020. Exoskeletons, AR and VR equipment like projectors & display walls, head-mounted displays, and gesture-tracking gadgets have all been affected by the supply chain interruptions due to the pandemic. During the initial phase, the market saw a decrease in shipments.
Regardless of its impact on the overall economy, the COVID-19 had no negative impact on the wearable device sector. Despite the fact that certain market competitors reduced their manufacturing, sales for wearables continued to rise significantly. Many market participants began creating new and improved items to fulfill rising demand and new needs. The rising necessity to track health issues as a result of the pandemic, as well as the growing use of such devices among health-conscious consumers, fuelled market expansion. The market’s growth has been aided by the rising demand for smart wearables that can monitor heart rate and oxygen levels.
Market Growth Factors
Increasing demand for wearable augmentation devices in healthcare industry
Many people have benefited from human enhancement, which has helped them withstand physical stress and regain physical or psychological capacities. Human health and quality of life have improved as a result of technological developments in the fields of neurology, engineering, biotechnology, and computing. Human expectation of new technology has risen dramatically, and as a result, the healthcare industry is fast evolving. In the health and fitness industries, innovative and advanced technology is being embraced at a quicker rate.
Various benefits offered by human augmentation technologies
There is a wide range of benefits offered by human augmentation technologies to various business and entities. Military powers can employ AR to develop MRO by superimposing advanced data into a client’s real-world vision via a virtual sphere. It’s for distinguishing visual abilities that are essential in 3D. In architecture, PC programming must include actual conveniences and be free of cameras or images. It integrates 3D models of an introduced structure into space using 3D models in cell phones, in addition to expanded reality field administrations.
Marketing Restraining Factor
Health apprehensions pertaining to AR and VR technologies
The lack of movement when wearing various AR/VR headsets is a fundamental problem connected with immersive user experiences. Many wired headsets need the usage of cords and accessories to connect to the PC while in use, requiring the user to remain stationary for an extended period of time. Due to the lack of mobility, this causes back, neck, and joint discomfort. The poor resolution of VR-enabled gadgets is another drawback. Low quality makes viewing difficult and might exacerbate virtual sickness symptoms like discomfort and nausea.
Functionality Outlook
On the basis of Functionality, the Human Augmentation Market is segmented into Body-worn and Non-body-worn. The non-body worn segment procured a substantial revenue share in the human augmentation market in 2020. The increased need for immersive content for VR and AR devices for entertainment and gaming uses is predicted to fuel overall growth for VR and AR software, as well as non-body-worn devices. In recent times, intelligent virtual assistants like chatbots have been increasingly used to improve customer support services, resulting in enhanced customer loyalty, conversion rate, retention, and reduced shopping cart abandonment.
Product Type Outlook
Based on the Product, the Human Augmentation Market is segmented into Wearable Devices, Virtual Reality Devices, Augmented Reality Devices, Exoskeletons, and Intelligent Virtual Assistants. The wearable devices segment dominated the human augmentation market with the highest revenue share in 2020. It is due to the increased usage of wearable devices to track health and fitness metrics. Furthermore, the advancement of tiny multifunctional ICs and improved sensor technologies has aided the development of low-cost wearable devices for a variety of consumer applications.
Application Outlook
In terms of Application, the Human Augmentation Market is categorized into Consumer, Commercial, Medical, Aerospace & Defence, Industrial, and Others. The commercial segment garnered a significant revenue share in the human augmentation market in 2020. This growth is attributed to the fact that these technologies can help the IC better time, tailor, and target intelligence products for key decision makers by expanding, automating, and sharpening intelligence collection and processing insights.
Regional Outlook
Region-wise, the Human Augmentation Market is studied across North America, Europe, APAC, and LAMEA. North America emerged as the leading region in human augmentation market with the highest revenue share in 2020. This is owing to the region’s improving economy and rising demand for enhancement products. Furthermore, technical improvements in medical wearable products have fuelled market expansion in this region.
KBV Cardinal Matrix – Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Samsung Electronics Co., Ltd. and Google LLC are the forerunners in the Human Augmentation Market. Companies such as Ekso Bionics Holdings, Inc., Magic Leap, Inc. and Garmin Ltd. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Ekso Bionics Holdings, Inc., Cyberdyne, Inc., Magic Leap, Inc., ReWalk Robotics Ltd., Samsung Electronics Co., Ltd. (Samsung Group), Google LLC, Garmin Ltd., Casio Computer Co., Ltd., Fossil Group, Inc., and Vuzix Corporation.
Recent Strategies Deployed
Partnerships, Collaborations and Agreements
- Dec-2021: Vuzix Corporation signed an agreement with Verizon, an American multinational telecommunications conglomerate. This agreement aimed to leverage the power of Verizon’s 5G and edge computing technologies to provide an augmented reality experience for sports and gaming.
- Oct-2021: Vuzix Corporation came into a partnership with AmbiFi, an advanced software as a service (SaaS) ambient computing company. This partnership aimed to lower the barriers to adopting Smart Glasses for healthcare.
- Jun-2021: Magic Leap entered into a partnership with AMD, an American multinational semiconductor company. Under this partnership, Magic Leap utilized Nvidia graphics acceleration technology for its first AR/XR headset but is working with AMD on a semi-custom SoC.
- May-2021: Ekso Bionics extended its partnership with Kindred Healthcare, a post-acute healthcare services company. This partnership aimed to bring EksoNR, the most clinically used robotic exoskeleton, to four of Kindred’s Long-Term Acute Care Hospitals in the U.S.
- Apr-2021: Ekso Bionics partnered with Royal Rehab, Australia’s leading provider of rehabilitation and disability support services. This partnership aimed to scale the usage of its robotic exoskeleton across the Asia Pacific region.
- Mar-2021: Vuzix Corporation formed a partnership with TechSee, a leader in intelligent visual assistance technology. This partnership aimed to offer a remote visual assistance solution to field service technicians utilizing AR and computer vision on Vuzix’s M400 and M4000 Smart Glasses.
Acquisitions and Mergers
- Jan-2021: Google took over Fitbit, an American consumer electronics and fitness company. This acquisition aimed to help boost Google’s presence in the wearable market.
Product Launches and Expansions
- Jan-2022: Garmin released the Venu 2 Plus, a 43 mm smartwatch available in three colors. The Venu 2 Plus includes an AMOLED display, countless health, and fitness features, stainless steel hardware, plus voice assistant functionality.
- Jan-2022: Vuzix Corporation launched its M400-C augmented reality (AR) smart glasses. These smart glasses is expected to provide Identical form factors to the Organic Light-Emitting Diode (OLED) displays, flagship M400 smart glasses, Noise-cancelling mics with voice controls, touchpads, buttons, and speakers at IP67 standards.
- Sep-2021: Fossil introduced its Gen 6 touchscreen smartwatch line in a virtual press conference. The watch is expected to be powered by the Qualcomm Snapdragon Wear 4100+ Platform, offering customers quicker application load times, responsive user experiences, and more efficient power consumption.
- Aug-2021: Samsung Electronics launched its new wearable processor, the Exynos W920. This latest processor combines an LTE modem and is the first in the industry to be developed with an improved 5-nanometer (nm) extreme ultra-violet (EUV) process node, providing powerful yet efficient performance demanded by next-generation wearable devices.
- Aug-2021: Fossil launched a new generation to its wearables portfolio: the Gen 6 Touchscreen Smartwatch. The Gen 6 smartwatch is expected to be the first smartwatch powered by the Qualcomm Snapdragon Wear 4100+ Platform, delivering customers faster application load times, better responsive user experiences, and more effective power consumption.
- May-2021: Casio launched Casio G-Shock GBA900, the latest fitness-focused watch in the company’s G-Shock Move portfolio. This latest G-Shock watch from Casio is the cheapest fitness-tracking band, which is a mix of analog and digital display and is a successor to Casio’s GBD100 fitness tracking watch from G-Shock.
- Apr-2021: Casio unveiled Casio G-Shock GSW-H1000 powered by Google’s Wear OS. The rugged smartwatch provides 200-metre water resistance and features a broad variety of activity options that include indoor workouts, running, road biking, swimming, along with surfing, and snowboarding.
Companies Mentioned
- Ekso Bionics Holdings, Inc.
- Cyberdyne, Inc.
- Magic Leap, Inc.
- ReWalk Robotics Ltd.
- Samsung Electronics Co. Ltd. (Samsung Group)
- Google LLC
- Garmin Ltd.
- Casio Computer Co. Ltd.
- Fossil Group, Inc.
- Vuzix Corporation
For more information about this report visit https://www.researchandmarkets.com/r/8c24ki
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