High demand for wearable augmentation devices in the healthcare sector and rapid technological advancements could be the driving factors for the growth of human augmentation market globally
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.
The breakup of primaries conducted during the study is depicted below:
- By Company Type: Tier 1 – 50 %, Tier 2 – 30%, and Tier 3 –20%
- By Designation: C-level Executives – 35%, Directors– 30% and Others – 35%
- By Region: North America– 40%, Europe – 25%, Asia Pacific – 20%, and Rest of the World – 15%
The major players in the human augmentation market are Samsung Electronics Co., Ltd. (South Korea), Google LLC (US), Ekso Bionics (US), Vuzix Corporation (US), Garmin Ltd. (US), Fossil Group, Inc. (US), B-Temia Inc. (Canada), Casio (Japan), Magic Leap (US), ReWalk Robotics (US), and CYBERDYNE INC. (Japan).
Research Coverage
The report segments the human augmentation market and forecasts its size, by value, based on region, product type, functionality, and application. The report also provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing the market growth. The report also covers qualitative aspects in addition to the quantitative aspects of the market.
Key Benefits of Buying This Report
- This report includes the market statistics pertaining to product type, functionality, application and region
- An in-depth value chain analysis has been done to provide deep insight into the human augmentation market.
- Major market drivers, restraints, opportunities, and challenges have been detailed in this report.
- The report includes an in-depth analysis and ranking of key players.
