Key Developments in Human Augmentation Market
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%. Factors such as growth in technology penetration in healthcare, safe military personnel, advent of artificial intelligence in wearable devices, and growing popularity of wearable augmentation products are affecting the growth of the market.
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).
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The human augmentation market for body worn is set to witness the highest CAGR for virtual reality during the forecast period. Increase in its use in applications such as education and e-retailing sectors owing to the provision of easy learning and promotions and advertising, respectively along with its ability to positively impact workplace automation are factors owing to the increase in the growth of the technology. In workplaces, virtual reality can help can streamline processes and eliminate common pain points experienced by businesses of all sizes. Also, the use of virtual reality will eliminate physical computers and create an exponentially increasing base of remote workers as well as reduce operating costs.
Wearables holds the largest market share for the human augmentation market, in terms of value, in APAC in 2019. Considering Japan’s strong base of technologically advanced manufacturing industries, massive mobile user base and high population growth rate in the country are driving growth for the human augmentation market in APAC. Also, the growing usage of smart devices, availability of cheap labor, and increase in disposable income, as well as rebounding economy of India are the key driving factors for the growth of the human augmentation market in the region.
China is set to grow at highest CAGR in human augmentation market, in terms of value, by 2024. China is set to hold immense potential for manufacturing and selling wearable technology devices as it 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 massive mobile user base to drive the growth of the VR market. Additionally, the video and gaming content companies are also expected to drive the VR market in this country.
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