Attractive Growth Opportunities in Human Augmentation Market - Increasing Demand for Wearable Technologies to Contribute to Market Growth

News provided by

Feb 08, 2022, 09:45 ET

DUBLIN, Feb. 8, 2022 /PRNewswire/ -- The "Human Augmentation Market with COVID-19 Impact Analysis by Product Type, Functionality, Application, & Geography - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

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.

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 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.

Key Topics Covered:

Premium Insights

Attractive Growth Opportunities in Human Augmentation Market - Increasing Demand for Wearable Technologies to Contribute to Market Growth
Human Augmentation Market, by Product Type - Wearable Devices to Account for Largest Size of Human Augmentation Market Throughout Forecast Period
Human Augmentation Market, by Functionality - Body-Worn Human Augmentation Products to Hold Larger Market Share in 2021
Human Augmentation Market, by Application - Consumer Application to Capture Largest Size of Human Augmentation Market from 2021 to 2026
Human Augmentation Market, by Region - Asia-Pacific to Hold Largest Size of Global Human Augmentation Market Throughout Forecast Period

Market Dynamics

Drivers

High Demand for Wearable Augmentation Devices in Healthcare Sector
Recent Advent of Ai-Powered Wearable Devices
Restoring Vision and Hearing
Relaxing Brainwaves to Reduce Anxiety
Reviving Mixed Reality
Increased Adoption of Wearable Devices
Rapid Technological Advancements
Availability of Fast Processing Chipsets
Miniaturization of Sensors
Use of Brain-Computer Interfaces
Evolution of Nanotechnology

Restraints

High Cost of Human Augmentation Devices
Health Concerns Related to AR and VR Technologies

Opportunities

Rising Use of Human Augmentation Technologies to Ensure Safety and Improve Strength of Military Personnel
Growing Implementation of Human Augmentation Technologies in Industrial Applications

Challenges

Risk of Data Breach and Identity Theft
Dearth of Skilled Personnel
Requirement for Constant Modifications in Devices
Development of Human Augmentation Products at Larger Scale and Offering Them at Lower Prices

Companies Mentioned

Samsung Electronics Co., Ltd.
Google LLC
Ekso Bionics
Vuzix Corporation
Garmin Ltd.
Fossil Group, Inc.
B-Temia Inc.
Casio
Magic Leap
Rewalk Robotics
Cyberdyne Inc.
Polar Electro
P&S Mechanics Co., Ltd.
Lifesense Group
Atoun
Mobvoi
Rex Bionics Pty. Ltd.
Atheer, Inc.
Second Sight Medical Products
Inbenta Holdings Inc.
Mycroft Ai, Inc.
Cyberglove Systems LLC
Scope AR
Merge Labs, Inc.
Wearable Robotics Srl
Goqii
Raytheon Technologies

For more information about this report visit https://www.researchandmarkets.com/r/9leb2m

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

SOURCE Research and Markets