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The global virtual reality in manufacturing industry is projected to reach USD 14,887.0 million by 2026. 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,” the market was worth USD 924.7 million in 2018 and is projected to exhibit a CAGR of 39.2% during the forecast period, 2019-2026.
Manufacturing is a sensitive aspect of businesses that allows almost zero or minimum room for error. The use of human labour tends to produce at least a small amount of error. In such circumstances, there is the need for automated machines and technologies, that are not affected by any external factors. The use of virtual reality in manufacturing has been a fruitful one in several aspects. It not only helps minimize the errors, but can help perform tasks in shorter time and eliminate the use of manual labour for repetitive tasks. The properties of virtual reality have allowed enhanced operations in the manufacturing process of any industry. The trends of automation have further led to an increased demand for the concept across the world. Recent advances in virtual reality concepts have had a direct impact on the growth of the market. The increasing investment in the efforts taken to maximize the use of VR in manufacturing will aid the growth of the market in the forthcoming years.
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Key Segments in the Virtual Reality in Manufacturing Industry
North America to Emerge Dominant; Improving IT Infrastructure to Aid Growth
The report segment 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 will emerge dominant in the coming years driven by the increasing investment in the development of IT infrastructure. Besides North America, the Middle East and Africa is projected will exhibit considerable growth in the coming years due to the growing adoption for the product in several countries across this region.
Some of the leading companies that are setting new Virtual Reality in Manufacturing Industry trends are:
Key Industry Developments:
The global Virtual Reality in Manufacturing Industry is segmented into:
Value (USD million)