North America Increasing The Dominance In The Global Augmented Reality For MRO Market
The global augmented reality for maintenance, repair, and overhaul (MRO) market is expected to witness a CAGR of 42.1% to reach revenue of $3,319.0 million by 2024
Bangalore, India, February 13, 2019: With its recently published study “Global Augmented Reality for Maintenance, Repair, and Overhaul (MRO) Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”, Infoholic Research forecasts that the global augmented reality for MRO market will continue to grow, owing to the increasing number of application areas in both developed and emerging economies. In the present scenario, the adoption of digital and augmented reality technologies varies depending on the regions. North America is the largest contributor to the market followed by Europe. The lack of customized industry-specific technology solutions and the early stages of the technology are the reasons for slow adoption among various industry verticals in most of the regions. The US, with the largest number of start-ups and innovators, has a vast market for augmented reality solutions. Europe has a lot of potential, but strict regulations on security and trust issues could hinder the market growth in the region. Asia Pacific is the region to be focused due to economic growth, investments in digitization, fast adoption of cloud-based solutions & services, and robotic process automation across manufacturing operations in aerospace, automobile, and manufacturing among others.
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The global augmented reality for MRO market is estimated to increase from $403.3 million in 2018 to $3,319 million by 2024, growing at a CAGR of 42.1% during the forecast period 2018–2024. The preventive & corrective maintenance application has gained significant traction among various industrial and commercial sectors such as aerospace, automotive, manufacturing, amoung others.
The “global augmented reality for MRO market” report quantifies the market based on components, applications, industry verticals, and regions. Among applications, risk identification and management is expected to grow at the highest CAGR during the forecast period. This can be attributed to the fact that augmented reality technology solution helps maintenance staff improve their performance with respect to managing risks more effectively. In terms of industry verticals adoption, aerospace, automobile, and manufacturing show great opportunity and are projected to grow at a higher CAGR during the forecast period to 2024.
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“Augmented reality technology is currently at an evolving stage in the MRO industry. In recent years, a significant number of companies have adopted this technology as a part of their strategy, which has also resulted in partnerships and joint ventures with technology companies and OEMs to build and test AR-powered industry-specific software solutions and applications. The current research and innovation in augmented reality focus on integrating different technological capabilities, including geolocation, object recognition, and tracking technologies, to make industry-specific augmented reality solutions. The new instant information coupled with enhanced observation will ensure that augmented reality systems have a significant role on how people and companies work in the future.” – Pradeep Singh, Sr. Research Analyst, Infoholic Research
Key Insights of the Report Include:
- Components: Augmented Reality Hardware and Augmented Reality Software
- Applications: Preventive & Corrective Maintenance, System Surveys and Audits, Performance Modeling and Benchmarking, Risk Identification and Management, and Others
- Industry Verticals: Aerospace, Automotive, Manufacturing, Oil & Gas, Utilities, and Others (Telecommunications/Transportation/Mining/Warehousing)
- Regions: North America, Europe, Asia Pacific, Latin America, Middle East & Africa (LAMEA)
Industry outlook: Market trends, drivers, restraints, and opportunities