Artificial Intelligence
The Global Augmented Reality & Virtual Reality In Manufacturing Market size is expected to reach $27.9 billion by 2028, rising at a market growth of 27.9% CAGR during the forecast period
New York, Oct. 25, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Augmented Reality & Virtual Reality In Manufacturing Market Size, Share & Industry Trends Analysis Report By Technology, By Device Type, By Component, By Application, By Regional Outlook and Forecast, 2022 – 2028” – https://www.reportlinker.com/p06352702/?utm_source=GNW
In addition, the increase in AR & VR applications for manufacturing plant improvement and staff training stimulates the expansion of the sector.
In recent years, augmented reality & virtual reality technologies for collecting sights and sounds have gained popularity due to technological advancements. In addition, the accessibility of numerous electronic items like tablets, and other smart devices interoperable with augmented reality and virtual reality technologies has resulted in a major expansion of market prospects. In January 2022, Microsoft Corporation Inc. debuted its HoloLens 2 mixed reality headset in India. The headset’s artificial intelligence, time-of-flight depth sensor, and semantic understanding enable users to interact with holograms in a more realistic manner.
The usage of virtual reality would limit the motions of manufacturing workers since their interface with the actual world would be impeded by the headgear. Augmented reality gadgets enhance the naturalness and fluidity of staff mobility. Owing to delivery delays and losses produced by faulty freight transportation or loading, a decrease in warehouse operation costs has always been on the horizon. AR may expedite cargo selection for loaders by providing them with interactive voiced instructions to help them discover the correct cargo and determine where it needs to be positioned in the truck.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has halted the operations of various industries, majorly manufacturing sector. The shortage of labour, supply chain disruption, shutdown of the manufacturing units and complete lockdown have significantly affected the manufacturing sector. However, the integration of augmented reality and virtual reality to remove physical trials helps businesses save R&D expenses. Moreover, VR technologies cut training expenses and enable enterprises to redeploy resources for improved outputs.
Market Growth Factors
Streamlined Way of Maintenance and Enhanced Quality Control
Using AR, manufacturing businesses may manage, maintain, and repair production-related equipment. Traditionally, an employee utilized an outdated handbook to detect problems and then take the appropriate measures. Nevertheless, augmented reality would eliminate the necessity for traditional instructions. Wearing an augmented reality (AR) wearable technology can reduce the time required for issue investigation, identification, and subsequent resolution.
Reduction in the Accidents and Disruptions in Manufacturing Units
Virtual reality is assisting in predicting and perhaps avoiding the dangers and disruption risks connected with assembly line utilization. By modelling the production environment, manufacturers may identify possible hazards and eradicate them far in advance of their occurrence. It is impossible to miss the significance of this solution, since it reduces downtime in addition to repair and maintenance costs and improves employee safety.
Market Restraining Factors
Confidentiality & Security Problems and Risky Behaviour Promotion
Privacy and security problems may be raised by augmented reality. AR makes it impossible to distinguish between what is genuine and what is not, contributing to a concern of being “tricked” during an assault. For instance, social media users might be more prone to trust fake data if they accept their Facebook friends posted about it. Augmented Reality is a technique that superimposes a digital layer on the real environment. It may be utilized in a variety of ways, including games and entertainment.
Technology Outlook
Based on technology, the Augmented Reality & Virtual Reality in Manufacturing Market is bifurcated into Augmented Reality and Virtual Reality. The virtual reality segment garnered a substantial revenue share in the Augmented Reality & Virtual Reality in Manufacturing Market in 2021. This expansion is attributable to the broad use of virtual reality and the increasing popularity of industrial Internet of things, industrial robots, and smart factories, which have provided a major platform for VR uses in the manufacturing sector.
Device Type Outlook
By device, the Augmented Reality & Virtual Reality in Manufacturing Market is segmented into Head-mounted Display, Head-up Display and Handheld Devices. Head-mounted Display segment registered the largest revenue share in the Augmented Reality & Virtual Reality in Manufacturing Market in 2021. An important driving element is the rising demand for head-mounted displays and smart glasses in industrial and commercial applications. Due to the utilization of HMD devices for product development, the HMD segment is anticipated to continue its dominance during the forecast period.
Component Outlook
On the basis of component, the Augmented Reality & Virtual Reality in Manufacturing Market is classified into Hardware, Software and Services. The services segment acquired a promising revenue share in the Augmented Reality & Virtual Reality in Manufacturing Market in 2021. Significant development in the services area has been attributable to an expansion in integrated technology-related consulting & service offerings, like training, maintenance, and security services, that would continue to expand during the projected period.
Application Outlook
On the basis of application, the Augmented Reality & Virtual Reality in Manufacturing Market is fragmented into Product Design & Development, Safety & Training and Maintenance & Repair. The Product Design & Development segment garnered the largest revenue share in the Augmented Reality & Virtual Reality in Manufacturing Market in 2021. Employing AR and VR technology in product design as well as development applications has enhanced market rivalry for manufacturers. Consequently, the market expansion is fueled by the convenience of employing AR and VR technologies for product creation and development.
Regional Outlook
Region-wise, the Augmented Reality & Virtual Reality in Manufacturing Market is analyzed across North America, Europe, Asia Pacific and LAMEA. North America emerged as the leading region in the Augmented Reality & Virtual Reality in Manufacturing Market with the highest revenue share in 2021. Increased adoption of industrial revolution 4.0 in the U.S. manufacturing sector stimulates industry expansion in the region.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Samsung Electronics Co., Ltd. (Samsung Group), Google LLC, Microsoft Corporation, Vuzix Corporation, WorldViz, Inc., EON Reality, Inc., ESI Group, SkillReal Ltd., Kaon Interactive, Inc. and Solulab, Inc.
Strategies Deployed in Augmented Reality & Virtual Reality In Manufacturing Market
Aug-2022: Vuzix Corporation launched Blade 2 smart glasses, its third generation Blade model. This Blade 2 is an AR workforce solution developed on the popular Blade form factor, which would provide a host of better features and high performance specifically developed to fulfill the requirements of connected workers.
Aug-2022: Vuzix Corporation signed an agreement with L3Harris Technologies, an American technology company. This agreement aimed to create a personalized waveguide-based optics engine, which aimed to be utilized in head borne systems developed for military applications.
May-2022: Microsoft came into a partnership with Kawasaki, a group of motorsport vehicles. Under this partnership, Kawasaki became a new customer for the tech giant’s “industrial metaverse”, which is a fancy way of saying factory floor workers to wear a HoloLens headset to assist with production, repairs, and managing supply chains.
May-2022: Google took over Raxium, a Bay Area startup. This acquisition aimed to work on microLED display technologies for wearables and augmented & virtual reality (AR and VR) headsets.
May-2022: ESI Group teamed up with ENSAM, a French engineering and research institute of higher education. Through this collaboration, ESI Group would expand its commitment to the industrial and academic ecosystems by enabling Inspector software accessible to as many individuals as possible, allowing them to collaborate on a dependable and flexible solution to tackle the technological problems and special requirements of the community.
Feb-2022: Harman International, a subsidiary of Samsung Electronics took over Apostera, a German automotive software firm. This acquisition aimed to expand its business in the augmented reality and mobility technology sector. Integrated with Harman’s digital cockpit product portfolio, Apostera’s technologies would narrow the gap between the physical and digital worlds.
Jan-2022: Microsoft launched its mixed reality headset HoloLens 2 in India. HoloLens 2 assists companies and their employees to complete important tasks quickly, safely, and more efficiently, and develop new ways to connect with customers as well as partners.
Jan-2022: Microsoft joined hands with Qualcomm Technologies, an American multinational corporation. This collaboration aimed to expand and boost the adoption of augmented reality (AR) in the consumer and enterprise sector. Under this collaboration, Qualcomm Technologies would work with Microsoft across various initiatives to support the ecosystem, comprising the development of custom AR chips to allow a new wave of power-efficient, lightweight AR glasses to offer rich and immersive experiences, and plans to combine software such as Microsoft Mesh and Snapdragon Spaces XR Developer Platform.
Jun-2021: EON Reality launched EON-XR’s 9.0 update. EON Reality’s goal with every release is to democratize XR uses as much as possible, which would make the development and utilization of immersive XR lessons easier than ever for students and instructors.
Mar-2021: Microsoft unveiled Mesh, a service to build apps for people to collaborate in augmented reality. This product would allow developers to create applications wherein people can share holograms, speak with one another, create doodles, and appear as virtual avatars.
Jan-2021: Google Cloud signed an agreement with Magic Leap, an American startup company. This agreement aimed to provide spatial computing solutions to companies and Google Cloud customers. In the partnership, Magic Leap would provide its enterprise solutions on the Google Cloud Marketplace and explore new cloud-based, spatial computing solutions operating on Google Cloud.
Jul-2020: Vuzix Corporation came into a partnership with ProGlove, a provider of wearable scanners. This partnership aimed to bring together an integrated product solution to fulfill the rising requirement for more efficiency and safety in industries ranging from retail, transportation, logistics, and manufacturing.
Jun-2020: Google took over North, an Amazon-backed company that makes smart glasses. This acquisition aimed to assist Google to realize its vision of “ambient computing,” where ubiquitous connected devices work together.
Nov-2019: WorldViz released multi-projection (CAVE) virtual reality for both Unity and Vizard. Multi-Projection VR would enable the sharing of 3D experiences without the need for the usage of users wearing VR goggles.
Scope of the Study
Market Segments covered in the Report:
By Technology
• Augmented Reality
• Virtual Reality
By Device Type
• Head-mounted Display
• Head-up Display
• Handheld Devices
By Component
• Hardware
• Software
• Services
By Application
• Product Design & Development
• Safety & Training
• Maintenance & Repair
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Samsung Electronics Co., Ltd. (Samsung Group)
• Google LLC
• Microsoft Corporation
• Vuzix Corporation
• WorldViz, Inc.
• EON Reality, Inc.
• ESI Group
• SkillReal Ltd.
• Kaon Interactive, Inc.
• Solulab, Inc.
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__________________________
STOCKHOLM, Oct. 11, 2024 /PRNewswire/ — The following representatives of ASSA ABLOY AB’s shareholders will be members of the Nomination Committee for the 2025 Annual General Meeting:
– Johan Menckel, Investment AB Latour, Chairman of the Nomination Committee
– Mikael Ekdahl, Melker Schörling AB
– Marianne Nilsson, Swedbank Robur Fonder
– Yvonne Sörberg, Handelsbanken Fonder
– Carina Silberg, Alecta
The Chairman of the Board, Johan Hjertonsson, has been co-opted to the Nomination Committee.
The Nomination Committee shall prepare proposals for the Annual General Meeting in 2025 regarding the election of Chairman of the General Meeting, members of the Board of Directors, Chairman of the Board, Vice Chairman of the Board, auditor, fees for the members of the Board including division between the Chairman, the Vice Chairman and the other Board members as well as fees for committee work, fees to the company’s auditor and, if necessary, changes to the instructions for the Nomination Committee.
The Annual General Meeting will be held on 23 April 2025, in Stockholm, Sweden.
Shareholders who wish to submit proposals to the Nomination Committee should send an email to [email protected].
For more information, please contact:Nico Delvaux, President and CEO, tel. no: +46 8 506 485 82Erik Pieder, CFO and Executive Vice President, tel. no: +46 8 506 485 72 Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68
About ASSA ABLOY
The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 61,000 employees and sales of SEK 141 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY’s innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world.
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Artificial Intelligence
AI in Social Media Market worth $10.33 billion by 2029- Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., Oct. 11, 2024 /PRNewswire/ — The AI in Social Media Market is projected to grow from USD 2.20 billion in 2024 to USD 10.33 billion by 2029, at a compound annual growth rate (CAGR) of 36.2% during the forecast period, according to a new report by MarketsandMarkets™. The market is expected to grow due to the rise in the need for more personalized user experiences, optimized advertising, and automated customer service.
Browse in-depth TOC on “AI in Social Media Market”
315 – Tables 63 – Figures320 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019-2029
Base year considered
2023
Forecast period
2024-2029
Forecast units
USD (billion)
Segments Covered
Product type, Use case, End user, and Region
Geographics covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Companies covered
Major vendors in the global AI in Social Media Market are Google (US), Meta (US), IBM (US), Sprout Social (US), Sprinklr (US), AWS (US), LivePerson (US), HubSpot (US), Microsoft (US), Adobe (US), Baidu (China), OpenAI (US), Hootsuite (US), Qualtrics (US), Brandwatch (UK), Converseon (US), Meltwater (US), Quid (US), Digimind (France), CreatorIQ (US), Aspire.io (US), Lately.AI (US), SocialPilot (US), Copy.ai (US), Flick (UK), Dash Hudson (US), Jasper (US), Upfluence (US), Ocoya (Lithuania), Upgrow (US), StoryChief (Belgium), Genius.AI (UAE), ContentStudio (US), Emplifi (US), Lumen5 (US), Buffer (US), Narrato (India), Mentionlytics (UK), Kapwing (US), Predis.AI (India), Pictory (US), Midjourney (US), and Synthesia (UK).
The major factors driving the market growth of AI in Social Media Market include the introduction of AI-powered deepfake detection in social media to identify and flag altered content. Social platforms are increasingly relying on advanced AI algorithms to detect and flag manipulated videos, images, and audio, addressing growing concerns about misinformation, fraud, and digital deception. Growth in Gen AI-based content creation tools enables brands to create captivating and unique content. These tools empower brands to effortlessly create captivating, unique content at scale, allowing personalized engagement with audiences. The rising demand for highly personalized content and recommendations tailored to user preferences and behavior are shaping the social media market. This personalization boosts user satisfaction, fosters stronger engagement, and increases time spent on platforms, benefiting users and advertisers. Improved collaboration between influencers and brands is boosting the effectiveness of influencer marketing campaigns with AI. AI tools help brands and influencers to better understand the audiences by analyzing data like preferences, behaviors, and trends. This helps both brands and influencers grow their reach and engagement which makes influencer marketing campaigns successful.
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Advent of Gen AI-based content creation tools enables brands to create captivating and unique content.
The rise of gen AI-based content creation tools has transformed social media by empowering brands to create unique content. These tools are powered by advanced language models, enable automated text generation, images, and videos that cover target audiences, and maintain a dynamic presence on platforms. The utilization of gen AI across sectors such as entertainment, healthcare, and marketing agencies is transforming content creation and customer engagement. Gen AI also simplifies content production workflow, reducing time and cost related to traditional content creation methods. Global tech giants are investing heavily in AI technologies to improve user experience, enhance advertising effectiveness, and gain competitive advantages in the AI in social media market.
By Product type, the influencer marketing segment registers for the fastest growing market during the forecast period.
By automating and optimizing influencer marketing, AI social media tools enable brands to make data-driven decisions, reach relevant audiences, and ensure their campaigns are more effective and cost-efficient. AI-based social media tools in influencer marketing assist brands in detecting fraudulent influencers, which can improve the ROI, increase sales, and improve the brand’s reputation. For instance, AI content tools like Lumen5, Canva, Jasper, and Midjourney are major tools for improving influencer marketing strategies by crafting high-quality content.
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By region, Asia Pacific to register the highest CAGR market during the forecast period.
Asia Pacific is a rapidly growing region for AI in social media, compelled by high mobile and internet penetration rates and a young, tech-savvy population. Countries like China, India, Japan, and South Korea are leading the adoption, with social media platforms being central to the region’s social media ecosystem. With the vast amount of content generated in diverse languages, AI in social media is used for content moderation, language translation, and understanding user-generated content, specifically across China and India.
Top Key Companies in AI in Social Media Market:
Some major players in the AI in Social Media Market include Google (US), Meta (US), IBM (US), Sprout Social (US), Sprinklr (US), AWS (US), LivePerson (US), HubSpot (US), Microsoft (US), Adobe (US), Baidu (China), OpenAI (US), Hootsuite (US), Qualtrics (US), Brandwatch (UK), Converseon (US), Meltwater (US), Quid (US), Digimind (France), CreatorIQ (US), Aspire.io (US), Lately.AI (US), SocialPilot (US), Copy.ai (US), Flick (UK), Dash Hudson (US), Jasper (US), Upfluence (US), Ocoya (Lithuania), Upgrow (US), StoryChief (Belgium), Genius.AI (UAE), ContentStudio (US), Emplifi (US), Lumen5 (US), Buffer (US), Narrato (India), Mentionlytics (UK), Kapwing (US), Predis.AI (India), Pictory (US), Midjourney (US), and Synthesia (UK).
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Artificial Intelligence
NTT DATA signs agreement to acquire Aoop and will become a leader in ServiceNow solutions in Latin America
BIELEFELD, Germany and SÃO PAULO, Oct. 11, 2024 /PRNewswire/ — NTT DATA Business Solutions AG, a global unit of NTT DATA, announces that the agreement for the acquisition of Aoop, a leading ServiceNow implementation company in Brazil, has been signed. The terms of the acquisition have been finalized between the companies and will be completed following approval from the Administrative Council for Economic Defense (CADE). Founded in 2017, Aoop supports customers across various industries and is a specialist in the acceleration of automated digital strategies. With Aoop, NTT DATA will expand its operations in the Latin American ServiceNow solutions market, complementing a recent acquisition in the UK focused on strengthening this offering in Europe and the United States.
“With the acquisition of Aoop, we significantly increase our competitive strength in Brazil by offering both SAP and ServiceNow solutions, positioning us alongside market leaders,” says Norbert Rotter, CEO, NTT DATA Business Solutions. “This move will not only secure us a leading position in the fast-growing ServiceNow ecosystem but will also integrates a company with a strong market presence and solid financials to NTT DATA. It will be a significant step in driving our strategic objectives, strengthening our partnership with ServiceNow and our commitment to establishing a Center of Excellence in the region.”
Ricardo Fachin, Managing Director of NTT DATA Business Solutions Brazil adds: “The acquisition of Aoop will solidify our leading position in the Brazilian market. It will enhance synergies with our other Latin American and U.S. operations, accelerating our regional growth. As part of ServiceNow’s global strategy, Brazil will become a significant shoring center for the group. Aoop’s comprehensive portfolio, covering all ServiceNow verticals, will benefit all NTT DATA customers.”
With a strategy focused on driving the future of organizations and providing full lifecycle services, Aoop has completed around 2,500 digital transformation projects and has over 300 professionals certified on ServiceNow solutions. This expertise has led the company to become a ServiceNow Elite Partner in record time. The continuous commitment to excellence and the delivery of innovative solutions have established Aoop as a market reference, integrating intelligent efficiency throughout the entire production chain.
“Aoop leads the ServiceNow market in Brazil. Our integration with NTT DATA Business Solutions will allow us to further expand our solution offerings to existing customers, access new opportunities for joint solutions with SAP customers and accelerate our international expansion,” says Luiz Cesar Baptistella, CEO and founder of Aoop.
The acquisition of Aoop will add 120 customers to the portfolio of NTT DATA Business Solutions, which has been operating in Brazil for 25 years. Aoop will become a subsidiary of NTT DATA Business Solutions – Servicos de Tecnologia Ltda. in Brazil and will operate as an independent company after the acquisition, using the brand name “Aoop, an NTT DATA Company”.
For more information visit nttdata-solutions.com.
About NTT DATA Business Solutions
NTT DATA Business Solutions is a leading global IT service provider focused on SAP with a powerful ecosystem of partners. With more than 35 years of in-depth experience, we enable companies worldwide to become Intelligent Enterprises. We deliver end-to-end solutions that accelerate sustainable growth and success – from strategic consulting and implementation to managed services and beyond. As a global strategic SAP partner, we drive innovation and leverage the latest technologies to support our customers individually and across all industries. Our more than 15,300 dedicated employees in over 30 countries work passionately every day to make it happen.
NTT DATA Business Solutions is part of NTT DATA, a $30+ billion trusted global innovator of business and technology services headquartered in Tokyo. As One NTT DATA we serve 75% of the Fortune Global 100 and are committed to helping customers innovate, optimize and transform for long-term success. NTT DATA is part of NTT Group.
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Local
Global
Sofia Baldessar
Sales Operation Director
NTT DATA Business Solutions –
Servicos de Tecnologia Ltda.
1440 Visconde de Nacar Street –
13th floor Curitiba, Paraná, Brazil
T: +55 41 988658826
Email: [email protected]
Jasmin Straeter
Head of Global Communications
NTT DATA Business Solutions AG
Königsbreede 1, 33605 Bielefeld, Germany
T: +49 521 9 14 48 108
Email: [email protected]
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