Virtual Reality in Manufacturing Industry to Rise at a Staggering 39.2% CAGR; Increasing Number of Product Launches to Provide Impetus to Growth, says Fortune Business Insights
The global Virtual Reality in Manufacturing Industry will derive growth from recent product advances. 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 size was was USD 924.7 million in 2018 and is projected to reach USD 14,887.0 million by 2026, exhibiting a CAGR of 39.2% during the forecast period.
A manufacturing process involves everything from design, prototype, and developing the final product. In such circumstances, there are several possibilities of error. For any manufacturing business, the end product should not possess any defects or errors. As a result, there is a need for incorporating concepts that will bode well in initial stages. Automated concepts such as artificial intelligence and the internet of things (IoT) have been a hit among manufacturers across the world. The advent of real-time concepts such as virtual and augmented reality have opened the doors for several possibilities. Virtual reality is one such concept that has helped overcome several downfalls that were initially present in the manufacturing industry. The use of virtual reality in manufacturing performing repetitive tasks that initially required continuous manual labour, has stood out among all. The demand for virtual reality (VR)-integrated concepts has risen among major business across the world. The increasing demand for this concept, coupled with the high precision and accuracy, will have a positive impact on the Virtual Reality in Manufacturing Industry in the coming years.
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The report focuses on several aspects of the market, with primary focus on aspects such as leading products, major companies, and ongoing trends. It highlights products that have witnessed the highest demand in recent years and their subsequent impact on the market. Additionally, the report encompasses several factors that have constituted an increase in the Virtual Reality in Manufacturing Industry size in recent years.
Increasing Number of Product Launches to Aid Growth
Among all factors that have contributed to the growth of the market, the increasing number of product launches have had a comparatively high impact than the others. In May 2015, Eon Reality Inc. announced the launch of a new product under its VR in manufacturing portfolio. The Eon World Builder system allows design and development of a system, as per the requirement of the user. The product is integrated with mobile OS platforms such as android and IOS and is included under the Experience VR EON Library. The report discusses the impact of this product on the company and summarizes how it has influenced the market on a global scale.
North America to Emerge Dominant; Established IT Infrastructure to Provide Impetus to Growth
The report segments 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 is projected to emerge dominant. The presence of a well-established IT infrastructure has established the platform for early adoption of latest technologies. As of 2018, the market in North America was worth USD 359.5 million. Besides North America, Asia Pacific will witness considerable growth, driven by growing incorporation of VR-integrated technologies in several countries across this region.
List of the leading companies that are operating in the Virtual Reality in Manufacturing Industry are:
- Unity Technologies
- HTC Corporation
- Facebook Technologies, LLC.
- EON Reality, Inc.
- Magic Leap, Inc.
- NextVR Inc.
- NVIDIA Corporation
- Groove Jones LLC
Key Industry Developments:
November 2016: HTC and Autodesk announced a collaboration, with a view to creating an integrated system for designers to create and model. The system will work on a cloud integrated engine, thereby accounting for higher efficiency.
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Table of Content
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global Virtual Reality in Manufacturing Industry Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component (Value)
- By Application (Value)
- Product Design and Development
- Safety and Training
- Maintenance and Repair
- Communication and Collaboration
- By Geography (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
- By Component (Value)
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SOURCE Fortune Business Insights
Plant Asset Management Market (PAM) Worth $9.4 Billion by 2024 – Exclusive Report by MarketsandMarkets™
According to the new market research report “Plant Asset Management Market (PAM) by Offering (Software and Services), Deployment Mode (Cloud-based and On Premises), Asset Type (Production Assets and Automation Assets), End-user Industry (Process and Discrete), and Geography – Global Forecast to 2024″, published by MarketsandMarkets™, the Plant Asset Management Market is projected to grow from USD 5.5 billion in 2019 to USD 9.4 billion by 2024, at a CAGR of 11.3%. Major factors fueling the market growth include surging adoption of lean manufacturing practices by several organizations, increasing focus on providing cloud-based PAM solutions to satisfy customer demands, escalating demand for asset management software that can identify potential failures to avoid futuristic loss, and growing need for real-time data analytics.
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“Services to lead plant asset management market by 2024”
The deployment of PAM software is a costly process and a one-time activity, whereas PAM services that include maintenance needs, software upgrades, and personnel training are demanded by end-user industries continuously. Hence, PAM services have a more significant contribution to generating more revenue than PAM software solutions. Further, market players are focusing on offering industry-specific services to meet the ever-changing demands of different industries.
“Production assets to hold largest share of PAM market during forecast period”
Rising adoption of PAM solutions for monitoring rotating and reciprocating equipment, among others, across various industries is expected to drive the growth of the PAM market during the forecast period. Moreover, incidents of unplanned shutdowns or slowdowns due to equipment failures lead to high financial loss in terms of damage to equipment, production losses, and unscheduled maintenance. However, real-time health and performance insights encourage informed actions and decisions to improve plant efficiency minimizing risks of equipment failure, thereby reducing the wastage of valuable finances. Hence, the demand for PAM solutions is high to manage these production assets.
Browse in-depth TOC on “Plant Asset Management Market“
109 – Tables
52 – Figures
178 – Pages
“Asia Pacific to be largest market for PAM during forecast period”
Asia Pacific presents a substantial market for PAM. The PAM market in APAC is growing rapidly due to several advancements and technological innovations in different manufacturing industries. The adoption of PAM solutions is high in APAC due to the growing manufacturing sector in the region. Most of the key manufacturers from different industries have shifted their manufacturing plants in APAC due to the low labor cost and availability of a skilled workforce. These manufacturing units are using asset management solutions for the improvement in the overall manufacturing processes, which is expected to drive the growth of the PAM market in the region.
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Major players in the PAM market are Emerson (US), Honeywell (US), Rockwell (US), ABB (Switzerland), Schneider (France), Yokogawa (Japan), General Electric (US), Siemens (Germany), and SKF Group (Sweden).
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Happy Lunar New Year! Canada Post celebrates Year of the Rat
Canada Post has issued two stamps celebrating the Year of the Rat – representing the first year in the Lunar New Year cycle and the final issue in a second 12-year series honouring the annual festival.
The Year of the Rat begins on January 25, 2020, and ends on February 11, 2021. A symbol of fertility and intelligence, the rat is said to confer great cunning, tact and vitality on those born under its sign.
Designed by Albert Ng (O.Ont.) and Seung Jai Paek, of Albert Ng and Associates, the stamps portray the traditional story of the rat’s daughter’s wedding in the style of folk art known as Chinese farmer painting. The Permanent™ domestic-rate stamp depicts the bride on route to her nuptials, while the International-rate stamp reveals the happily married couple.
The Year of the Rat stamps will be available tomorrow, January 17, in Permanent domestic- and International-rate booklets, as well as a gummed pane of 25 domestic-rate stamps framed by four Chinese blessings. Philatelic collectibles include an unsealed, International-rate Official First Day Cover suitable for use as a “money envelope” for traditional gift-giving.
SOURCE Canada Post
Announcing the Anti-Human Trafficking Intelligence Initiative and Honoring Human Trafficking Awareness Month
Assisting the Fight
Across the United States, human trafficking exists everywhere, even in your local town square. The horrifying statistics drove Aaron Kahler to found the Anti-Human Trafficking Intelligence Initiative, a non-profit dedicated to partnering with financial institutions, corporations and law enforcement to combat human trafficking.
“ATII will deliver innovative solutions to disrupt human trafficking networks by assisting financial gatekeepers in identifying, reporting and terminating relationships with associated customers,” says Aaron Kahler, CEO of ATII.
For example, nestled into a pristine part of the Poconos, Stroudsburg is an idyllic borough in Pennsylvania, a vibrant town, a vacation haven. Last week in Stroudsburg, the US Attorney’s Office in Pennsylvania announced that Sirvonn Taylor, was sentenced to 20 years’ imprisonment for heading-up a conspiracy that forced women to engage in prostitution. In this bucolic town, “Females were ‘sexed-in’ to the gang, forced to engage in sex with members and recruited to engage in prostitution.” PR 1.6.2020
ATII will disrupt the way traffickers operate around major events nationwide starting at this year’s Super Bowl in Miami, FL with the release of a human trafficking awareness and victim outreach mobile application. The application allows victims to scan a QR code where necessary help can be accessed in her primary language.
Driving Corporate Social Responsibility
Relying on technology/data partnerships and corporate social responsibility leadership, ATII has been able to curate initiatives and provide resources to organizations including:
- High Risk Trafficking Data that can be leveraged through any transaction monitoring, sanctions or onboarding technology
- E-learning that can be utilized by institutions to comply with anti-money laundering regulatory requirements
Networking and Partnerships Extend the Battle Against Human Trafficking
Leveraging ATII’s programs, best practices, data, technology and reporting mechanisms in as many financial institutions as possible will directly result in Suspicious Activity Reports (SARs) being filed on human trafficking and ultimately save lives while bringing traffickers to justice.
SOURCE Anti-Human Trafficking Intelligence Initiative
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