The new report by Expert Market Research titled, ‘Global Human Augmentation Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global human augmentation market share, assessing the market based on its segments like Types of Human Augmentation Technologies, Devices, Application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 84 Billion
- Forecast CAGR (2021-2026): 23%
- Forecast Market Size (2026): USD 298 Billion
Surging technological penetration in the various industrial verticals like healthcare, aerospace, and defence and education, among others, has boosted the growth of the human augmentation market. Accelerating IT industries’ investments in deploying the human augmentation technology for exoskeleton development and increased usage of robotics in medical devices is further bolstering the market growth.
Increasing research activities in the field of robotics, biotechnology, and medical equipment within the research and development activities at various industries is fuelling the market’s demand. On-going advancements in electronics related to the development of visually aided tactile enhancement systems with ultra-sensing technological capabilities have strengthened the rate of investments for the human augmentation market.
Industry Definition and Major Segments
Human augmentation is defined as the technical advancements produced by integrating biotechnology, electronics, and mechanical techniques with or without employing artificial intelligence that aids in enhancing human productivity and capabilities. Prosthetics, human wearable devices, pacemakers, genetic modification, and chip implantations are terrific human augmentation devices that supplement human activities and have gained traction over the years, boosting the market growth.
The wearable segment holds the largest share in the human augmentation technologies and is anticipated to retain its significant share in the forecasted period as well. Although the healthcare sector holds the largest share from the industry vertical, the defense sector is expected to register the highest CAGR owing to virtual reality eye-tracking and gesture-controlled technologies induced in the field for the betterment of remote control systems, thus increasing the connectivity in aerospace as well.
North America holds a significant share in the market and is projected to witness a high growth rate attributing to increased consumption of wearable devices.
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Basis types, the human augmentation technologies can be bifurcated into:
- Virtual Reality
- Augmented Reality
- Intelligent Virtual Assistant
On the basis of devices, the industry is segmented into:
- Body Worn
- Non-body Worn
By application, the industry is divided into:
- Medical and Healthcare
- Aerospace and Defence
- Energy and Utility
On the basis of Region, the industry is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Human Market trends such as increased artificial intelligence implementation, enhanced applications of processing chipsets, and others have supported the market growth. The market is witnessing considerable progressions in the sectors like military and defence, healthcare and manufacturing sector.
Innovations in robotics prosthetics have created more recent opportunities for the market. For instance, the real-time language translation is expected to change the process of human interaction.
Neuralink (Elon Musk’s neuroscience startup) disclosed Gertrude (pig) with a coin-sized computer chip in its brain for two months, which could cure human diseases with the same type of implants. BMI (Brain-Machine Interfaces) and BCI (Brain-Computer Interfaces) are some human augmented devices that enable direct communication between a brain and an external device.
Advancements in machine learning have improved machine translation, thus extending the artificial intelligence advancements. Additionally, major market players investing in extensive research and development activities are aiding the market’s growth.
Key Market Players
The major players in the market are Vuzix Corporation, Google Inc., Samsung Electronics Co Ltd., Microsoft Corporation, B-Temia Inc., and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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