Human Augmentation Market Insights and Growth by 2031
The human augmentation market is expected to grow from US$ 116.88 Billion in 2021; it is expected to register at a compound annual growth rate (CAGR) of 23.0% from 2022 to 2031.
Human augmentation is the technology that integrates electronics, biotechnology, and machines; it is used for boosting human efficiency and ability through various artificial methods. The increasing use of human augmentation devices in various sectors, including the use of exoskeletons in the healthcare and military sectors, is encouraging developers to launch technologically advanced human augmentation devices, which is boosting the growth of the human augmentation market during the forecast period.
MARKET DYNAMICS
The development in the healthcare sector is the primary factor driving the growth of the human augmentation market. However, the high cost of medical apparatus and lack of skilled employees are hampering the growth of the market. Moreover, the growing requirement for wearable augmentation products and the increasing use of exoskeletons in military applications is also anticipated to provide growth opportunities for the human augmentation market. Further, increased product launches and developments are expected to contribute to the market growth during the forecast period. For instance, in August 2022, Samsung Electronics launched Exynos W920, a new wearable processor. A few of the important features of the processor are:
- It combines an LTE modem
- Developed with an improved 5-nanometer (nm) extreme ultra-violet (EUV) process node
- Provides powerful and efficient performance, as required by technologically advanced wearable devices.
Strategic Insights
MARKET SCOPE
The "Global Human Augmentation Market Analysis to 2031" is a specialized and in-depth study of the human augmentation industry with a special focus on the global market trend analysis. The report aims to provide an overview of the human augmentation industry with detailed market segmentation based on product type, functionality, and application. It provides key market statistics of the leading players. It also offers key trends and opportunities in the human augmentation market.
MARKET SEGMENTATION
The global human augmentation market is segmented into product type, functionality, and application. Based on product type, the market is segmented into wearable devices, virtual reality devices, augmented reality devices, exoskeleton, and intelligent virtual assistants. Based on functionality, the market is bifurcated into body worn and non-body worn. Further, based on application, the market is segmented into consumer, commercial, healthcare, aerospace and defense, energy and utility, and others.
The global human augmentation market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the region.
North America led the human augmentation market in 2021, with the highest revenue share. A few major factors driving the growth of the North America human augmentation market are the rising demand for technologically advanced products, the region's improving economy, and technical improvements in medical wearable products. Further, Asia Pacific is expected to grow at the highest CAGR during the forecast period. The rising population, huge mobile user base, increasing disposable income, surging demand for smart devices, and availability of inexpensive labor are the major factors contributing to the growth of the market in developing APAC countries.
The below figure showcases the revenue growth trend in the North America human augmentation market:
Source: The Insight Partners Analysis
The report analyzes factors affecting factors, such as drivers, restraints, opportunities, and future trends. It also provides exhaustive PEST analysis of the factors affecting the human augmentation market.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic led to disruptions in the supply chain, which adversely impacted the shipments of exoskeletons; AR and VR devices, including projectors and display walls, head-mounted displays, and gesture-tracking devices; and reflected a decrease in demand for human augmentation devices for the first two quarters of 2021 globally. Hence, the human augmentation device manufacturers witnessed a significantly lower volume of orders. A demand-supply imbalance of the human augmentation devices led to the manufacturing of inefficient products. Further, from the second half of 2021, many market players started developing technologically advanced products to meet the increasing demand from end users. Moreover, the growing use of health tracking devices by health-conscious people, including the rising demand for smart wearables capable of monitoring SpO2 levels and heart rate, has significantly contributed to the human augmentation market growth.
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The global human augmentation market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the region.
North America led the human augmentation market in 2021, with the highest revenue share. A few major factors driving the growth of the North America human augmentation market are the rising demand for technologically advanced products, the region's improving economy, and technical improvements in medical wearable products. Further, Asia Pacific is expected to grow at the highest CAGR during the forecast period. The rising population, huge mobile user base, increasing disposable income, surging demand for smart devices, and availability of inexpensive labor are the major factors contributing to the growth of the market in developing APAC countries.
The below figure showcases the revenue growth trend in the North America human augmentation market:
Source: The Insight Partners Analysis
The report analyzes factors affecting factors, such as drivers, restraints, opportunities, and future trends. It also provides exhaustive PEST analysis of the factors affecting the human augmentation market.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic led to disruptions in the supply chain, which adversely impacted the shipments of exoskeletons; AR and VR devices, including projectors and display walls, head-mounted displays, and gesture-tracking devices; and reflected a decrease in demand for human augmentation devices for the first two quarters of 2021 globally. Hence, the human augmentation device manufacturers witnessed a significantly lower volume of orders. A demand-supply imbalance of the human augmentation devices led to the manufacturing of inefficient products. Further, from the second half of 2021, many market players started developing technologically advanced products to meet the increasing demand from end users. Moreover, the growing use of health tracking devices by health-conscious people, including the rising demand for smart wearables capable of monitoring SpO2 levels and heart rate, has significantly contributed to the human augmentation market growth.
MARKET PLAYERS
The reports cover key developments in the human augmentation market. Various companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Inorganic growth strategies such as acquisitions, partnerships, and collaborations have encouraged the expansion of business and the customer base of market players. The market players operating in the human augmentation market are anticipated to experience lucrative growth opportunities in the coming years with the rising demand for human augmentation. The list of a few companies engaged in the human augmentation market is mentioned below:
- Google Inc.
- Samsung Electronics Co. Ltd.
- Ekso Bionics Holdings, Inc.
- Vuzix Corporation
- Garmin
- Fossil Group, Inc.
- B-Temia Inc.
- Casio
- Magic Leap Inc.
- Rewalk Robotics Ltd.
The report also includes the profiles of key human augmentation companies, along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information for the last three years, and key development in the past five years.
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Functionality, Application, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Human Augmentation Market - By Technology
1.3.2 Human Augmentation Market - By Device
1.3.3 Human Augmentation Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. HUMAN AUGMENTATION MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. HUMAN AUGMENTATION MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. HUMAN AUGMENTATION MARKET - GLOBAL MARKET ANALYSIS
6.1. HUMAN AUGMENTATION - GLOBAL MARKET OVERVIEW
6.2. HUMAN AUGMENTATION - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. HUMAN AUGMENTATION MARKET - REVENUE AND FORECASTS TO 2028 - TECHNOLOGY
7.1. OVERVIEW
7.2. TECHNOLOGY MARKET FORECASTS AND ANALYSIS
7.3. WEARABLE
7.3.1. Overview
7.3.2. Wearable Market Forecast and Analysis
7.4. VIRTUAL REALITY
7.4.1. Overview
7.4.2. Virtual Reality Market Forecast and Analysis
7.5. AUGMENTED REALITY
7.5.1. Overview
7.5.2. Augmented Reality Market Forecast and Analysis
7.6. EXOSKELETON
7.6.1. Overview
7.6.2. Exoskeleton Market Forecast and Analysis
7.7. INTELLIGENT VIRTUAL ASSISTANTS
7.7.1. Overview
7.7.2. Intelligent Virtual Assistants Market Forecast and Analysis
8. HUMAN AUGMENTATION MARKET - REVENUE AND FORECASTS TO 2028 - DEVICE
8.1. OVERVIEW
8.2. DEVICE MARKET FORECASTS AND ANALYSIS
8.3. BODY WORN
8.3.1. Overview
8.3.2. Body Worn Market Forecast and Analysis
8.4. NON-BODY WORN
8.4.1. Overview
8.4.2. Non-body Worn Market Forecast and Analysis
9. HUMAN AUGMENTATION MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Human Augmentation Market Overview
9.1.2 North America Human Augmentation Market Forecasts and Analysis
9.1.3 North America Human Augmentation Market Forecasts and Analysis - By Technology
9.1.4 North America Human Augmentation Market Forecasts and Analysis - By Device
9.1.5 North America Human Augmentation Market Forecasts and Analysis - By Countries
9.1.5.1 Canada Human Augmentation Market
9.1.5.1.1 Canada Human Augmentation Market by Technology
9.1.5.1.2 Canada Human Augmentation Market by Device
9.1.5.2 Mexico Human Augmentation Market
9.1.5.2.1 Mexico Human Augmentation Market by Technology
9.1.5.2.2 Mexico Human Augmentation Market by Device
9.1.5.3 US Human Augmentation Market
9.1.5.3.1 US Human Augmentation Market by Technology
9.1.5.3.2 US Human Augmentation Market by Device
9.2. EUROPE
9.2.1 Europe Human Augmentation Market Overview
9.2.2 Europe Human Augmentation Market Forecasts and Analysis
9.2.3 Europe Human Augmentation Market Forecasts and Analysis - By Technology
9.2.4 Europe Human Augmentation Market Forecasts and Analysis - By Device
9.2.5 Europe Human Augmentation Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Human Augmentation Market
9.2.5.1.1 Germany Human Augmentation Market by Technology
9.2.5.1.2 Germany Human Augmentation Market by Device
9.2.5.2 France Human Augmentation Market
9.2.5.2.1 France Human Augmentation Market by Technology
9.2.5.2.2 France Human Augmentation Market by Device
9.2.5.3 Italy Human Augmentation Market
9.2.5.3.1 Italy Human Augmentation Market by Technology
9.2.5.3.2 Italy Human Augmentation Market by Device
9.2.5.4 United Kingdom Human Augmentation Market
9.2.5.4.1 United Kingdom Human Augmentation Market by Technology
9.2.5.4.2 United Kingdom Human Augmentation Market by Device
9.2.5.5 Russia Human Augmentation Market
9.2.5.5.1 Russia Human Augmentation Market by Technology
9.2.5.5.2 Russia Human Augmentation Market by Device
9.2.5.6 Rest of Europe Human Augmentation Market
9.2.5.6.1 Rest of Europe Human Augmentation Market by Technology
9.2.5.6.2 Rest of Europe Human Augmentation Market by Device
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Human Augmentation Market Overview
9.3.2 Asia-Pacific Human Augmentation Market Forecasts and Analysis
9.3.3 Asia-Pacific Human Augmentation Market Forecasts and Analysis - By Technology
9.3.4 Asia-Pacific Human Augmentation Market Forecasts and Analysis - By Device
9.3.5 Asia-Pacific Human Augmentation Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Human Augmentation Market
9.3.5.1.1 Australia Human Augmentation Market by Technology
9.3.5.1.2 Australia Human Augmentation Market by Device
9.3.5.2 China Human Augmentation Market
9.3.5.2.1 China Human Augmentation Market by Technology
9.3.5.2.2 China Human Augmentation Market by Device
9.3.5.3 India Human Augmentation Market
9.3.5.3.1 India Human Augmentation Market by Technology
9.3.5.3.2 India Human Augmentation Market by Device
9.3.5.4 Japan Human Augmentation Market
9.3.5.4.1 Japan Human Augmentation Market by Technology
9.3.5.4.2 Japan Human Augmentation Market by Device
9.3.5.5 South Korea Human Augmentation Market
9.3.5.5.1 South Korea Human Augmentation Market by Technology
9.3.5.5.2 South Korea Human Augmentation Market by Device
9.3.5.6 Rest of Asia-Pacific Human Augmentation Market
9.3.5.6.1 Rest of Asia-Pacific Human Augmentation Market by Technology
9.3.5.6.2 Rest of Asia-Pacific Human Augmentation Market by Device
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Human Augmentation Market Overview
9.4.2 Middle East and Africa Human Augmentation Market Forecasts and Analysis
9.4.3 Middle East and Africa Human Augmentation Market Forecasts and Analysis - By Technology
9.4.4 Middle East and Africa Human Augmentation Market Forecasts and Analysis - By Device
9.4.5 Middle East and Africa Human Augmentation Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Human Augmentation Market
9.4.5.1.1 South Africa Human Augmentation Market by Technology
9.4.5.1.2 South Africa Human Augmentation Market by Device
9.4.5.2 Saudi Arabia Human Augmentation Market
9.4.5.2.1 Saudi Arabia Human Augmentation Market by Technology
9.4.5.2.2 Saudi Arabia Human Augmentation Market by Device
9.4.5.3 U.A.E Human Augmentation Market
9.4.5.3.1 U.A.E Human Augmentation Market by Technology
9.4.5.3.2 U.A.E Human Augmentation Market by Device
9.4.5.4 Rest of Middle East and Africa Human Augmentation Market
9.4.5.4.1 Rest of Middle East and Africa Human Augmentation Market by Technology
9.4.5.4.2 Rest of Middle East and Africa Human Augmentation Market by Device
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Human Augmentation Market Overview
9.5.2 South and Central America Human Augmentation Market Forecasts and Analysis
9.5.3 South and Central America Human Augmentation Market Forecasts and Analysis - By Technology
9.5.4 South and Central America Human Augmentation Market Forecasts and Analysis - By Device
9.5.5 South and Central America Human Augmentation Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Human Augmentation Market
9.5.5.1.1 Brazil Human Augmentation Market by Technology
9.5.5.1.2 Brazil Human Augmentation Market by Device
9.5.5.2 Argentina Human Augmentation Market
9.5.5.2.1 Argentina Human Augmentation Market by Technology
9.5.5.2.2 Argentina Human Augmentation Market by Device
9.5.5.3 Rest of South and Central America Human Augmentation Market
9.5.5.3.1 Rest of South and Central America Human Augmentation Market by Technology
9.5.5.3.2 Rest of South and Central America Human Augmentation Market by Device
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. HUMAN AUGMENTATION MARKET, KEY COMPANY PROFILES
11.1. GOOGLE INC.
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. SAMSUNG ELECTRONICS CO. LTD.
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. EKSO BIONICS HOLDINGS, INC.
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. VUZIX CORPORATION
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. GARMIN
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. FOSSIL GROUP, INC.
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. B-TEMIA INC.
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. CASIO
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. MAGIC LEAP INC.
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. REWALK ROBOTICS LTD.
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. Google Inc.
2. Samsung Electronics Co. Ltd.
3. Ekso Bionics Holdings, Inc.
4. Vuzix Corporation
5. Garmin
6. Fossil Group, Inc.
7. B-Temia Inc.
8. Casio
9. Magic Leap Inc.
10. Rewalk Robotics Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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