Europe Human Augmentation Market: Industry Overview and Forecast (2024-2030)

Europe Human Augmentation Market Overview:

The Europe Human Augmentation Market is studied by segments like Product Type (Wearable Devices, Virtual Reality Devices, Augmented Reality Devices, Exoskeletons, Intelligent Virtual Assistants), Functionality (Body-worn, Non-body-worn), Application (Consumer, Commercial, Medical, Aerospace & Defense, Industrial, Others) and Region (Europe, Europe, Asia-Pacific, and Rest of the World). The report consists of the Trend, Forecast, Competitive Analysis, and Growth Opportunities of the market.

 

 

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For the forecast period of 2022 to 2029, the report provides a complete analysis that reflects today's Europe Human Augmentation Market realities and future market prospects. To provide a comprehensive perspective of the market, the research segments and analyses it in great detail. The key data and observations offered in the study can help market participants and investors identify low-hanging fruit in the market and build growth strategies.

 

COVID-19 Impact on Europe Human Augmentation Market:

Globally, COVID-19 has caused a serious health catastrophe and multiple fatalities. Lockdowns were implemented in various places, which caused supply chain delays. During the first two quarters of 2021, major producers of items for human augmentation were negatively impacted by the pandemic. Lockdowns were imposed in many areas, which caused an imbalance between supply and demand, which prevented businesses from operating at full capacity. Exoskeleton shipments, as well as those of AR and VR equipment like head-mounted displays, projectors and display walls, and gesture-tracking devices, have all been negatively impacted by the pandemic's disruptions to the supply chain. Shipments were decreased during the first three quarters of 2021, according to the market. Due to rising demand from developing applications, particularly in the healthcare, aerospace & defense, and industrial sectors, the market is anticipated to pick up some steam in the final quarter of 2021.

 

Despite its impact on the world economy, COVID-19 did not have a negative impact on the market for wearable technology. The demand for wearables increased consistently even as some market participants reduced their manufacturing. In order to address the growing demand and the new requirements, numerous industry participants started to develop new and cutting-edge products in the second half of 2021.  Due to the pandemic, there is an increased need to monitor health issues, and more and more health-conscious people are adopting such gadgets, which has greatly accelerated market growth. The need for smart wearables that can track heart rate and SpO2 levels is on the rise, which has further fueled market expansion.

 

Europe Human Augmentation Market Dynamics:

Technology in VR and AR is exploding. In the upcoming years, it is expected that the European VR and AR market would expand on average by 35% annually. The ongoing lack of developers in Europe is another factor encouraging the outsourcing of VR and AR services. While historically the largest outsourcing markets are in the countries of Northern and Western Europe, Central and Eastern Europe is emerging as a prospective market for collaborations with nearshore providers. By 2029, Europe is anticipated to develop faster than North America in the VR and AR market. By 2029, Europe will account for more than 25 percent of global AR/VR revenue. At that point, North America will hold about 17 percent market share. Both VR and AR will develop into established corporate technologies during this period of tremendous expansion.

 

Both businesses and consumers are engaged in human augmentation technologies especially in Europe. They are utilized in a variety of industry categories, including gaming and entertainment, healthcare simulations, tourism destination marketing, virtual tours, architectural design, and engineering support in the European countries. The goals of VR and AR technologies vary within these sectors, though. For example in Europe-

 

Tourism: In order to draw tourists, tourism organizations might employ a virtual representation of their destination in their marketing. While AR can act as a tour guide by adding virtual content to guests' actual surroundings.

 

Healthcare: Medical personnel can train and practice medical operations using virtual reality (VR) technology while AR can help medical practitioners and increase accuracy by integrating virtual content while doing a live medical operation.

 

Since about a year ago, the European Union has been researching the effects of AI-powered voice assistants as well as other Internet of Things (IoT) connected technologies on the competitiveness. Today, it released a preliminary study outlining potential issues that, according to EU legislators, will guide the development of their longer-term digital policies.

 

Ex ante regulations are already planned to be applied to so-called "gatekeeper" platforms operating in the area under a significant piece of EU legislation that was introduced at the end of last year. The upcoming pan-EU Digital Services Act includes a list of business practice "dos and don'ts" for powerful, intermediary platforms.

 

Europe Human Augmentation Market Segment Analysis:

Based on type, the Europe Human Augmentation Market is classified into Wearable Devices, Virtual Reality Devices, Augmented Reality Devices, Exoskeletons, Intelligent Virtual Assistants. During the projected period, wearable technology is anticipated to dominate the market for human enhancement. One of the main drivers of market expansion is the increasing adoption of wearable technology to track fitness and health metrics. Additionally, cost-effective wearable gadgets for a range of consumer applications have been made possible by the development of tiny multifunctional ICs and improved sensor technologies. For continuous health monitoring, several tiny sensor types can be included into wearable gadgets like clothing, hats, bracelets, socks, shoes, glasses, and wristwatches.

 

 

Based on Functionality, the Europe Human Augmentation Market is classified into Body-worn, Non-body-worn. Non-body-worn human augmentation goods are predicted to exhibit the highest increase during the projection period. The growing need for immersive content for AR/VR devices for gaming & entertainment applications is likely to drive the market growth for AR/VR software, consequently driving the market growth for non-body-worn goods.

 

Intelligent virtual assistants, like chatbots, have become more widely used in recent years to improve customer support services that increase customer retention, loyalty, conversion rates, and shopping cart abandonment. Chatbots give self-service alternatives, send outbound email notifications, provide accurate and tailored information, and gather client insight. With automated customer care, chatbot adoption not only boosts revenue but also lowers operating costs.

 

Based on Application, the Europe Human Augmentation Market is classified into Consumer, Commercial, Medical, Aerospace & Defense, Industrial, Others. The market for consumer applications of human augmentation is anticipated to hold the biggest market share over the forecast period. Some of the main drivers propelling the market expansion for consumer applications are the rising acceptance of wearable devices for fitness tracking & health monitoring and the rising demand for AR and VR HMDs for gaming & entertainment applications. Due to the convenience they offer, smart speakers have seen an increase in demand in recent years. Through mobile applications, these gadgets can be connected to smartphones and used to operate other connected home appliances and gadgets, such as air conditioners, refrigerators, and lights. Early adopters of numerous human augmentation technologies, the entertainment, fitness, and gaming industries have been presenting growth prospects to different market participants along the value chain.

 

Europe Human Augmentation Market Regional Insights:

After the United States, Europe is the second-largest market worldwide for human improvement. The region is anticipated to experience the fastest growth in the world during the anticipated time frame. The development of the Europe Human Augmentation Market need is supported by technological developments and the rising demand for program performance measurement platforms across numerous business verticals in this domain.

 

To understand the Human Augmentation industry and study the market trends. Focusing on the Food Human Augmentation, knowing the drivers and challenges of the same. Understanding the market segment geographically to gauge the growth potential.

 

The report includes analytical models like the Porter’s Five Forces, which helps in understanding the operating environment of the competition in the Europe Human Augmentation Market and thereby study the stakeholders to derive an efficient strategy; and PESTLE Analysis to gain a macro perspective of the Human Augmentation Industry in terms of political aspects like Government stability, policies, trade regulation and economic aspects like market trends, taxes and inflation. It also provides the effect of environmental factors and influence of social and legal aspects on the Europe Human Augmentation Market.

 

Europe Human Augmentation Market
Market Size in 2023	USD  69.97 Bn.
Market Size in 2030	USD 265.72 Bn.
CAGR (2024-2030)	21%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Product Type Wearable Devices Virtual Reality Devices Augmented Reality Devices Exoskeletons Intelligent Virtual Assistants
	By Functionality Body-worn Non-body-worn
	By Application Consumer Commercial Medical Aerospace & Defense Industrial Others
	By Country Germany Poland Ukraine Netherlands

 

Europe Human Augmentation Market Key Players:

• Crystal Apps (Poland)
• Lucid Reality Labs (Ukraine)
• FFFace.me (Germany)
• Skelex exoskeletons (Netherlands)