The global augmented reality for MRO market is valued at $403.3 million in 2018 and is expected to reach $3,319.0 million by 2024, growing at a CAGR of 42.1% during the forecast period 2018-2024.
Maintenance, repair, and overhaul (MRO) are among the most critical areas of the engineering industry and are crucial for industry growth and seamless operations. Globally, private and public enterprises, including SMEs as well as large enterprises, are focusing on attaining efficiency in MRO by accelerating the maintenance and repair activities through industry specialized augmented reality technology solutions. At the same time, the competitive intensity is increasing at both the market and the supply side.
The US is driving the market due to the demand from industrial and commercial channels, especially aerospace, automobile, and manufacturing set-ups. In addition, there is a lack of industry standards, which is still in the development phase.
Read the full story, "Global augmented reality for MRO," at www.prnewswire.com.
- Related: Survey results: How will AR/VR affect your workplace?
- Related: The tricky issues with wearables