Revenue Forecast

The revenue forecast indicates a significant growth trajectory, with a CAGR of 31.1% from 2023 to 2030, starting from a base year revenue estimate of $956.3 million in 2023.

The Impact of the Top 3 Strategic Imperatives on the Augmented Connected Worker Industry

Industry Convergence

• Industrial augmented reality (AR) platforms in design and engineering, safety and risk management software, learning management apps, and productivity-focused mobile apps are evolving toward the augmented connected worker (ACW) concept.
• Vendors have identified the need for a holistic solution that serves as a single pane of glass for frontline workers rather than several disconnected point solutions.

Frost & Sullivan Perspective

• The convergence is ongoing, and the market has a good population of heterogeneous vendors.
• Frost & Sullivan predicts that vendors will transform into generalists that differentiate themselves in either a specific use case with extensive functionality, such as skills management, or in the technological stack of their solution, such as features, the ability to enable or optimize workflows, and the integrations with other systems.

Internal Challenges

• The manufacturing industry faces labor shortages, especially in Europe and the United States.
• Labor shortages are causing companies to look for solutions that help increase the productivity of their decreasing and less prepared workforce and attract new and qualified workers.

Frost & Sullivan Perspective

• ACW software is one of the most important pillars in solving the labor crisis. The software helps onboard new hires faster, expands the workforce's skills to allow more flexibility in production scheduling, standardizes work across multiple plants, and captures tribal knowledge to make it available to everyone.
• ACW will become crucial industrial software for most plants across manufacturing industries.

Competitive Intensity

• The unattended need for a single pane of glass in manufacturing operations causes several industries to converge into the ACW and paves the way for several start-ups to gain prominence.
• The market is full of venture capital (VC)-backed start-ups focusing solely on the ACW across various manufacturing industries.

Frost & Sullivan Perspective

• While vendors' most common competitors today are paper-based processes, intense competition will quickly emerge once the first-adopting industries become saturated.
• Frost & Sullivan predicts that vendors that do not adopt a proactive approach to their R&D and differentiation strategy will quickly lose their market presence.

Scope of Analysis

• This report will focus extensively on the ACW market following the previous definitions. The market includes tailored software platforms and application suites for at least one of the manufacturing end-user industries and offers at least 6 of the 9 crucial functionalities mentioned below. The analysis will exclude software solutions exclusively for field and customer services. Furthermore, the market includes related services such as consulting, integration, training, maintenance, and support.
• Owing to their specific use cases and because the same vendor does not typically sell hardware and software for the ACW, the report will include a separate analysis for hardware, which the market’s sizing will not include. Devices analyzed include smart glasses, AR/virtual reality (VR) headsets, smartwatches, and industrial mobile devices such as portable personal computers, handheld devices, and rugged smartphones.
• This report segments the global ACW market by offering (hardware, software, or services), industry type (process, hybrid, and discrete), and region. Process industries include oil and gas (O&G), chemicals, and metals and mining. Hybrid industries include food and beverage (F&B) and pharmaceuticals. Finally, discrete industries encompass automotive, aerospace and defense (A&D), industrial machinery and heavy equipment (IM & HE), and semiconductors and electronics.
• The report segments the global manufacturing execution systems (MES) market into the following regions: North America and Latin America (NALA), Europe, the Middle East, and Africa (EMEA), and Asia-Pacific (APAC). APAC includes China, India, Japan, South Korea, Southeast Asia, Australia and New Zealand (ANZ), and the rest of APAC. Europe refers to Germany, France, the United Kingdom, Italy, Scandinavia, the Commonwealth of Independent States (CIS), and the rest of Europe. NALA refers to Canada, the United States, and Latin America (LATAM).

Scope

Segmentation by End-user Industry

Global ACW Market

• Process Manufacturing

  • O&G
  • Chemicals
  • Metals and mining
  • Other process
    • Water and wastewater treatment
    • Power generation
    • Utilities (gas, water, and power distribution)
• Hybrid Manufacturing
  • F&B
  • Pharmaceutical
  • Other hybrids
    • Consumer packaged goods
    • Plastics
    • Pulp and paper
    • Construction materials (cement, concrete, bricks, glass, wood, and stone)
• Discrete Manufacturing
  • IM & HE
  • Automotive
  • A&D
  • Semiconductor and electronics (S&E)
  • Other discrete
    • Medical devices
    • Biotech

Key Competitors

EMEA

• 4Industry
• ABB
• Augment IT
• AVEVA
• Azumuta
• Dassault Systèmes
• Glartek
• Hexagon
• Intoware
• LeanByte
• Oculavis
• Solvace
• Stryza
• SwipeGuide
• Taskimo
• TeamViewer

NALA

• Aatmunn
• Acadia
• AMA XpertEye
• Andonix
• ANVL
• Augmentir
• Canvas GFX
• Corvex Connect
• Covalent Networks
• Deephow
• Dozuki
• EON Reality
• Epsilon3
• Gemba Systems
• Help Lightning
• Honeywell
• Innovapptive
• L2L
• Librestream
• Mobideo Technologies
• Parsable
• Poka
• PTC
• QAD Redzone
• ScopeAR
• Squint
• SymphonyAI
• Tagtile
• Tulip
• VKS
• Webalo

APAC

• Maximul
• SafetyCulture