Market Size of Global Enterprise Augmented Reality Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 48.60 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Enterprise Augmented Reality Market Analysis
United States Contract Manufacturing Services Market is expected to grow at a CAGR of 25.1% over the forecast period (2022-2027). The Evolution of service offerings has enabled organizations to rely on contract manufacturers for their production needs to increase. Challenges faced due to outsourcing manufacturing to Asian countries have played a key role in prompting organizations to rely on contract manufacturers. These are driving factors for the growth of the United States Contract Manufacturing Services Market.
- The market is driven by a growing emphasis on pharmaceutical drug discovery and manufacturing outsourcing. The country is increasing the use of scientific exploration of disease mechanisms leading to the discovery and development of agents. Pre-clinical testing is an important stage in pharmaceutical research. Several tests are performed to determine whether a drug is ready for clinical trials at this stage.
- The food processing and manufacturing sector has witnessed significant growth due to the wide presence of major food manufacturers and important innovations in food & beverage in the country.
- Increasing awareness of the benefits of contract manufacturing localization, such as a reduction in lead time, which is the most important factor for fast-moving personal care products, is expected to boost the market growth.
- There has been a shift in manufacturing firms' preferences toward local contractors, as beverage contract bottling and filling offers several benefits. For starters, it lowers the manufacturers' operational and labor costs as the primary driver of market growth.
- Due to a nationwide lockdown, the COVID-19 pandemic delivered a major blow to the nation's Contract Manufacturing Services distribution system. For instance, In March 2020, many US beverage makers, like Coca-Cola, temporarily suspended production across the country's manufacturing facilities.
