Increasing penetration of consumer electronic products embedded with AR components in various industries will augment global augmented reality market. Augmented reality makes use of an existing real-time environment and integrates it with digital information to form a composite visual image that deems itself as engaging to the user. This technology is being deployed across myriad sectors to provide enhanced customer experience and expand the global consumer pool.
According to Global Market Insights, Inc., “Augmented Reality Industry was valued for more than USD 570 million in 2015, and is slated to record an astronomical revenue of USD 165 billion by 2024.”
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Smart glass augmented reality market will observe y-o-y growth of 95% over 2016-2024. This exceptional growth can be credited to increasing consumer expectations of innovatively ushering in a digital world with a physical one. Additionally, high enterprise demand for advanced glasses to manufacture high quality industrial products will also augment the industry growth. Head-mounted displays and head-up display are the other two display device segmentations of segmented reality market.
High demand for safety control in vehicles will fuel augmented reality industry in automotive applications, which is all set to grow at a CAGR of 8-% over 2016-2024. The convenience of choosing car models without a visit to the showroom and an enhanced customer experience will further propel this market. Rising demand to efficiently handle machinery will impel augmented reality industry in industrial applications, which accounted for more than 25% of the overall revenue share in 2015.
Notable participants in augmented reality market include Infinity Augmented Reality, Apple, Wikitude, Sony, Daqri LLC, Magic Leap, Google, Blippar, Total Immersion, Google, ODG, and Microsoft. Industry players often liaison with third party mediators to enhance their existing technologies and innovate novel technologies as per consumer preferences.
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Here is a regional and component-wise bifurcation of this market:
- Increased usage of smartphones and tablets will fuel software augmented reality industry over 2016-2024. Surging demand for mobile AR apps across the gaming and entertainment sectors will also act as a huge growth factor.
- Escalating requirement for advanced processors, displays, and sensors and the rising adoption of smart glasses will stimulate hardware augmented reality market size, which is forecast to grow at a CAGR of more than 90% over 2016-2024.
- U.S. augmented reality industry share is expected to cross USD 24 million by 2014, driven by the growing adoption of AR-embedded devices across the industrial, retail, real-estate, and automotive applications.
- Lump sum investments by leading players coupled with the growing penetration of smart products across various industry verticals will propel China augmented reality market. In addition, the massive growth in mobile AR industry will give rise to huge opportunities for business growth in the region. Growth strategies such as mergers & acquisitions implemented by leading AR technology providers will also positively impact APAC augmented reality market.
Rising demand from entrepreneurs across varied sectors for the convergence of the physical and digital worlds will significantly drive augmented reality industry in the years to come. Additional growth factors that will impact this market include the proliferation of technology in various professional domains and substantially high investments by leading participants for product innovation.
Browse key industry insights spread across 152 pages with 109 market data tables & 80 figures & charts from this 2017 report Augmented Reality Market in detail along with the table of contents:
(AR) Augmented reality market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2014 to 2024, for the following segments:
Augmented Reality Market by component
Augmented Reality Market by display device
- Head-mounted display
- Head-up display
- Smart glass
Augmented Reality Market by application
- Aerospace & defense
The above information is provided for augmented reality market on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin AmericaMEA
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