The augmented reality (AR) Market
size is expected to reach USD 100.24 billion by 2024, according to a new report
by Grand View Research, Inc. The AR market is expected to witness a substantial
growth owing to advances in hardware technologies and sophisticated mobile
software.
Emerging trends such as mounting
convergence between wearable devices, AR, and Internet of Things (IoT) are
anticipated to drive demand. The convergence amongst these technologies is
expected to provide more interactive and immersive user experience.
AR has been used efficiently in
marketing and PR initiatives for television, motion picture and other media
promotional campaigns. Hence, growing adoption of AR technology by the
entertainment sector is projected to drive the market over the forecast period.
Rising conceptualization in
entertainment-related plans is observed as a lucrative opportunity for the
industry. For example, Magic Leap, an augmented reality company, is developing
a technology called as Dynamic Digitized Lightfield Signal that shines on the
retina of the user and allows interaction between fictional characters and the
real world.
In depth research
report on Augmented Reality (AR) Market
Further key findings from the report suggest:
·
The hardware segment is estimated to grow at a CAGR of over 90% over the
forecast period. Companies such as Sony and Microsoft are expected to
commercialize their devices in 2016, which is expected to bolster growth over
the forecast period. Further, several companies are working on enhancing the
quality of sensors and processors used in AR devices. For instance, Google has
collaborated with the chip manufacturers to build camera components and
processors for Android phones.
·
Increasing penetration of smartphones and tablets are expected to drive
the software segment, growing at a CAGR of over 55% from 2016 to 2024.
Increasing demand for AR apps in retail, gaming and entertainment is expected
to contribute to the industry growth.
·
The head-mounted display (HMD) segment is anticipated to dominate the
market growing at a CAGR of nearly 70%from 2016 to 2024. It can be attributed
to the increasing scope of applications across the military, medicine,
scientific visualization, manufacturing, education, training, navigation, and
entertainment. The other factors driving demand include better content
connectivity, enhanced user-experience and improved Field of View (FOV).
·
The adoption of smart glasses is expected to increase significantly in
the consumer segment. Several companies are developing advanced smart glasses
which are more user-friendly, light weight and offer better FOV.
·
Automotive sectors expected to grow at CAGR of over 70% over the forecast
period. Virtual technologies are increasingly used in automotive in response to
the rising number of model and equipment variants in the vehicle design and
development process. For instance, Volkswagen used spatial AR to put across
virtual data onto the actual vehicle design models that allow the analyses of
components. As a result, it saves time and cost required for product
development.
·
Asia Pacific AR market is estimated to reach over USD 44.30 billion by
2024. China is anticipated to drive regional growth with the increase in
adoption of AR devices and mobile apps. In 2014, China witnessed a rapid
enhancement in hardware manufacturing, as a result, several chipset
manufacturers are planning to support AR technology by immensely investing in
the technology.
·
The key industry participants include AU Optronics Corp., Cambridge
Display Technology Ltd., LG Display Co., Mitsubishi Electric Corporation,
Panasonic Corporation, Sony Corp., and Toshiba Corp. The players engage in
frequent merger & acquisitions to increase their product portfolio and
geographical presence to gain competitive advantage.
Grand View Research Inc. has
segmented the global augmented reality market on the basis of component,
display, application, and region:
Augmented Reality(AR) Component Outlook
(Revenue, USD Million, 2014 - 2024)
·
Hardware
·
Software
Augmented Reality(AR) Display
Outlook (Revenue, USD Million, 2014 - 2024)
·
Head-Up Display (HUD)
·
Head Mounted Display (HMD)
·
Smart Glass
Augmented Reality(AR) Application Outlook
(Revenue, USD Million, 2014 - 2024)
·
Aerospace & defense
·
Medical
·
Gaming
·
Industrial
·
Automotive
·
E-commerce &Retail
·
Others
Augmented Reality(AR) Regional
Outlook (Revenue, USD Million, 2014 - 2024)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
MEA
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About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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