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.
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.
Access Full
Research Report by Grand View Research: http://www.grandviewresearch.com/industry-analysis/augmented-reality-market
Further
key findings from the study 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.
Browse more reports of this category by
Grand View Research: http://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
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
Access press release by Grand View
Research: http://www.grandviewresearch.com/press-release/global-augmented-reality-market
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, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more information: http://www.grandviewresearch.com
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