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.
Asia Pacific Augmented Reality Market Revenue by Component, 2014 - 2024 (USD Million) |
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.
Full
Research Report On Global Augmented Reality Market Analysis:
www.grandviewresearch.com/industry-analysis/augmented-reality-market
www.grandviewresearch.com/industry-analysis/augmented-reality-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.
View more
reports of this category by Grand View Research at:
www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
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
View press
release of this research report by Grand View Research:
www.grandviewresearch.com/press-release/global-augmented-reality-market
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: www.grandviewresearch.com
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