According to a report by Grand View Research, Inc., global augmented reality (AR) market is anticipated to value USD 100.24 billion by 2024. Growing requirement for advanced technology in entertainment sector to maintain traction among consumers is anticipated to propel demand for augmented reality.
Integration of internet of things, wearable devices, and augmented reality is predicted to fuel growth of market. Such integration is expected to offer interactive and immersive user experience. Continual technological advancements including smart contact lens that can automatically remove unsafe optical radiation can fuel market growth. Increasing use of gesture based technology along with camera and iPad catalog in pop-up stores can fuel growth. Growing adoption of AR technology among consumers to try products online can augment growth of market.
Full Research Report On Augmented Reality (AR) Market Analysis: www.grandviewresearch.com/industry-analysis/augmented-reality-market
Asia Pacific Augmented Reality Market Revenue by Component, 2014 – 2024 (USD Million)
To cater to rising demand for augmented reality, most companies are likely to invest in R&D activities to develop advanced products. For instance, Google recently announced that AR feature will make its way to maps. That means users are likely to get directions through arrows and landmarks. In addition, there can be an animated creature to show way in camera view displaying actual environment around users.
Based on component, the market can be bifurcated into software and hardware. In 2014, software segment dominated the market and accounted for 95% market share. However, hardware segment is expected to witness substantial growth at CAGR of 90% by 2024. AR systems are likely to offer three basic hardware components processors, sensors, and displays. Continual innovations in hardware including development of contact lens and advanced HMDs equipped with AR processors can fuel growth of segment over the forecast period.
Based on display, the market can be classified into head mounted display (HMD), head-up display, and smart glass. Smart glass segment is predicted to account for significant growth owing to rising demand in enterprise and industrial sector. Advancements in smart glasses with more miniaturization, better field of view, and improved battery life may fuel growth of segment.
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Head-mounted displays (HMDs) segment is likely to dominate market during the forecast period. It is expected to account for 65% of overall revenue by 2024. Several companies are expected to be working on development of HMDs for AR equipped with advanced features. In addition, increasing R&D activities in this segment can fuel growth.
Based on application, the market can be categorized medical, gaming, aerospace & defense, industrial, automotive, e-commerce & retail, and others. Automotive segment is estimated to grow at CAGR of 75% from 2016 to 2024. Rising adoption of AR in automotive sector can stimulate growth of segment. In addition, automotive sector players are likely to develop applications to enhance driving experience. This, in turn can fuel growth of segment.
In 2015, industrial sector contributed 20% of revenue share. It is likely to witness decent growth at CAGR of 70% from 2016 to 2024. Increasing scope of applications in complex machinery, maintenance, and assembly can fuel expansion. This, in turn can result in achieving tangible profits.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa (MEA). In 2015, Asia Pacific accounted for 19% market share. It is likely to grow at CAGR of 80% from 2016 to 2024. China is estimated to drive regional growth owing to increasing investments in AR devices and software. In addition, mobile AR market in China is likely to be driven by proliferation of smartphone sector. Local vendors including Baidu, Tencent, and Renren are expected to invest in technology and can launch numerous mass-computer apps that can determine high-level penetration among consumers.
In Europe, the market is predicted to grow at CAGR of 75% during the forecast period. Increasing investments from countries such as Germany and United Kingdom can fuel market growth. Furthermore, growing adoption of AR across automotive and retail sector can drive market growth.
Some of the leading companies offering augmented reality are Sony, Apple, Microsoft, Google, and Infinity Augmented Reality. AR is expected to be lucrative market that can offer various platforms and applications, which are still unexplored. Most companies are likely to invest in R&D activities to develop innovative products in order to gain competitive edge over others.
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)
Augmented Reality(AR) Display Outlook (Revenue, USD Million, 2014 – 2024)
Head-Up Display (HUD)
Head Mounted Display (HMD)
Augmented Reality(AR) Application Outlook (Revenue, USD Million, 2014 – 2024)
Aerospace & defense
Augmented Reality(AR) Regional Outlook (Revenue, USD Million, 2014 – 2024)
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