Augmented reality (AR) is defined as the indirect view of a physical environment whose elements have been augmented with inputs such as graphics, sound, or video. Market Research Future (MRFR) has published a research report about the global augmented reality market that anticipates massive aggrandizement for this market at 39% CAGR (Compound Annual Growth Rate) between 2017 and 2023. By value, the market has been figured to be worth the US $ 30 bn by the end of the forecast period.
The prominent factor raising the global augmented reality market growth is increasing penetration of technological advancements in the automotive sector, consumer electronics, and retail sector. The other factors integral to the growth of the market include rising demand for AR from end-users, increasing use of smart & connected devices, growing AR-user in the healthcare industry, and growing craze for AR-based games for mobile devices among youngsters.
The key players in the global augmented reality market include Blipper Inc. (UK), Catchoom Technologies (Spain), DAQRI (USA), Facebook, Inc. (USA), Google Inc. (USA), Infinity Augmented Reality Inc. (USA), Magic Leap Inc. (USA), METAIO’s SDK (Germany), Microsoft Corporation (USA), Osterhout Design Group (USA), PTC Inc. (USA), Qualcomm Technologies Inc. (USA), Samsung Electronics Corporation Ltd. (South Korea), Sony Corporation (Japan), Total Immersion (France), Wikitude GmbH (Austria), and Zugara Inc. (USA)
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The global augmented reality market can be segmented on the basis of device type, end-users, component, vertical, and technology. Based on device type, this market has been segmented into handheld devices, head-mounted displays, and head-up displays. In the context of end-users, the market has been segmented into enterprises and consumers.
Enterprises are quickly realizing the importance and future potential of AR and hence are readily making efforts to integrate the technology into business. In addition, many are leveraging AR capabilities to boost their marketing strategies and tap into opportunities that are currently available. In the near future, augmented reality is expected to make immense impact on industries such as telecommunication, energy and manufacturing where the workforce is in a fragmented form and is scatter across urban and remote areas. AR can greatly assist and improve modern communication technologies. Technology companies focused on healthcare are developing AR tools that can significantly enhance surgical procedures. In the education sector, the focus is on converging virtual elements with the real environment to create a more immersive experience for students.
Robust smartphone penetration and advancement in broadband connectively is also creating growth avenues for augmented reality. Modern consumer are more inclined towards digital media and are extremely approving of next-gen video technologies. Furthermore, the further prospected of augmented reality have made brighter by the e-commerce sector, which constantly seeks out for solutions that can address the issues of innate limitations.
Drivers and Constraints Impacting the Market:
With the increasing penetration of technological advancements in automotive, consumer electronics, and retail, the global augmented reality (AR) market is expected to expand during the assessment period. The presence of technology giants like Microsoft Corporation, Magic Leap, Infinity Augmented Reality, DAQRI, Blippar, Google Inc., Wikitude GmbH, PTC, Samsung Electronics Co. Ltd., Upskill, and Zugara are among the major market players driving the market growth over the years. Rising adoption of smartphones along with digital media and 3D visualization in the healthcare sector are some of the major factors stimulating the market growth. Moreover, the growing popularity of e-commerce industry and rising awareness for tracking customer transactions are estimated to stimulate the market growth.
The global augmented reality market has been segmented on the basis of device type, component, vertical, technology, and region.
By mode of component, the market has been segmented into software and hardware. The software segment is sub-segmented into cloud-based software and software development kits. The hardware segment is further sub-segmented into semiconductor components, displays, sensors, and 3D cameras. Among these, the software component is expected to witness a significant share due to growing focus on software development platforms.
By mode of device type, the market has been segmented into head-mounted displays, handheld devices, and head-up displays.
By mode of technology, the market has been segmented into markerless and marker-based technology.
By mode of vertical, the market has been segmented into aerospace & defense, consumer electronics, commercial, medical, and others. Among these, the consumer electronics and medical segments are predicted to hold the largest market share owing to the growing application of augmented reality in these segments.
Geographically, the market spans across regions namely, North America, Asia Pacific, Europe, and Rest-of-the-World.
Among all the regions, Asia Pacific is predicted to hold the largest market share owing to the growing adoption of mobile devices across industry verticals and technological advancements like smart glasses in this region. Moreover, the presence of major players such as Samsung Electronics and Seiko Epson Corporation in this region is estimated to drive the market.
The European region is estimated to gain momentum in the coming years owing to the rising use of technology in the automobile and industrial sectors. For instance, a German conglomerate, ThyssenKrupp, is using the technology through Microsoft HoloLens for installing and planning stairlifts. Also, automobile manufacturers like Volkswagen and Ford are using are using the technology in the production and designing of cars.
Latest Industry News:
- Warbucks has raised US $3.8 mn for augmented reality game studio. 21 MAR 2019
- Burger King is encouraging fans and regular customers to ‘burn’ the advertisements of rival fast food chains using a new AR app that sees billboards engulfed in flames. 21 MAR 2019
Table of Content:
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
Continued. . .
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List of Tables:
Table 1 Global Augmented Reality Market: By Region, 2017-2023
Table 2 North America Augmented Reality Market: By Country, 2017-2023
Table 3 Europe Augmented Reality Market: By Country, 2017-2023
Table 4 Asia-Pacific Augmented Reality Market: By Country, 2017-2023
Table 5 Middle East & Africa Augmented Reality Market: By Country, 2017-2023
Table 6 Latin America Augmented Reality Market: By Country, 2017-2023
Continued. . .
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