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.
Full research report on augmented reality (AR) Market analysis: http://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: https://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: https://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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