Harrisburg, NC -- (SBWIRE) -- 08/20/2018 -- In 2017, the augmented reality market was valued at USD 5.85 billion and is projected to reach a value of USD 70.01 billion by 2023, registering a CAGR of 51.24%, during 2018-2023 (the forecast period).
Report elaborates the complete details covering product definition, product type, and application. The report covers useful details which are categorized based on Augmented Reality production region, major players, and product type which will provide a simplified view of the Augmented Reality industry. The Augmented Reality market report presents the competitive scenario of the major market players based on the sales revenue, customer demands, company profile, the business tactics used in Augmented Reality market which will help the emerging market segments in making vital business decisions.
Top Leading Manufacturers: Google, Microsoft, Facebook, Samsung, Apple, Qualcomm Vuforia, Metaio Sdk, Total Immersion, Sphero, Sony, Popar, Nintendo, Layar, Aurasma, Daqri, Zappar, Appshaker, Gravityjack, Marxent, Blippar.
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Essential points covered in Augmented Reality Market 2018 Research are:-
- What will the market size and the growth rate be in 2023?
- What are the key factors driving the Augmented Reality market?
- What are the key market trends impacting the growth of the Augmented Reality market?
- What are the challenges to market growth?
- Who are the key vendors in the Augmented Reality market?
- What are the market opportunities and threats faced by the vendors in the Augmented Reality market?
- What are the key outcomes of the five forces analysis of the Augmented Reality market?
This independent 111 pages report guarantees you will remain better informed than your competition. With figures examining the Augmented Reality market, the report gives you a visual, one-stop breakdown of the leading products, submarkets and market leader's market revenue forecasts as well as analysis to 2023.
Augmented reality is the future of mobile devices. It will allow consumers to experience a new dimension, based on user preferences. About 22.8 million AR glasses are expected to be shipped by 2020. The user base for AR technologies is also expected to grow beyond 1 billion by 2020. Augmented Reality is likely to present a completely new way to engage and expand the abilities of retailers. The possibilities of augmented reality are endless, especially when combined with the ever-evolving wireless technology, which enables the integration of mobile devices and home appliances, in order to provide an enhanced connected experience for the end users. Huge potential opportunities in biotechnology and healthcare are expected to drive the growth of the augmented reality market over the forecast period.
Medical & Healthcare Expected to Witness High Growth in terms Augmented Reality
The medical field is expected to be highly influenced by the application of augmented reality. It is already in use for practical purposes, and the technology is further expected to play an important role in the future of medicine. Google Glass and VIPAAR, a virtual AR app, were used to perform surgery, indicating the AR's potential applications and the scope for its successful adoption in the field of healthcare. The capabilities of AR technology can allow surgeries to be simplified, offering a safe environment and experience to patients. It may reduce the chances of medical problems, arising after a surgery is performed. Apart from Google Glass, a number of devices are being made to be used in the medical field. Doctors have been using a skin cancer app that can calculate the impact of moles with real-time vision and, further, receive feedback. Blood infusion instruments, like glasses and devices, are being used to locate veins, allowing for blood work to be performed quickly and IVs inserted without ever worrying about missing a vein. Augmented reality is embedded with immense technological features, which could play a vital role in redefining the healthcare industry, and hence the sector is expected to be one of the major benefactors of the market growth.
Increased Demand for Smartphone-based AR Applications
With the proliferating social media culture, the market for augmented reality is expected to witness a robust growth over the next few years. This growth can be attributed to the fact that major players in the social media market are collaborating with leading tech companies, to provide an unmatched physical experience for consumers and essentially tapping a potentially untapped market. Combining the capabilities of GPS, augmented reality and highly focused cameras are set to transform the gaming experience for smart device owners, which will propel the growth of the market in the commercial and retail spaces.
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United States to Witness a High Adoption Rate for the Augmented Reality
The United States is expected to be one of the fastest growing market in the world for AR in the near future. Most of the companies advancing in this technology are based in the United States. About 64% of the consumers from the country believe in the positive changes by the adoption of AR in workplace. Leading players, like Microsoft and Magic Leap, are actively working on this technology, using the United States as their base. This factor is likely to influence the growth of the technology in the country over the forecast period. Also, the United States is one of the most technologically advanced countries in the world. High technology exposure and ease of availability of smart devices have created a strong market in the region. Microsoft AR product, Hololens, was first released in the United States and Canada, and has received positive response from the consumers in the country.
Reasons to Purchase This Report
- Examine the effects of advent of augmented reality in the market
- Analyze various perspectives of the market with the help of Porter's five forces analysis
- The product type and application that are expected to dominate the market
- The regions that are expected to witness the fastest growth rate during the forecast period
- Identify the latest developments, market shares and strategies employed by the major market players.
- 3 months analyst support, along with the Market Estimate sheet (in excel).
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