Northbrook, IL -- (SBWIRE) -- 05/25/2021 -- The Augmented reality market is estimated to grow from USD 10.7 billion in 2019 and projected to reach USD 72.7 billion by 2024; it is expected to grow at a CAGR of 46.6% from 2019 to 2024. The most significant factor driving the growth of this market is rising investments in market. Investments in the AR market have witnessed huge growth over the past few years. Companies such as Facebook Corporation, Intel Corporation, Qualcomm, Inc., Alphabet, Inc., Comcast Ventures, and Samsung Group are investing heavily in the AR market.
"Surge in need for AR devices in healthcare sector"
AR plays an important role in the healthcare sector. AR can be used to provide a virtual view of a patient, in which a surgeon can see the condition of the patient's body parts. This can help the surgeon to conduct minimally invasive surgeries. The use of AR modeling and 3D visualization is expected to be of great help to the healthcare sector. The use of AR for improving fitness, teaching complex subjects to medical students, training doctors, managing pharmacy, and caring and supporting patients after they leave the hospital is driving the growth of the AR market in this sector.
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"Head-up Displays is to grow at highest CAGR in augmented reality market during forecast period"
Augmented reality head-up displays are currently in an introductory phase and are all set to revolutionize the automotive sector. Many companies such as Continental, WayRay, and Visteon have already entered the market with their own plans for AR HUDs.
There have been indications of BMW introducing AR HUDs in their upcoming premium models, to be launched in 2020. Some of the current versions of BMW (7 series) have traditional HUDs. BMW has introduced an augmented reality app that provides a virtual experience of its cars. Here, such apps available for the virtual viewing of automobiles have been considered in the software market segment covered in the report and hence do not contribute to the standing of the HUD segment. BMW had also stated in a blog in March 2016 that they are still some time away from producing commercially-available AR HUDs for their automobiles.
"APAC to hold major share of the augmented reality market during the forecast period."
E-commerce is becoming a major area of focus for retailers in APAC, where China is becoming the largest e-commerce market worldwide. The high demand for AR devices and software from the commercial sector would help drive the AR market in APAC. Growing consumer and commercial markets with increasing investments in countries such as Japan, India, and China would boost the growth of the AR market in APAC.
Key Market Players
Major players in the augmented reality market are Google, Inc. (US), PTC, Inc. (US), Microsoft Corporation (US), Seiko Epson (Japan), Lenovo (China), Wikitude Gmbh (Austria), Vuzix (US), Daqri Llc (US), Magic Leap, Inc. (US), Zugara, Inc. (US), Blippar (UK), Upskill (US), and Maxst (South Korea). Other players operating in market include Atheer, Inc.(US), Pristine, Inc.(US), Marxent Labs, Llc.(US), Inglobe Technologies (Italy), Meta Company(US), Augment (France), Niantic (US), Sixense Entertainment(US), Intel Corporation(US), Apple Inc.(US), Infinity Augmented Reality, Inc. (Israel), Facebook Corporation (US), Samsung Electronics Co. Ltd. (South Korea), Realwear (US), Dynabook Americas, Inc.(US), and Optinvent (France).