Incredible Possibilities for Augmented Reality Market Along with CAGR of +71%, Emerging Technology, Potential, Forthcoming Outlook and Opportunities 2024
This Research Provides an in-depth analysis of Global Augmented Reality Market By 2024. The Research profiles companies like, Sony, Blippar, Microsoft, Google, Infinity Augmented Reality, etc. Other notable players that account for augmented reality market share include Total Immersion, Apple, Daqri LLC, ODG, Wikitude,
Houston, TX -- (SBWire) -- 06/14/2018 --Research N Reports has added a report, titled "Global Augmented Reality Market," which provides an overview of the various factors enabling growth in the market. newly added research report of "Augmented Reality Market" anticipated for USD 655.7 million in 2018 growing at a CAGR of +71% during the forecast period of 2018 to 2024.
Augmented Reality Overview
It is expected that the adoption of the entire retail and e-commerce industry will drive the growth of the augmented reality market over the forecast period. Various retail brands are adopting this technology to increase customer satisfaction, thereby promoting the growth of the AR market. The technology helps retailers provide an enhanced shopping experience by creating a 360-degree view of all products. For example, Marxent Labs, LLC provides a 3D virtual cloud platform that combines these solutions with 3D visualization and provides solutions for home retailers.
The high cost of equipment and software implementation is expected to be a major factor hindering the augmented reality market growth. The initial cost of implementing this technology is so high that SMEs cannot be implemented in their business operations. The lack of storage space for storage application software and development platforms, limited processing capacity, and lack of knowledge are other factors that limit the growth of augmented reality markets.
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Augmented Reality Market size was over USD 570 million in 2015 with 80.8% CAGR estimation from 2018 to 2024.
Increasing technology penetration across the healthcare, retail, e-commerce and automotive verticals is anticipated to drive the augmented reality market growth in the coming years. Rising number of mobile devices including tablets and smartphones with built in AR functionalities that is becoming an important tool in the workplace to enhance smooth business workflows and operations further contributes to the growing industry size.
Increasing usage of social media and mobile applications that assist customers to have access to information provides ample opportunities to the AR market. Moreover, the growing demand for user engagement along with enhanced customer service across the application like real estate, retail and healthcare also contribute to the augmented reality market share.
Rising privacy issues pertaining to the technology is expected to hinder the augmented reality market over the forecast timeframe. The technology is able to reveal personal information to strangers or a group of people, which is the cause of considerable privacy concerns.
Augmented Reality Market, By Component
Hardware devices in the augmented reality market are forecast to grow at a CAGR of over 90% from 2018 to 2024 due to the advances in displays, processors, and sensors. Increasing adoption of smart glasses and advanced HMDs & HUDs across the globe is anticipated to boost the segment demand over the future. Moreover, increasing penetration of the technology across applications such as manufacturing and healthcare is expected to positively influence augmented reality market share.
Software in augmented reality market will witness substantial growth over the future owing to the rising penetration of mobile devices such as smartphones and tablets offering richer media and enhanced experience through mobile AR apps.
Augmented Reality Market, By Display Device
Smart glass market size is projected to observe significant growth at over 95% CAGR from 2018 to 2024. Rising customer expectations have led organizations to bring digital world into person's perceived real world in an interactive way. Moreover, transforming workflow in industrial and enterprise sectors have led to rise in demand for advanced glasses to develop feature rich products. Such factors are projected to fuel the AR market over the future.
Technological advances in AR devices including smart glasses and head-mounted displays that use technologies such as GPS, Wi-Fi and Bluetooth, are expected to propel the augmented reality market growth. For instance, Microsoft HoloLens is a wireless, self-contained holographic device that projects images over individual's vision so they appear as holograms and provide information about the world. It has wide variety of application across healthcare, manufacturing, and warehouses. DHL warehouse workers are equipped with AR smart glasses that guides them through item picking to fulfil orders and increases efficiency.
Increasing R&D investment has led to the development of sensors used in HMDs escalating the segment demand in the global AR market. For instance, Meta introduced HMD headset that uses array of sensors for positional tracking & hand interactions, 90-degree visual field view and 2560 x 1440 resolution display.
Augmented Reality Market, By Application
In 2015, industrial applications accounted for more than 25% of the augmented reality market share. Some industry participants are developing augmented reality technologies for the industrial sector to fully realize their potential. The growing demand for complex machinery, assembly and maintenance will drive the growth of the augmented reality industry. Several companies such as Bosch, Boeing and Airbus have invested heavily in improving their manufacturing capabilities. For example, Boeing has begun using Google Glass to help aircraft wiring. Bosch also started using Reflects technology to provide various applications including maintenance. Airbus is using Smart Augmented Reality Tools (SART) to prevent errors. This technology has been considered mature in terms of quality inspections, training, and job coaching, and is ready for widespread deployment in various industries.
Automotive augmented reality market size is projected to witness significant growth with a CAGR of over 80% from 2018 to 2024. Rising demand in vehicles to reduce driver distractions and safety enhancement propels the industry adoption across the segment. Moreover, AR mitigates the reluctance towards conventional showroom visit with virtual experience and improves user experience. Ferrari created AR showroom app using 3D tracking technology that lets customers in the showrooms to choose vehicle and virtually change brakes, rims and paint job and offers customize as per requirements.
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Augmented Reality Market, By Region
China augmented reality market is predicted to witness significant growth and drive the Asia Pacific AR industry over the next few years. Increasing funding and investment in the technology is expected to augment the regional demand. Increasing penetration of smartphone & tablets and huge number of manufacturers based in the countries including China, South Korea and Taiwan is anticipated to contribute towards the rising augmented reality market size. Moreover, increasing investment from local vendors in merger & acquisitions activities provide tremendous growth opportunities. For instance, Tencent Holdings Ltd. And Lenovo Group Ltd. joined hands to buy Silicon Valley augmented reality start-up Meta.
U.S. augmented reality market share will drive the North America regional industry and is forecast to exceed USD 24 billion by 2024. An increased adoption is forecast in the industrial and automotive sectors in the country, which are both set to grow faster than the regional average over the forecast timeframe.
Competitive Market Share
Augmented reality market leaders include:
Magic Leap, Sony, Blippar, Microsoft, Google, Infinity Augmented Reality, etc. Other notable players that account for augmented reality market share include Total Immersion, Apple, Daqri LLC, ODG, Wikitude,
Industry participants are engaged in establishing relationships with the third parties to increase the ability of their technologies and address the needs of the prospective customers. These companies are trying to expand their business with new innovations, product launch and merger & acquisitions to maintain competitive market share.
Augmented Reality Industry Background
Technological advancements and innovation drive the global augmented reality market analysis and ecosystem. Firms invest massively in R&D operations to provide differentiated solutions to maximize AR market share. For instance, in 2015, Sony developed Smart Eyeglass that connects with smartphones to superimpose information such as symbols, text, and images onto user field of view
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