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.
Browse full research report on Augmented Reality Market: 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.
Browse more reports of this category by Grand View
Research: http://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
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.
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