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.
Asia Pacific Augmented Reality Market Revenue by
Component, 2014 - 2024 (USD Million)
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.
- technical cum
financial partnerships with larger players in an attempt to expedite
R&D
Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-augmented-reality-market
About Grand View Research,
Inc:
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, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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