San Francisco, 05
March, Augmented Reality (AR) Market
Analysis By Component (Hardware and Software), Display (Head-Mounted Display,
Head-Up Display, and Smart Glass), Application (Aerospace & Defense,
Medical, Gaming, Industrial, Automotive & E-commerce & Retail) And
Segment Forecasts To 2024
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.
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Report On Augmented Reality (AR) Market Analysis:
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 At: https://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
Browse Press
Release of this Report:
https://www.grandviewresearch.com/press-release/global-augmented-reality-market
https://www.grandviewresearch.com/press-release/global-augmented-reality-market
About Grand View
Research
Grand View
Research provides syndicated as well as customized research reports and
consulting services on 46 industries across 25 major countries worldwide. This
U.S.-based market research and consulting company is registered in California
and headquartered in San Francisco. Comprising over 425 analysts and
consultants, the company adds 1200+ market research reports to its extensive
database each year. Supported by an interactive market intelligence platform,
the team at Grand View Research guides Fortune 500 companies and prominent
academic institutes in comprehending the global and regional business
environment and carefully identifying future opportunities.
For more
information: www.grandviewresearch.com/
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