San Francisco, 02 April, 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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Research 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
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Press Release of this Report: https://www.grandviewresearch.com/press-release/global-augmented-reality-market
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.
For more
information: www.grandviewresearch.com/
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