Augmented Reality Market to grow at 65% CAGR from 2017 to 2024
Added: (Thu Jan 11 2018)
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The technology research report “Augmented Reality Market Size By Component (Hardware [Smart Glasses, Head-Mounted Display (HMD), Head-Up Display (HUD)], Software), By Application (Medical, Automotive, Aerospace & Defense, Gaming, Retail, Industrial), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, China, Japan, India, South Korea, Taiwan, Brazil, Mexico), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” by Global Market Insights, Inc. says (AR) Augmented Reality Market size is set to exceed USD 50 billion by 2024; according to a new research report by Global Market Insights, Inc. The shipments are forecast to grow at over 75% CAGR from 2017 to 2024, driven by emerging AR applications across e-commerce and retail.
AR market is expected to grow at a significant rate, owing to the growing penetration in industrial applications. Industries such as retail, automotive and medical are leveraging the potential of the technology to enhance operational efficiency. The technology helps to cut major costs such as additional manpower. For instance, Brick and Mortar stores have adopted AR apps to navigate & guide the shopper through the aisles to all the products. These are used to trigger customer imagination and entice to try products which increases the user engagement level. Several organizations including research and development labs are investing immensely in the technology to develop solutions for enterprise and consumer segments. Mobile augmented reality market has witnessed high adoption over the years across applications including gaming, media and marketing.
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Growing use of the technology in construction and architecture is expected to drive the augmented reality market growth. Construction companies are heavily investing in implementing the technology for designing and modelling with advanced 3D tools instead of working on time-consuming blueprints. This has increased the efficiency, reduced instances of errors, and saved resources on a construction site. For instance, Bentley Systems is using HUDs in construction and excavation to have blueprints at the fingertips of the workers.
Rising privacy issues due to the increasing usage of 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 that causes the privacy risks. Furthermore, lack of technical expertise is expected to challenge the industry growth. However, rising inclusion of the technology in academic syllabi is expected to solve the issue in the long term.
Hardware segment in the AR market is projected to gain considerable share, owing to growing popularity of smart glasses. Ease-of-use and high-degree of convenience offered by these devices is attracting consumer attention. Many companies including Sony, Vuzix, Epson, Solos, and ODG are developing smart glasses with sharp resolutions and high-quality specifications.
HMDs are expected to grow at a significant rate over the forecast timespan, owing to increasing applications in the military & defense sector. In May 2014, U.S. military announced that the launch of ARC4, a system designed to equip the soldiers on the battlefield. The gadget attaches to military helmets and allows commanders to send maps and navigation information to soldier’s field of vision. Such innovations are expected to propel the HMD demand and thus the augmented reality market growth.
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Growing penetration of the technology in travel and tourism industry is expected to propel the augmented reality market growth. Several applications that leverage the technology are being developed to guide tourists in foreign countries. For instance, google developed Word Lens, which is now a part of Google Translate. The app translates text to user’s language when aimed at a foreign sign. Yelp has developed Yelp Monocle, an AR feature that gives information to the user on local establishments on pointing the smartphone at a location.
Key players in the AR market include Blippar, Google Inc., Microsoft Corporation, Upskill, DAQRI LLC, PTC, Qualcomm, Magic Leap, Wikitude GmbH, Samsung Electronics Co. Ltd., Apple Inc., Facebook Inc., HTC Corporation, and Marxent Labs, LLC. The players in the industry are investing in R&D to develop application-specific differentiated products. Several start-ups are emerging in the field to cater to specific user requirements. For instance, U.S.-based startup, Brain Power has developed AR software suite, Empowered Brain to tackle the educational challenges of autism.