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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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.
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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, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc.
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Email: sales@grandviewresearch.com
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