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At 55.71% CAGR augmented reality market potentially worth $ 61.39 billion by 2023 detailed in new research report

IT Market Research

Augmented reality market was valued at USD 2.39 billion in 2016 and is expected to reach USD 61.39 billion by 2023, growing at a CAGR of 55.71% during the forecast period.

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The key players in the Augmented Reality Market include Google, Inc. (US), PTC Inc. (U.S.), Microsoft Corporation (US), Wikitude GmbH (Austria), DAQRI LLC (US), Zugara, Inc.

(US), Blippar (UK), Magic Leap, Inc. (US), and Osterhout Design Group (US).

The consumer electronics, enterprise, retail, BFSI, healthcare, transportation, and sports and entertainment industries are expected to contribute substantially to the growth of the AR market in APAC.

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These industries offer huge potential for the AR market because of the increasing awareness among consumers and the rising adoption of new technologies in various industries-especially in countries such as China, India, and South Korea. The strong government support in countries such as China and India to thrive on industrial automation is also boosting the growth of the augmented reality market in APAC.

Target Audience

  • Raw Material and Manufacturing Equipment Suppliers
  • Semiconductor Foundries
  • Original Equipment Manufacturers (OEMs) (End-User Applications or Electronic Product Manufacturers)
  • Product Manufacturers
  • Original Design Manufacturers (ODMs) and OEM Technology Solution Providers
  • Research Organizations
  • Technology Standard Organizations, Forums, Alliances, and Associations
  • Technology Investors
  • Governments, Financial Institutions, and Investment Communities
  • Analysts and Strategic Business Planners
  • End Users

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Head-mounted displays allow a user to wear the display device on the head and place images of the real and virtual environments over the user’s view. The original HMDs were created mainly for military applications to help soldiers acquire their targets and track enemy movements easily.

With advancements in computing, AR-enabled devices would be used for applications in consumer, commercial, and enterprise. Consumer applications such as gaming, sports, and entertainment would boost the augmented reality market for head-mounted displays.

The use of head-mounted displays in the aerospace and defense sector helps pilots of helicopters and captains of ships in the air force and navy to target and view enemy’s operations with a greater ease. The use of head-mounted displays in applications such as e-commerce and marketing would boost the AR market for HMDs.

Augmented reality is used in enterprises for training personnel, providing information about the industrial facility, remodeling and redesigning, and industrial simulations. The use of the Internet and smartphones combined with digital content, such as augmented reality, has helped boost the market.

The use of HMDs in manufacturing setups is the major driver for the growth of enterprise application in the augmented reality market.

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This research categorizes the augmented reality market on the basis of technology, type, device type, offering (hardware & software), application, and geography. The report also discusses major drivers, restraints, challenges, and opportunities for the market.

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