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Augmented reality market forecast, 2018 – 2024 available in new report

IT Market Research

This Research Provides an in-depth analysis of Global Augmented Reality Market By 2024. The Research profiles companies like, Sony, Blippar, Microsoft, Google, Infinity Augmented Reality. Other notable players that account for augmented reality market share include Total Immersion, Apple, Daqri LLC, ODG, Wikitude,

The report on the Global Augmented Reality Market is a meticulous piece of work and is assembled by leading both primary as well as secondary research. The data included in the report has been taken by consulting high-quality references, case studies, press releases, and by taking inputs from top industry leaders.

The top segments in the market have been highlighted clearly in this report for the readers to understand in a précised manner. These segments have been presented by giving information on their current and predicted state by the end of the forecast period.

The information presented would help the upcoming players to gauge the investment scope within the segments and sub-segments of the Global Augmented Reality Market.

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Augmented Reality Market size was over USD 570 million in 2015 with 80.8% CAGR estimation from 2018 to 2024.

Increasing technology penetration across the healthcare, retail, e-commerce and automotive verticals is anticipated to drive the augmented reality market growth in the coming years. Rising number of mobile devices including tablets and smartphones with built in AR functionalities that is becoming an important tool in the workplace to enhance smooth business workflows and operations further contributes to the growing industry size.

Increasing usage of social media and mobile applications that assist customers to have access to information provides ample opportunities to the AR market. Moreover, the growing demand for user engagement along with enhanced customer service across the application like real estate, retail and healthcare also contribute to the augmented reality market share.

Rising privacy issues pertaining to 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, which is the cause of considerable privacy concerns.

Augmented Reality Market, By Component

Hardware devices in the augmented reality market are forecast to grow at a CAGR of over 90% from 2018 to 2024 due to the advances in displays, processors, and sensors. Increasing adoption of smart glasses and advanced HMDs & HUDs across the globe is anticipated to boost the segment demand over the future.

Moreover, increasing penetration of the technology across applications such as manufacturing and healthcare is expected to positively influence augmented reality market share.

Software in augmented reality market will witness substantial growth over the future owing to the rising penetration of mobile devices such as smartphones and tablets offering richer media and enhanced experience through mobile AR apps.

Augmented Reality Market, By Display Device

Smart glass market size is projected to observe significant growth at over 95% CAGR from 2018 to 2024. Rising customer expectations have led organizations to bring digital world into person's perceived real world in an interactive way.

Moreover, transforming workflow in industrial and enterprise sectors have led to rise in demand for advanced glasses to develop feature rich products. Such factors are projected to fuel the AR market over the future.

Technological advances in AR devices including smart glasses and head-mounted displays that use technologies such as GPS, Wi-Fi and Bluetooth, are expected to propel the augmented reality market growth. For instance, Microsoft HoloLens is a wireless, self-contained holographic device that projects images over individual’s vision so they appear as holograms and provide information about the world.

It has wide variety of application across healthcare, manufacturing, and warehouses. DHL warehouse workers are equipped with AR smart glasses that guides them through item picking to fulfil orders and increases efficiency.

Increasing R&D investment has led to the development of sensors used in HMDs escalating the segment demand in the global AR market. For instance, Meta introduced HMD headset that uses array of sensors for positional tracking & hand interactions, 90-degree visual field view and 2560 x 1440 resolution display.

Augmented Reality Market, By Application

In 2015, industrial applications accounted for more than 25% of the augmented reality market share. Some industry participants are developing augmented reality technologies for the industrial sector to fully realize their potential.

The growing demand for complex machinery, assembly and maintenance will drive the growth of the augmented reality industry. Several companies such as Bosch, Boeing and Airbus have invested heavily in improving their manufacturing capabilities.

For example, Boeing has begun using Google Glass to help aircraft wiring. Bosch also started using Reflects technology to provide various applications including maintenance.

Airbus is using Smart Augmented Reality Tools (SART) to prevent errors. This technology has been considered mature in terms of quality inspections, training, and job coaching, and is ready for widespread deployment in various industries.

Automotive augmented reality market size is projected to witness significant growth with a CAGR of over 80% from 2018 to 2024. Rising demand in vehicles to reduce driver distractions and safety enhancement propels the industry adoption across the segment.

Moreover, AR mitigates the reluctance towards conventional showroom visit with virtual experience and improves user experience. Ferrari created AR showroom app using 3D tracking technology that lets customers in the showrooms to choose vehicle and virtually change brakes, rims and paint job and offers customize as per requirements.

Augmented Reality Market, By Region

China augmented reality market is predicted to witness significant growth and drive the Asia Pacific AR industry over the next few years. Increasing funding and investment in the technology is expected to augment the regional demand.

Increasing penetration of smartphone & tablets and huge number of manufacturers based in the countries including China, South Korea and Taiwan is anticipated to contribute towards the rising augmented reality market size. Moreover, increasing investment from local vendors in merger & acquisitions activities provide tremendous growth opportunities.

For instance, Tencent Holdings Ltd. And Lenovo Group Ltd. joined hands to buy Silicon Valley augmented reality start-up Meta.

U.S. augmented reality market share will drive the North America regional industry and is forecast to exceed USD 24 billion by 2024. An increased adoption is forecast in the industrial and automotive sectors in the country, which are both set to grow faster than the regional average over the forecast timeframe.

Competitive Market Share

 

Augmented reality market leaders include:

Magic Leap, Sony, Blippar, Microsoft, Google, Infinity Augmented Reality,. Other notable players that account for augmented reality market share include Total Immersion, Apple, Daqri LLC, ODG, Wikitude,

Industry participants are engaged in establishing relationships with the third parties to increase the ability of their technologies and address the needs of the prospective customers. These companies are trying to expand their business with new innovations, product launch and merger & acquisitions to maintain competitive market share.

Augmented Reality Industry Background

Technological advancements and innovation drive the global augmented reality market analysis and ecosystem. Firms invest massively in R&D operations to provide differentiated solutions to maximize AR market share.

For instance, in 2015, Sony developed Smart Eyeglass that connects with smartphones to superimpose information such as symbols, text, and images onto user field of view

 

Reasons for Getting this Report

This report provides pin-point analysis for changing competitive dynamics

It provides a forward-looking perspective on different factors driving or restraining market growth

It provides a six-year forecast assessed on the basis of how the market is predicted to grow

It helps in understanding the key product segments and their future

It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors

It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments

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Table of Content:

Global Augmented Reality Market Research Report 2018-2021

Chapter 1 Augmented Reality Market Overview

Chapter 2 Global Economic Impact

Chapter 3 Competition by Manufacturer

Chapter 4 Production, Revenue (Value) by Region

Chapter 5 Supply (Production), Consumption, Export, Import by Regions

Chapter 6 Production, Revenue (Value), Price Trend by Type

Chapter 7 Analysis by Application

Chapter 8 Manufacturing Cost Analysis

Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers

Chapter 10 Marketing Strategy Analysis, Distributors/Traders

Chapter 11 Market Effect Factors Analysis

Chapter 12 Market Forecast

Chapter 13 Appendix

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