Augmented Reality Market foresees to grow at CAGR of 75.3% between 2017 and 2023.
The overall size of the global augmented reality market was valued at USD 1.12 Billion in 2016 and is expected to grow at a CAGR of 75.3% between 2017 and 2023.The new research report “Global Augmented Reality Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast 2016 to 2023” provided by DecisionDatabases.com elaborately covers the current and future market dynamics of this market.
The major elements which are driving the global augmented reality market are recent technological advancements done across the healthcare, retail, e-commerce and automotive verticals. Also, the upswing in demand for tablets and smartphones with built in AR functionalities across the globe is playing an important role in the workplace to ensure smooth business functions is further boosting the demand for augmented reality market. However, growing usage of social media and mobile applications that helps the customers to have easy access to the information provides ample opportunities to the AR market. Moreover, the increasing demand for user interaction along with enhanced customer service across the application like real estate, retail and healthcare also contribute to the augmented reality market share.
The report categorizes the global market for augmented reality on the basis of component, display device, application and region. By component, the global augmented reality market is segmented into Hardware components (Sensor-3D depth sensor, Accelerometer, Gyroscope, Magnetometer, Image,
Sensor, Global Positioning System (GPS), Proximity sensor), Semiconductor components (Controller/processor, Integrated circuit), Displays and Software components. The factors that are attributed towards the growth of hardware components in the future are advanced technological innovations done in hardware such as the development of smart contact lens and advanced Head-mounted displays (HMDs) equipped with AR processors. By display device, the global augmented reality market is segmented into Head-mounted (HMD) display, Head-up display (HUD), Handheld display and Spatial display. Among all of these, Head-mounted displays (HMDs) are anticipated to dominate the market over the coming years as many companies are working on developing HMDs for AR with advanced features. By application, the global augmented reality market is segmented into Consumer (Gaming, Sports and entertainment), Aerospace & defense, Medical, Commercial (Tourism and sightseeing, E-learning, E-commerce and marketing) and Others (Enterprise solutions, Architecture and building design (BIM), Geospatial mining, Automotive). The rising scope of applications in maintenance, complex machinery and assembly is expected to expand the global augmented reality market which will result in achieving tangible profits.
Geographically, the global augmented reality market is segmented into North America, Europe, Asia-Pacific (APAC) and RoW. The global augmented reality market in China is estimated to observe significant growth owing to the increasing funding and investment in the AR devices and software and thus will drive the Asia Pacific AR industry over the next 6 years. Also, the mobile AR market in China is driven by the proliferation of the smartphone industry. Increasing proliferation of smartphone & tablets and large number of manufacturers based in the countries including China, South Korea and Taiwan is predicted to contribute towards the increasing augmented reality market size. The augmented reality market share is likely to exceed in the U.S. and thus will drive the North America regional industry.
The global augmented reality market is let by some of the key players present in the market such as DAQRI LLC (U.S.), Microsoft Corporation (U.S.), Blippar Limited (U.K.), Infinity Augmented Reality Inc. (Israel), Magic Leap, Inc. (U.S.), Google Inc. (U.S.), Metaio GmbH (Germany), Osterhout Design Group (ODG) (U.S.), Total Immersion (France), Qualcomm Inc. (U.S.) and Wikitude GmbH (Austria), among others.
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