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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summary of this report @ http://www.grandviewresearch.com/industry-analysis/augmented-reality-market
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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more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Grand View Research Inc. has segmented the global augmented reality market on the basis of component, display, application, and region:
Augmented Reality(AR) Component Outlook (Revenue, USD Million, 2014 - 2024)
·
Hardware
·
Software
Augmented Reality(AR) Display Outlook (Revenue, USD Million,
2014 - 2024)
·
Head-Up Display (HUD)
·
Head Mounted Display (HMD)
·
Smart Glass
Augmented Reality(AR) Application Outlook (Revenue, USD
Million, 2014 - 2024)
·
Aerospace & defense
·
Medical
·
Gaming
·
Industrial
·
Automotive
·
E-commerce &Retail
·
Others
Augmented Reality(AR) Regional Outlook (Revenue, USD Million,
2014 - 2024)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
MEA
For free press release of this report - http://www.grandviewresearch.com/press-release/global-augmented-reality-market
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