- The Augmented Reality (AR) market is expected to be valued at USD 100.2 billion by 2024. The AR market is anticipated to experience a substantial growth on account of developments in sophisticated mobile software and hardware technologies. Various emerging trends like mounting convergence between AR, Internet of Things (IoT), and wearable devices, are projected to augment the demands over the forecast period (2016 to 2024).
The convergence of these technologies is said to offer more interactive, as well as immersive, user experience. Augmented reality has been utilized effectively in advertising & PR initiatives for motion picture, television, and several other media promotional campaigns. Thus, the rising adoption of the AR technology by the entertainment segment is expected to boost the growth of the global market in near future.
The global augmented reality (AR) market is categorized as component, display, application, and regions. The component segment comprises hardware & software. The software segment led the global market in the past. The growing penetration of tablets and smartphones are anticipated to boost the software segment growth. The segment is said to grow at a healthy CAGR of over 55 % during the forecast period. The rising demands for AR applications in retail, entertainment, and gaming sectors are also said to contribute towards the industry growth.
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The hardware segment is also projected to have a substantial growth with a CAGR of over 90 % by 2024. Various innovations in hardware, for instance, the advanced Head-Mounted Displays (HMDs) equipped with AR processors and the development of smart contact lenses, are anticipated to increase the growth prospects for the hardware segment.
The display segment includes Smart Glass, Head-Up Display, and Head-Mounted Display (HMD). The HMD segment is said to lead the global augmented reality (AR) market with a CAGR of over 70 %from 2016 to 2024. This growth can be credited to the growing scope of applications across the medicine, military, scientific visualization, education, manufacturing, training, entertainment, and navigation sectors.
The smart glass segment is also likely to have a considerable growth due to the rising adoption levels of smart glasses in the consumer section. Innovative advancements in smart glasses such as improved battery life, better FOV, and more miniaturization, are said to augment the segment demands.
The application segment includes gaming, aerospace & defense, industrial, medical, e-Commerce & retail, and automotive. Automotive sectors expected to grow at CAGR of over 70 % over the forecast period owing to the rising adoption levels of AR across the automotive industry.
The industrial segment contributed over 20 % of the overall revenue share in 2015 and is expected to experience a decent growth at a CAGR of over 70 % over the estimated years. The rising scope of applications in complex machinery, assembly, and maintenance is also likely to boost the expansion, which, in turn, will result in gaining substantial profits.
The APAC augmented reality (AR) market is expected at over USD 44.3 billion by 2024. China is said to drive the APAC regional market growth due to the rising investment levels in AR devices & software. The European market is likely to grow at a CAGR of over 75 % during the forecast period. This is attributed to the growing investments from various economies such as the United Kingdom and Germany. Some of the major companies in the augmented reality (AR) market include Sony Corp.; Daqri LLC.; Microsoft Corp.; Apple Inc.; and Infinity Augmented Reality Inc.
Information Source: Radiant Insights
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