Jan 6, 2022
The Augmented Reality Market is anticipated to experience an immersive growth of 42.9% over the analysis period.
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The Augmented Reality Market is anticipated to experience an immersive growth of 42.9% over the analysis period.
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Augmented Reality Market Forecast Report 2020 – 2027 – Top Key Players Analysis
The rising investment to bring technological advancements in the AR technology, followed by the increasing application of augmented reality technology in numerous sectors such as automotive, healthcare, and other sectors, are the two major factors that are propelling the growth of the market.
The increasing investments in the augmented reality by the global giants such as Alphabet, Inc., Intel Corporation, Facebook Corporation, Qualcomm, Inc., Comcast Ventures, and Samsung Group, is the primary factor that is responsible for the strong demand of the market in the next six years. Numerous technological advancements such as the smart contact lens, which can be used to remove unsafe optical radiation, are opening new doors for the growth of the AR market. Moreover, the increasing application for AR in different sectors is directly surging the demand of augmented reality solutions. Companies such as Daqri, Meta, Vurix, and other related firms have introduced AR-based headsets with an aim on enterprise application for their devices. In addition to this, the leading social media giant, Snapchat, which implemented AR technology to smartphones through its social media platforms and has launched its first version of AR glasses. This factor is contributing to the growth of the augmented reality market size.
The strong demand for this technology in surgical visualization and healthcare sector is the major factor that is propelling the growth of the market for augmented reality in the coming years. AR technology offers real-time data and assists healthcare professionals during complicated surgical procedures. It also helps to improve and secure the patient’s treatment by minimizing the risks associated with invasive surgery processes. Additionally, the growing penetration of smartphones, especially in the developing economies, is further surging the growth of the market. For example, Vivo Communication Technology Co. Ltd., announced the launch of 5G smartphone with AR glass, supporting the dual-screen display and Six Degrees of Freedom technology. Furthermore, with the emergence of the COVID-19 pandemic, the demand for AR will experience the largest hit, especially in 2020. The AR technology is allowing people to shop, talk, and socialize using immersive platforms. The increasing usage of AR technology in the e-commerce, automotive, and healthcare sector to cope up with the shortage of laborers and eliminate the spread of the coronavirus is surging the demand of the market.
On the basis of device type, the head-mounted displays segment exhibits substantial growth potential and is anticipated to gain traction in the coming years. The head-mounted display includes AR smart glasses and smart helmets. The accelerating demand for smart glasses in the industrial and enterprise sector driven by the advancements in smart glasses with more miniaturization, better battery life, and improved field view, is the main factor surging the demand of the segment in the market. In addition to this, numerous companies in the industry are emphasizing on developing advanced features in the head-mounted displays. For example, modern HMDs are capable of employing sensors of six degrees of freedom that allow free head movement. The combination of these factors will enhance the growth of the segment.
Based on the application, the automotive segment is poised to expand in the next six years. This is attributed to the rising adoption of AR in the automotive sector. Various automotive organizations are mainly focusing on implementing AR into their advertising campaigns to capture the growing demand of the market. The augmented reality technology provides a 3D walk-around view of the consumers by augmenting the print advert. Moreover, the rising emphasis on enhancing the driving experience is further encouraging the manufacturers to opt for the AR technology.
On the basis of the region, the Asia-Pacific region is projected to witness a higher CAGR over the forecast period. E-commerce is expanding and is attracting the focus of the retailers in the Asian countries. The strong demand for AR devices and software, especially in the commercial sector, is the major factor that is boosting the demand for the market in the coming years. Furthermore, the expanding consumer and commercial markets, along with the growing investments, especially in Japan, China, and India, are other factors that will surge the demand of the market. On the other hand, the European region is predicted to maintain its dominance over the forecast period. This is due to the growing number of investments, especially from Germany and the UK, along with the rising adoption of AR in the automotive and retail sectors in the European countries.
The key players of the augmented reality market include Google, Inc., PTC, Inc, Microsoft Corporation, Seiko Epson, Lenovo, Wikitude GmbH, Vuzix, Daqri LLC, Magic Leap, Inc., Zugara, Inc., Blippar, and Upskill, among others.
The research report on the augmented reality market provides an in-depth analysis of the market revenue based on offering, device type, type, application, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
Augmented Reality Market Size, Trends, Leading Players, Share, Forecast 2019-2025
Augmented reality market is growing remarkably during the forecast period. Augmented reality technologies are used to create a blend of virtual and real environments by interacting with virtual applications in the real world. Augmented reality is additionally experienced through gaming or creating a gaming experience that utilizes actual surroundings. For instance, Pokemon Go is the latest game that allows users to catch virtual Pokemon which is hidden across the globe. A number of other games such as AR air hockey and AR-enhanced pool table games were developed for indoor environments in the gaming industry. Moreover, it is also being used by other industries such as in medical to perform complex surgery, military and defense, and many more.
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Various companies and educational organizations are investing aggressively in the global augmented reality market across the globe. For instance, Facebook has acquired many augmented reality companies, mostly through its subsidiary OculusVR. Rothenberg Ventures, a venture capital firm has made 32 investments including investment in WaveVR, 8i, InsiteVR, VRchat, and Fove company in the augmented and virtual reality industry. Further, HTC, the smartphone maker that produces Vive VR goggles, has been the leading corporate investor in new 26 AR/VR startups such as Apelab, Cala, QuarkVR and so on.
In addition, the augmented reality company such as Ather, Inc., Blippar, and Lumus, are investing in the AR market. In 2016, Lumus invested 6 million in augmented reality which increased up to 45 million in 2017. Further, Ather invested 49.6 million in the augmented reality segment in 2017 and Blippar invested 54 million in augmented reality to improve the augmented reality technology. Due to this, funding and investment by startups and a well-established company, the global augmented reality industry is growing at a significant rate across the globe.
The educational organization is also investing in the global market. The schools and colleges are providing students AR software for better understanding and live experience. Educational institutes are showing their commitment to digitally transforming the teaching experience. Schools are developing programs that add a new dimension of value to the educational experience. Some application of augmented reality that can be used in educational institutes which includes modeling of an object, AR books, skill training and many more. This will aid in the significant growth of the augmented reality market across the globe.
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Global Augmented Reality Market- Segmentation
By Application
Enterprise
Consumer
Commercials
Automotive
By Device Type
Head-Mounted
Head-Up
Handheld
By Product
Mobile Devices
Smart Glasses
Head-Mounted Displays
By Offerings
Hardware
Sensors
Displays and Projectors
Cameras
Software
Global Augmented Reality Market- Segmented by Region
North America
US
Canada
Europe
UK
Germany
Italy
Spain
France
Rest of Europe
Asia-Pacific
China
India
Japan
Rest of Asia-Pacific
Rest of the World
Latin America
Middle East & Africa
Company Profiles
· Apple, Inc.
· Atheer, Inc.
· Blippar Ltd.
· Catchoom Technologies, S.L.
· Epic Games Inc
· Google, LLC
· HP Development Co., L.P.
· Intellectsoft LLC
· Lumus Ltd.
· Magic Leap, Inc
· Microsoft Corp.
· Niantic Inc.
· Optinvent S.A.
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Augmented reality market is growing remarkably during the forecast period. Augmented reality technologies are used to create a blend of virtual and real environments by interacting with virtual applications in the real world. Augmented reality is additionally experienced through gaming or creating a gaming experience that utilizes actual surroundings. Browse Full Report at https://www.omrglobal.com/industry-reports/augmented-reality-market-size
The augmented and virtual reality market in aviation is projected to grow from $78 million in 2019 to $1,372 million by 2025, at a CAGR of 61.2% during the forecast period.
Performance of application segments in the global augmented reality market
The global augmented reality market is expected to grow at a CAGR of 32.35% during the forecast period. Based on application, the global augmented reality market has been segmented into enterprise, retail, healthcare, media and entertainment, education, and other applications.
Augmented reality apps improve the operational process and are used by enterprises to check inventory and provide information on the available stock. Many enterprises augment their work using augmented reality; technology helps them minimize errors and solve complex problems. Enterprises use augmented reality applications for remote assistance to save time and travel costs.
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Mobile augmented reality apps help organizations bring about significant changes in operational processes. For instance, in a logistics firm, a tablet with an augmented reality app is used to check inventory by aiming at the tablet at the inventory. Hence, increasing applications of augmented reality in enterprises and the level of customization, which it provides will have a significant impact on the industry. Such applications will increase the adoption of augmented reality by enterprises, thereby boosting the growth of the global augmented reality market during the forecast period.
Augmented Reality Market Worth $100.24 Billion By 2024
#AugmentedRealityMarketThe 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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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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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.