Global augmented reality market size is poised to witness a significant surge over the coming years, owing to its wide set of applications across medical, aerospace & defense, automotive, gaming, industrial, and retail industries. According to Global Market Insights, Inc., “Augmented reality market share worth USD 570 million in 2015, is estimated to register a CAGR of 80.8% over the period of 2016-2024. Rapid technology penetration across various sectors to enhance customer experience and user engagement will further stimulate AR industry trends over the forecast period. Moreover, increasing adoption of smartphones featured with AR functionalities will in turn positively impact the global trends.
Augmented reality market size in the automotive industry is estimated to record a CAGR of 80% over 2016-2024. Rising safety concerns along with focus towards enhancing customer experience by enabling virtual models to offer convenience against visiting the showrooms will influence the automotive application growth. For instance, Ferrari recently launched its AR showroom app using 3D tracking technology that enables the customers to virtually select and test vehicles.
The e-commerce and retail space will also witness heavy adoption of AR technology over the coming years, to facilitate customer interaction and satisfaction. Industrial applications worth over 25% of the global AR industry share in 2015, are projected to record significant growth over the coming timeframe. The growth will be primarily driven by increasing demand to operate complex machineries and enable smooth and quality work operations.
Based on the components, augmented reality market is segmented into hardware and software components. Hardware components market in AR industry is predicted to grow at a CAGR of 90% over the estimated timeframe, driven by high adoption of smart glasses, HMDs (Head Mounted Displays) and HUDs (Head up Displays). Global smart glass market is forecast to register an annual growth rate of 95% over 2016-2024. Software devices in the augmented reality market will attain significant growth over the predicted timeline, owing to the expansion in the smartphone industry along with the escalating mobile based applications for retail, gaming, and entertainment sectors.
Asia Pacific AR market, primarily driven by China will witness significant growth over the coming timeframe, driven by factors such as expansion of smartphone industry, large mobile manufacturer base, and increased technology investments across APAC. US augmented reality industry is forecast to surpass a revenue of USD 24 billion by 2024. Increasing adoption of AR technology mainly across the industrial and automotive industries, will fuel the regional growth.
Ever evolving technologies will bring a huge set of opportunities for the AR industry globally. Huge investments in R&D will be initiated by the industry players to improve the product portfolios and offer unique solutions, in sync with the latest tech-trends. Banking, manufacturing, healthcare, and real state will be some other prominent sectors involved in the active adoption of AR technology over the next few years. Key AR industry players include Blippar, Microsoft, Sony, Apple, Magic Leap, Google, Daqri, Total Immersion, ODG, and Wikitude.
Browse key industry insights spread across 152 pages with 109 market data tables & 80 figures & charts from the report, “Augmented Reality Market Size By Component (Hardware, Software), By Display Device (Smart Glass, Head-Mounted Display, Head-Up Display), By Application (Medical, Automotive, Aerospace & Defense, Gaming, Retail, Industrial), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, China, Japan, India, South Korea, Taiwan, Brazil, Mexico), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents: