Augmented Reality Market Size By Component (Hardware [Smart Glasses, Head-Mounted Display (HMD), Head-Up Display (HUD)], Software), 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, 2017 – 2024
Published Date: Dec 2017 | 242 Pages | Report ID: GMI695 | Authors: Ankita Bhutani, Pallavi Bhardwaj Report Format: PDF
(AR) Augmented Reality Market size exceeded USD 1 billion in 2016 and is predicted to grow at around 65% CAGR from 2017 to 2024. The global industry shipments were over 100,000 units in 2016.
U.S. AR market size, by application, 2016 & 2024 ($Mn)
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Increasing adoption across the retail and e-commerce sectors is expected to boost the augmented reality market in the forecast timespan. Various retail brands are adopting this technology to increase customer satisfaction, thus boosting the AR market growth. The technology helps retailers provide an enhanced shopping experience by creating a 360-degree view of all the products. For instance, Marxent Labs, LLC provides a 3D virtual cloud platform which combines these solutions with 3D visualization and provides solutions for home furnishing retailers.
Increasing integration of digitization & latest technologies in the healthcare domain, rising awareness about the adoption of enhanced healthcare services, and adoption in training professionals is driving the augmented reality market growth in healthcare sector. The technology is being used in several applications in healthcare including medical simulation, pre-operation assessment, minimally invasive surgeries, and patient rehabilitation. Increasing number of healthcare start-ups such as Medsights Tech, Brain Power, AccuVein, EchoPixel, Atheer, and Augmedix is expected to positively impact the augmented reality market growth.
High cost of devices and software implementation is expected to be a major factor hampering the augmented reality market growth. Initial cost to implement the technology is very high that makes inaccessible for small and medium players to implement in their business operations. The insufficient storage space capacity to store apps and software and development platforms, limited processing power coupled with the lack of knowledge are other factors restraining the augmented reality market growth.
(AR) Augmented Reality Market, By Component
Software component in the augmented reality market is expected to gain significant share owing to the increasing focus on software development platforms for enterprise applications. The software component includes software developer kits, software solutions and cloud services to be used with hardware. Growing penetration of tablets and smartphones is encouraging the developers to offer rich media experiences through mobile applications. Developers are investing in developing platforms specific for applications to develop differentiated offerings.
The smart glasses segment in the augmented reality market is projected to grow at the significant rate in the coming years owing to its diverse applications in the healthcare and industrial jobs. For instance, DAQRI LLC offers smart glasses which can be used to enhance industrial operations by helping experts to remotely assist workers. DHL warehouse workers use smart glasses that guide them through the processes such as item picking and package identifying to increase their efficiency in fulfilling orders. Commercialization of devices such as smart glasses and head mounted displays (HMDs) by companies such as Sony and Microsoft are also projected to propel the AR market growth.
Technological advancements in smart glasses and HMDs that use technologies such as Wi-Fi, GPS, and Bluetooth, are expected to drive the augmented reality market growth. For instance, HoloLens, developed by Microsoft Corporation, is a self-contained, holographic, wireless device that overlaps images on individual’s vision, such that the images appear as holograms and provide information required by the user. It has wide range of application across manufacturing, healthcare, automotive, and hospitality sectors.
(AR) Augmented Reality Market, By Application
Augmented reality market is growing at a significant rate owing to increasing applications in various sectors including automotive, medical, aerospace & defense, gaming, retail, and industrial. The industrial segment is forecast to grow at the highest rate owing to the rapid growth of industries and adoption of latest technologies to enhance productivity. The technology is being used in several industrial processes such as assembly, maintenance & repair, quality control, training, and monitoring & visualization. The technology allows 3D interaction with objects thus making all industrial processes simpler to execute and cost effective. Also, with the availability of real time information through the technology makes maintenance and quality control check precise and easy, thus propelling the AR market growth.
The technology is gaining significance in the healthcare sector. Smart glasses are being increasingly used for video recording and data visualization during critical surgeries. The technology helps surgeons discuss cases live and transfer photos & videos fast, thus enhancing the process and minimizing errors. For instance, Accuvein Inc. provides non-contact vein illumination solutions for cosmetic and vascular procedures, blood donation, and blood drawing procedures. Technological advancements and increasing investments in healthcare segment is expected to drive augmented reality market over the forecast timespan.
(AR) Augmented Reality Market, By Region
The Asia Pacific augmented reality market is expected to grow at the highest rate in the forecast timespan owing to the rapid growth of industries in emerging economies like India and China. The industry in China is projected to grow substantially owing to the huge investments in manufacturing operations for developing latest technology devices like smart glasses. Presence of major players such as Seiko Epson Corporation and Samsung Electronics is expected to bode well for the industry in China, Japan, and South Korea.
Europe augmented reality market is expected to gain momentum over the next seven years, owing to increasing use of technology in industrial and automobile sectors. For instance, ThyssenKrupp, a German conglomerate is using the technology though Microsoft HoloLens for planning and installation of stairlifts. Automobile manufacturers such as Ford and Volkswagen are using the technology in car designing and production.
Competitive Market Share
Some of the key players in augmented reality market include Google Inc., Blippar, Daqri, PTC, Upskill, Magic Leap, Samsun Electronics Co. ltd., Facebook Inc., Apple Inc., Qualcomm, Wikitude GmbH, HTC Corporation, Microsoft Corporation, and Marxent Labs, LLC. Large corporations such as Qualcomm, Apple, and Google are investing heavily in R&D to improve the quality of hardware and software offerings. The industry is characterized by the presence of large number of small players, that include platform providers, software developers, hardware device manufacturers, and content providers. One of the strategies adopted by the players in the augmented reality market is the acquisition of small players and start-ups, to gain substantial market share and gain advantage over the competition. For instance, in December 2017, Mapbox announced the acquisition of Fitness AR, an activity tracking app.
(AR) Augmented Reality Industry Background
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The technology is being witnessing high penetration in the automotive sector since the start of the 21st century. The technology was initially used by the car manufacturers as new-age vehicle manuals. For instance, Volkswagen developed the Mobile Augmented Reality Technical Assistance (MARTA) app to provide step-by step repair assistance. With this, the tech giant Google announced AR in the form of wearable technology. Companies are investing continually to leverage the offerings of the technology and increasing usage in different end-use industries, thus aiding the AR market growth. Companies in the augmented reality market are investing in R&D to offer differentiated solutions to increase their share in the industry. For instance, AR display maker, Lumus Ltd., in association with technology giant HTC, raised about USD 90 million in R&D funding.
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