Augmented Reality Market Analysis

Augmented Reality Market Analysis

Hardware devices accounted for the majority of the augmented reality market share owing to their wide adoption in the enterprise and commercial applications. The Head-Mounted Displays (HMD) and Head-Up Displays (HUD) markets are projected to grow at a significant rate through 2024 due to the increasing demand in several industries. The increasing safety demand and improving the Situational Awareness (SA) among pilots will fuel the device adoption in the aviation industry.

Moreover, these devices are highly adopted in military & defense applications to support deployable training solutions and simulation requirements for flight operators. For instance, the U.S. Army's Flight School XXI (FSXXI) is using an advanced helmet-mounted display in its helicopter simulation training program to enhance virtual training and operational reality.

Implementation of technology in gaming applications will allow users to scan the physical environment and provide enhanced experience by integrating visual & audio content. The technology provides users an interactive experience of a real-world environment on smartphones, tablets, and portable gaming systems. Advances in the augmented reality are helping software developers to develop innovative games to enhance the skills and experiences of the end-user. Furthermore, the launch of various apps by global companies such as Facebook and Microsoft are allowing users to have unique interactions with the real world.

The European augmented reality market accounted for more than 25% revenue share in 2016. The development of industrial and automobile sectors in the region will provide ample growth benefits. In 2018, the UK automotive manufacturing sector increased by 0.3% from USD 59 billion to USD 100 billion, driven by the presence of established sports car manufacturers in the country including Jaguar Land Rover, Daimler AG, Lister Motor Company Ltd., and Lagonda. These players are highly investing in technology for car designing and production.