Augmented Reality (AR) Market size to cross $50Bn by 2024
Published Date: September 16, 2019 Authors: Preeti Wadhwani, Saloni Gankar
Augmented Reality Market size is set to exceed USD 50 billion by 2024; according to a new research report by Global Market Insights, Inc.
Growth in retail and e-commerce sectors in developed markets is driving the augmented reality industry growth. Changing consumer preferences and increasing social awareness are transforming the retail industry. Retailers are highly investing in the technology for improving the customers’ shopping experiences.
Consumers are highly using their smartphones to shop online globally. In the U.S., consumer shopping through mobile devices were estimated around 26% of the total retail e-commerce sales in 2018. These consumers prefer to view the products before making an online purchase, encouraging online retailers to offer advanced alternatives compared to the in-store experience.
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Rising demand for enhancing quality and efficiency in business operations is increasing the adoption of augmented reality in aerospace & defense applications. The industry deals with various complex machinery, which requires the implementation of advanced technology to ensure the quality and reliability of the industry's output.
The increasing need for improving operational efficiency, safety, and training will propel augmented reality market demand. Moreover, the technology is being widely adopted in aerospace & defense sector globally for various applications including visualization of battlefields, safety, and simulation. With continuously evolving warfare, the demand for expanding possibilities of data and graphics processing will increase.
Browse key industry insights spread across 242 pages with 353 market data tables & 32 figures & charts from the report “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, Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
The smart glass accounted for the majority of the augmented reality market share on account of the wide adoption in gaming and industrial applications. These devices provide remote assistance to workers enhancing productivity in business operations. The emergence of Simultaneous Localization and Mapping (SLAM) technology for smart glasses is allowing users to easily display 3D CAD models in the real-world environment. The technology helps developers to scan the environment and augment useful content based on the location. Several companies are offering SLAM enabled smart glasses for cross-platform AR applications such as instant tracking, object recognition, and extended tracking.
Asia Pacific augmented reality market size is slated to see around 67% CAGR through 2024 propelled by the wide adoption of technology in healthcare, industrial, and retail sectors. The presence of established players in the region is fostering the deployment of these technologies. The rapidly growing tourism industry in countries including China, India, and Japan, is aiding the market outlook. The technology is integrated with features such as GPS, camera, and microphones, helping to provide information and data for navigation purposes in the tourism sector.
Furthermore, growth in the regional automobile sector is encouraging manufacturers to implement advanced technologies such as Heads-Up Displays (HMDs). Players in the region such as Hyundai Motor Company, Mahindra & Mahindra Limited, and Tata Motors Limited are increasingly integrating these solutions.
Major companies participating in the AR market include Apple Inc., HTC Corporation, Blippar, Daqri, Facebook Inc., Google Inc., Samsun Electronics Co. Ltd., Magic Leap, Marxent Labs, LLC, Microsoft Corporation, PTC, Qualcomm, Upskill, and Wikitude GmbH. The industry has several small & large players that are continuously adopting strategies such as mergers & acquisitions for increasing their efficiency and sustain in the market. These companies are also investing in R&D activities to develop advanced technologies to expand their product offerings and business operations.