Augmented Reality Market - Latest Advancement, Emerging Trends and Growth Forecast to 2024

Rising applications of the technology in retail and e-commerce are expected to drive the Augmented reality market growth. According to Retail Perceptions, about 61 percent of the shoppers prefer to shop at the outlets that offer AR experiences and about 40 percent are willing to pay more if they could experience the product using the technology. Retailers are increasingly investing in implementing the technology in their stores to attract customers and enhance their experience, thus fueling the AR market growth. For instance, LEGO has created an app to encourage people to visit the LEGO stores and improve the shopping experience.

Augmented Reality Market is estimated to surpass USD 50 billion by 2024.

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Smart glasses are expected to grow at a fast rate owing to increasing applications in retail, gaming & entertainment, aerospace & defense, and industrial applications, propelling augmented reality market growth. Companies are developing differentiated devices, such as voice-enabled smart glasses, to gain a competitive advantage. For instance, Vuzix is developing smart glasses with Amazon Alexa voice assistant. Amazon has developed a licensing program to allow third parties to implement Alexa in their products. This is expected to propel the AR market growth.

The hardware segment of the augmented reality market is expected to grow rapidly over the forecast time span. Common applications, such as gaming and retail, use AR applications on tablets and smartphones, not requiring a dedicated hardware device such as HMDs or smart glasses. However, enterprise uses of the technology such as designing, manufacturing, and quality check in aerospace & defense, industrial, automotive, and medical are increasingly investing in hardware such as HMDs and smart glasses.

Germany Augmented reality market is expected to grow at a fast pace over the forecast time span owing to increasing applications of the technology in the automobile industry. In the race to develop driverless cars, manufacturers, such as Audi and BMW, are implementing the technology in automobiles to increase the level of self-driving capabilities. The manufacturers are also implementing the technology in manufacturing processes to improve the operational effectiveness.

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Rapid adoption of the technology in aerospace & defense is expected to drive the Augmented reality market growth. Companies are investing in leveraging the technology to improve manufacturing processes, reduce costs, and save time. For instance, Boeing is using Google Glass to construct aircraft wire harnesses. The technology helps technicians in building hugely chaotic and complex wire webs to connect electrical systems in the aircraft.

AR is a highly niche technology and the vendors are filing patents for all their new advancements. This is restricting the knowledge transfer among industry participants, restraining the Augmented reality market growth. Furthermore, the technology is expensive to implement and thus remains inaccessible for small and medium businesses. The high capital that is required to procure devices to implement the technology reduces its adoption.

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The industry ecosystem consists of several players such as hardware providers, technology providers, application developers, platform providers, content developers, and system integrators. Companies are investing in implementing the technology in utility apps. For instance, Google, Inc. is working on translating the text on billboards and street signs through cameras smartphones.

Some of the key players in the Augmented reality market include Blippar, Magic Leap, Facebook, Inc., Google, Inc., DAQRI, Upskill, PTC, Apple, Inc., Qualcomm, Wikitude GmbH, Microsoft Corporation, Samsung Electronics Co., Ltd., HTC Corporation, and Marxent Labs LLC.

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