Augmented Reality Market 2019: Hardware Devices is Projected to Grow At A CAGR of 90% by 2024

Hardware devices in the augmented reality market are forecast to grow at a CAGR of over 90% from 2016 to 2024 due to the advances in displays, processors, and sensors. Increasing adoption of smart glasses and advanced HMDs & HUDs across the globe is anticipated to boost the segment demand over the future. Moreover, increasing penetration of the technology across applications such as manufacturing and healthcare is expected to positively influence augmented reality market share.

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Automotive augmented reality market size is projected to witness significant growth with a CAGR of over 80% from 2016 to 2024. Rising demand in vehicles to reduce driver distractions and safety enhancement propels the industry adoption across the segment. Moreover, AR mitigates the reluctance towards conventional showroom visit with virtual experience and improves user experience. Ferrari created AR showroom app using 3D tracking technology that lets customers in the showrooms to choose vehicle and virtually change brakes, rims and paint job and offers customize as per requirements.

Growth drivers: –

  • Emerging AR applications across e-commerce and retail
  • Increasing investments in the AR technology
  • Rising demand in medical and automotive industry
  • Increasing adoption of AR enabled smart glasses

Increasing technology penetration across the healthcare, retail, e-commerce and automotive verticals is anticipated to drive the augmented reality market size in the coming years. Rising number of mobile devices including tablets and smartphones with built in AR functionalities that is becoming an important tool in the workplace to enhance smooth business workflows and operations further contributes to the growing industry size.

Increasing usage of social media and mobile applications that assist customers to have access to information provides ample opportunities to the AR market. Moreover, the growing demand for user engagement along with enhanced customer service across the application like real estate, retail and healthcare also contribute to the augmented reality market share.

Smart glasses are expected to grow at a fast rate owing to increasing applications in retail, gaming & entertainment, aerospace & defense, and industrial applications, propelling the AR 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.

U.S. augmented reality market share will drive the North America, and is forecast to exceed USD 24 billion by 2024. An increased adoption is forecast in the industrial and automotive sectors in the country, which are both set to grow faster than the regional average over the forecast timeframe.

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Augmented reality market leaders include Magic Leap, Sony, Blippar, Microsoft, Google, Infinity Augmented Reality, etc. Other notable players that account for augmented reality market share include Total Immersion, Apple, Daqri LLC, ODG, Wikitude, among others. Industry participants are engaged in establishing relationships with the third parties to increase the ability of their technologies and address the needs of the prospective customers.

Some Points From Table Of Content: –

Chapter 5    Augmented Reality Market, By Application

5.1    Global market share, by application, 2016 & 2024

5.2    Medical

5.2.1    Market in medical applications, 2014 – 2024

5.2.2    Market in medical applications, by region, 2014 – 2024

5.3    Automotive

5.3.1    Market in automotive applications, 2014 – 2024

5.3.2    Market in automotive applications, by region, 2014 – 2024

5.4    Aerospace & defense

5.4.1    Market in aerospace & defense applications, 2014 – 2024

5.4.2    Market in aerospace & defense applications, by region, 2014 – 2024

5.5    Gaming

5.5.1    Market in gaming applications, 2014 – 2024

5.5.2    Market in gaming applications, by region, 2014 – 2024

5.6    Retail

5.6.1    Market in retail applications, 2014 – 2024

5.6.2    Market in retail applications, by region, 2014 – 2024

5.7    Industrial

5.7.1    Market in industrial applications, 2014 – 2024

5.7.2    Market in industrial applications, by region, 2014 – 2024

5.8    Others

5.8.1    Market in other applications, 2014 – 2024

5.8.2    Market in other applications, by region, 2014 – 2024

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