Augmented Reality Market growth will be driven by rapid adoption of the technology in aerospace & defense. 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.
Augmented reality market size in automotive segment is predicted to grow significantly in the coming years. Primarily backed by the fact that AR technology has already made profound inroads in the automotive domain since the inception of 21st century, experts claim, augmented reality industry from this particular business sphere is set to gain exceptional proceeds over the coming years. Big shot automakers across the globe have been increasingly deploying this technology in a bid to bring next version vehicle manuals.
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Recently, Mapbox, a reputed custom online maps provider, has made to the headlines with the announcement of its acquisition of a Minsk-based artificial intelligence unicorn, Mapdata. Among the various future projects that are claimed to get onboarded through the deal, Mapdata, reportedly, would help Mapbox develop advanced augmented reality based maps that work in sync with the front cameras of the users’ devices. With increasing number of companies seeking to leverage the maximum potential of the technology across mainstream as well as off beat applications, it is certain that augmented reality market is on its way to gain substantial momentum in the years ahead.
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.
While the underlying technology and the application expanse of augmented reality market is rapidly advancing, one of the major constraints that is somewhat acting as a deterrent in the business penetration is the privacy vulnerability concerns associated with the technology. The integration of AR technology into any platform requires disclosure of personal info, which when mishandled often lead to privacy risks. However, renowned companies partaking in augmented reality market are readily investing in research activities to come up with innovative solutions that would address the rising privacy concerns.
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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.
Considering the robust initiatives being undertaken worldwide to harness the fullest potential of this technology, augmented reality market, though still at a nascent stage, is certain to achieve phenomenal gains over the coming seven years. Estimates by Global Market Insights, Inc. claims the overall augmented reality market size to exceed a valuation of USD 50 billion by 2024.
Major Point From Table Of Content:
Chapter 5 Augmented Reality Industry, By Application
5.1 Global augmented reality market share, by application, 2016 & 2024
5.2.1 Market in medical applications, 2014 – 2024
5.2.2 Market in medical applications, by region, 2014 – 2024
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
5.5.1 Market in gaming applications, 2014 – 2024
5.5.2 Market in gaming applications, by region, 2014 – 2024
5.6.1 Market in retail applications, 2014 – 2024
5.6.2 Market in retail applications, by region, 2014 – 2024
5.7.1 Market in industrial applications, 2014 – 2024
5.7.2 Market in industrial applications, by region, 2014 – 2024
5.8.1 Market in other applications, 2014 – 2024
5.8.2 Market in other applications, by region, 2014 – 2024
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