San
Francisco, Nov 13 According
to a report by Grand View Research, Inc., global augmented
reality (AR) market is anticipated to value USD 100.24 billion by 2024.
Growing requirement for advanced technology in entertainment sector to maintain
traction among consumers is anticipated to propel demand for augmented reality.
Integration
of internet of things, wearable devices, and augmented reality is predicted to
fuel growth of market. Such integration is expected to offer interactive and
immersive user experience. Continual technological advancements including smart
contact lens that can automatically remove unsafe optical radiation can fuel
market growth. Increasing use of gesture based technology along with camera and
iPad catalog in pop-up stores can fuel growth. Growing adoption of AR
technology among consumers to try products online can augment growth of market.
To
cater to rising demand for augmented reality, most companies are likely to
invest in R&D activities to develop advanced products. For instance, Google
recently announced that AR feature will make its way to maps. That means users
are likely to get directions through arrows and landmarks. In addition, there
can be an animated creature to show way in camera view displaying actual
environment around users.
Browse full research report on Augmented Reality (AR) Market:
www.grandviewresearch.com/industry-analysis/augmented-reality-market
Based
on component, the market can be bifurcated into software and hardware. In 2014,
software segment dominated the market and accounted for 95% market share.
However, hardware segment is expected to witness substantial growth at CAGR of
90% by 2024. AR systems are likely to offer three basic hardware components
processors, sensors, and displays. Continual innovations in hardware including
development of contact lens and advanced HMDs equipped with AR processors can
fuel growth of segment over the forecast period.
Based
on display, the market can be classified into head mounted display (HMD), head-up
display, and smart glass. Smart glass segment is predicted to account for
significant growth owing to rising demand in enterprise and industrial sector.
Advancements in smart glasses with more miniaturization, better field of view,
and improved battery life may fuel growth of segment.
Head-mounted
displays (HMDs) segment is likely to dominate market during the forecast
period. It is expected to account for 65% of overall revenue by 2024. Several
companies are expected to be working on development of HMDs for AR equipped
with advanced features. In addition, increasing R&D activities in this
segment can fuel growth.
Based
on application, the market can be categorized medical, gaming, aerospace &
defense, industrial, automotive, e-commerce & retail, and others.
Automotive segment is estimated to grow at CAGR of 75% from 2016 to 2024.
Rising adoption of AR in automotive sector can stimulate growth of segment. In
addition, automotive sector players are likely to develop applications to
enhance driving experience. This, in turn can fuel growth of segment.
Browse more reports of this category
by Grand View Research: www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
In
2015, industrial sector contributed 20% of revenue share. It is likely to
witness decent growth at CAGR of 70% from 2016 to 2024. Increasing scope of
applications in complex machinery, maintenance, and assembly can fuel
expansion. This, in turn can result in achieving tangible profits.
Regional
segmentation includes Europe, North America, Asia Pacific, Latin America, and
Middle East & Africa (MEA). In 2015, Asia Pacific accounted for 19% market
share. It is likely to grow at CAGR of 80% from 2016 to 2024. China is
estimated to drive regional growth owing to increasing investments in AR
devices and software. In addition, mobile AR market in China is likely to be
driven by proliferation of smartphone sector. Local vendors including Baidu, Tencent,
and Renren are expected to invest in technology and can launch numerous
mass-computer apps that can determine high-level penetration among consumers.
In
Europe, the market is predicted to grow at CAGR of 75% during the forecast
period. Increasing investments from countries such as Germany and United
Kingdom can fuel market growth. Furthermore, growing adoption of AR across
automotive and retail sector can drive market growth.
Some
of the leading companies offering augmented reality are Sony, Apple, Microsoft,
Google, and Infinity Augmented Reality. AR is expected to be lucrative market
that can offer various platforms and applications, which are still unexplored.
Most companies are likely to invest in R&D activities to develop innovative
products in order to gain competitive edge over others.
Browse press release of this report
by Grand View Research: www.grandviewresearch.com/press-release/global-augmented-reality-market
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and fact-based
research across a range of industries, from technology to chemicals, materials
and healthcare.
For more information:
www.grandviewresearch.com
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