Global Augmented Reality Market By 2024 Key Players: Blippar, Google, Microsoft Corporation, Upskill, DAQRI LLC, PTC, Qualcomm, Magic Leap, Wikitude GmbH, Samsung Electronics, Apple, Facebook, HTC Corporation, Marxent Labs, LLC

Hardware segment in the augmented reality market is projected to gain considerable share, owing to growing popularity of smart glasses. Ease-of-use and high-degree of convenience offered by these devices is attracting consumer attention. Many companies including Sony, Vuzix, Epson, Solos, and ODG are developing smart glasses with sharp resolutions and high-quality specifications.

Augmented reality 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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HMDs are expected to grow at a significant rate over the forecast timespan, owing to increasing applications in the military & defense sector. In May 2014, U.S. military announced that the launch of ARC4, a system designed to equip the soldiers on the battlefield. The gadget attaches to military helmets and allows commanders to send maps and navigation information to soldier’s field of vision. Such innovations are expected to propel the HMD demand and thus the augmented reality market growth.
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 augmented reality market growth. Companies are developing differentiated devices, such as voice-enabled smart glasses, to gain a competitive advantage.

Growing use of the technology in construction and architecture is expected to drive the augmented reality market growth. Construction companies are heavily investing in implementing the technology for designing and modelling with advanced 3D tools instead of working on time-consuming blueprints. This has increased the efficiency, reduced instances of errors, and saved resources on a construction site.

(AR) Augmented Reality Market exceeded USD 1 billion in 2016 and is set to exceed USD 50 billion by 2024. The shipments are forecast to grow at over 75% CAGR from 2017 to 2024.

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

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The Asia Pacific augmented reality market is expected to grow at the highest rate in the forecast timespan owing to the rapid growth of industries in emerging economies like India and China. The industry in China is projected to grow substantially owing to the huge investments in manufacturing operations for developing latest technology devices like smart glasses. Presence of major players such as Seiko Epson Corporation and Samsung Electronics is expected to bode well for the industry in China, Japan, and South Korea.

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.

Browse key industry insights spread across 242 pages with 353 market data tables & 32 figures & charts from the report, Augmented Reality Marketin detail along with the table of contents:

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

Browse Related Reports:

Mixed Reality Headsets Market By Technology, Application and Regional Outlook, 2024

Some of the vendors in the mixed reality headsets market include Oculus/Facebook, Dell, HP, Acer, Google, Microsoft, Magic Leap, Sony, Samsung, and HTC.

https://www.gminsights.com/industry-analysis/mixed-reality-headsets-market

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