Augmented Reality Market in hardware segment to grow with a CAGR of more than 90% up to 2024 | Major Venders like Qualcomm, Samsung Electronics, Sony Electronics, Sphero, Affectiva, Marxent, Blippar, DAQRI, Google, Magic Leap, Microsoft

Augmented Reality Market in hardware segment will experience substantial demand to 2024 owing to advancements in sensors, processors, and displays. Increasing adoption of HUDs and HMDs world-wide is boosting the hardware segment in the study period. Software segment is also expected to have substantial growth rate during the projected period due to rising penetration of smart devices offering enhanced experience and rich media through different applications.

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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. Volkswagen’s MARTA (Mobile Augmented Reality Technical Assistance) app that provide a thorough repair assistance to amateur mechanics can be placed as a testament to the aforementioned fact.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Blippar
2. DAQRI
3. Google
4. Magic Leap
5. Microsoft
6. Niantic, Inc.
7. Nintendo
8. PTC
9. Qualcomm
10. Samsung Electronics
11. Sony Electronics
12. Sphero
13. Affectiva
14. Marxent
15. Total Immersion

Add to it, the race to develop self -driving vehicles that is presently heating up the automotive space, is also expected to open up new growth opportunities for augmented reality market. Though automotive giants are highly excited with the changing trend, there is a still a wave of inhibition among the consumers due to dearth of proper know-how. Experts believe, increasing integration of AR technology in automobiles would bridge the gap, gradually encouraging consumers to get accustomed with the new technology. From navigation to improving automobile control, automotive sector, as per experts’ opinion, is reportedly one the most remunerative growth avenues for augmented reality market.

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Technological advancements and R&D investments is spurring the augmented reality market ecosystem. These innovations in AR devices such as head mounted displays, and smart glasses uses Wi-Fi, GPS, and Bluetooth will augment the industry growth rate. DHL warehouse workforces are equipped with AR smart glasses that guides them in material handling to increase efficiency and fulfil orders in timely manner. It helps in providing diverse solutions to boost the industry in the projected timeline.

Rising privacy issues related to advanced technology is expected to hamper augmented reality market over the estimated time frame. These innovations can disclose the personal information to an unknown individual or group of people which causes privacy concerns.

Having established itself as a rather prominent vertical of the technology sector, augmented reality market has witnessed phenomenal gains, in terms of remuneration over the recent years. In the field of software, this technology is already approaching mainstream awareness, primarily on account of the profound contribution of renowned tech giants like Blippar, PTC, Daqri, Upskill, Samsung Electronics Co. ltd., Magic Leap, Facebook Inc., and Apple.

While the increasing popularity of Apple’s flagship augmented reality technology, ARkit has already created a huge buzz in the augmented reality market, the American conglomerate’s latest breakthrough, iPhone X is an exemplar precedent depicting the signs of penetration of the business space in the territory of smartphone hardware as well. Reportedly, the advanced TrueDepth camera of the product not only include Portrait Mode and FaceID feature, but can also detect users’ 3D data and dynamic expression via a unique facial recognition function, Animoji. Though the competitive terrain of augmented reality market is all inclusive of breakthrough innovations from other rivals as well, Apple, undeniably, has turned out to be one of the most active promoters of AR technology lately.

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

https://www.gminsights.com/industry-analysis/augmented-reality-ar-market

Increasing technological penetration in the healthcare, banking, real estate, manufacturing, retail, online business and automotive verticals is expected to drive the industry in the coming years. Incorporation of AR functionalities in tablets and smart phones is becoming a valuable tool in the firm to smoothen business operations and work processes. Increasing use of social networking and versatile mobile applications enables customers to access information may provide number of opportunities to the industry participants. In addition, rising demand for customer engagement coupled with enhanced customer services across various verticals will boost the industry.

Asia Pacific augmented reality market is mainly driven by China in the forecast timeframe. Increasing investment and funding in R&D is anticipated to spur the demand for industry in the region. In addition, increasing adoption rate of tables and smart devices is contributing for the growth of industry. Region also consists of numerous smart device manufacturers in China, Taiwan, and South Korea. Increasing investment is observed from the local players in mergers and acquisitions resulting in tremendous growth opportunities.

North America augmented reality market is projected to cross USD 24 billion by 2024. The growth factors are attributed to automotive and industrial sectors in the U.S. which will excel from 2016 – 2024.

Top key players in Augmented Reality Market include AccuVein Inc., Affectiva, APX Labs, Blippar, DAQRI, Google, Infinity Augmented Reality, Inc., LAFORGE Optical, Magic Leap, Marxent, Microsoft, Niantic, Inc., Nintendo, ODG (Osterhout Design Group), Prologue Immersive, PTC, Qualcomm, Recon Instruments, Samsung Electronics, Sony Electronics, Sphero, Total Immersion, and Wikitude.

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