Press release
Augmented Reality Market to Garner Huge Growth; Increasing Demand, New Innovations And Future Prospects 2020
The Global Augmented Reality Market was valued at USD 2.45 billion in 2016 and is projected to reach USD 136.55 billion by 2025, growing at a CAGR of 56.32% from 2017 to 2025.Augmented reality is used to enhance natural environments or situations and offer perceptually enriched experiences. With the help of advanced AR technologies (e.g. adding computer vision, incorporating AR cameras into smartphone applications and object recognition) the information about the surrounding real world of the user becomes interactive and digitally manipulated. Information about the environment and its objects is overlaid on the real world. This information can be virtual or real, e.g. seeing other real sensed or measured information such as electromagnetic radio waves overlaid in exact alignment with where they actually are in space. Augmented reality also has a lot of potential in the gathering and sharing of tacit knowledge. Augmentation techniques are typically performed in real time and in semantic contexts with environmental elements.
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Augmented reality (AR) is a type of interactive, reality-based display environment that takes the capabilities of computer generated display, sound, text and effects to enhance the user's real-world experience. There are several benefits of using augmented reality system that includes - create rich, immersive and interactive user experience, can reduce language barriers, brand awareness gets increased via social shares, help in customer buying decisions, detailed analytics is generated for understanding user behavior, and improved training & education.
Sample Infographics:
Market Dynamics:
1. Market Drivers
1.1 High investment in the augmented reality market
1.2 Increasing need for insights to predict customer intents
1.3 Rising demand for augmented reality in architecture, retail and e-commerce
1.4 Increasing demand for AR devices in medical industry
1.5 High growth of travel and tourism industry
2. Market Restraints
2.1 Social challenges to increase the adoption rate
2.2 Digital network will restrain the AR market
2.3 Poor user interface affecting the navigation performance of augmented reality applications
Market Segmentation:
The Global Augmented Reality Market is segmented on the component, type, device type, application, and region.
1. Component:
1.1 Software
1.1.1 Cloud-based Services
1.1.2 Software Development Kits
1.2 Hardware
1.2.1 Displays & Projectors
1.2.2 Position Tracker
1.2.3 Sensors
1.2.4 Cameras
1.2.5 Semiconductor Component
2. By Type:
2.1 Marker-less Augmented Reality
2.2 Marker-based Augmented Reality
3. By Device Type:
3.1 Head-Up Display
3.2 Handheld Device
3.3 Head-Mounted Display
4. Application:
4.1 Aerospace and Defense
4.2 Automotive
4.3 Energy
4.4 Enterprise
4.5 Medical
4.6 Commercial
4.7 Consumer
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5. By Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. Microsoft Corporation
2. Wikitude GmbH
3. Osterhout Design Group
4. Zugara, Inc.
5. Upskill
6. Google, Inc.
7. PTC, Inc.
8. Magic Leap, Inc.
9. Daqri LLC
10. Blippar
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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