Augmented Reality Market: What are the Future Growth Opportunities? Top Players: Google, Microsoft, Oculus VR, AccuVein, Affectiva, APX Labs, Samsung Electronics, Sony Corporation, INDE, Vitualware, Daqri, Blippar, Medsights

Graphical Research has added a new report on augmented reality market that provides a comprehensive review of this industry with respect to the driving forces influencing the market size. Comprising the current and future trends defining the dynamics of this industry vertical, this report also incorporates the regional landscape of market in tandem with its competitive terrain.

As technology advances at a rapid pace, augmented reality (AR) will be applied in a plethora of diverse domains, thanks to its monumental success in the areas such as defense, healthcare, automotive, entertainment and gaming. The widespread espousal of Internet of Things (IoT) and artificial intelligence (AI) heralds the progress of the market through the forthcoming period. Moreover, as smartphones are becoming extremely commonplace, the demand for AR games and AR apps is likely to intensify, helping the growth of the global AR market.

The following are the top three trends characterize the growth of the augmented reality market:

Popularity of AR games and AR apps to foreshadow growth in North America

Arguably one of the most developed continents worldwide, North America is anticipated to emerge as a vital avenue for AR industry. Estimates claim that the North America (AR) augmented reality market was worth $ 525 million in 2017 and is expected to surge at a CAGR of 67.5% during the forecast period, foreshadowing immense growth.

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The market for augmented reality in this region is driven by rising investments in AR technology across several verticals, and particularly in the industrial sector. Easy access to data, process monitoring and control, component testing, quality testing, and ensuring faster work pace are some important purposes fulfilled by AR technology in manufacturing.

Augmented reality games for Android such as Ingress Prime, Brickscape, Knightfall AR, Egg, Inc, Harry Potter: Wizards Unite, Jurassic Park Live, and Zombies, Run! are becoming increasingly popular. Augmented reality apps such as IKEA Place, Amikasa, ROAR, and Houzz offer furniture and other home products that can be placed into the photo of the customer’s room, presenting a 3D, almost lifelike image.

Numerous retail companies are also deploying AR based devices for drawing in customers via visual merchandising of their products. The high level of entertainment and interaction offered by AR games and AR apps is sure to push the expansion of the North America augmented reality market over the coming times. By the end of 2024, the North America market is expected to collect a revenue worth $19 billion.

The major market players in North America AR market are Oculus VR LLC, Affectiva Inc., Microsoft Corporation, Google, APX Labs, and AccuVein, Inc.

Europe AR market to soar with a 65% CAGR

The Europe augmented reality market exceeded over $383 million in 2017 and is anticipated to keep growing from 2018 to 2024 at a favorable CAGR of 65%.

The defense sector in Europe is displaying increasing preference for AR technology. AR-based technology is used in the training modules of soldiers to present life-like war situations. A simulated environment is created by AR, allowing them to experience actual critical situations and environments so that they are better prepared for emergencies. A multitude of market players are making such products available. For example, Serious Simulations signed a contract with Aeronyde Corporation to provide a wireless AR head-mounted display which is utilized in technology for robotic aerial vehicles.

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By the end of the forecast period, the Europe market is expected to exceed $ 12 billion, thanks to the increasing popularity of AR games amongst youth. AR technology in healthcare has also been witnessing multiplied demand since past few years. AR head-mounted displays are one of the primary tools used by surgeons and doctors across the world in the diagnosis of ailments. It helps to clearly visualize the internal organs, thereby being an important asset to hospitals, laboratories, and clinics. During the trying times of the pandemic, the demand for AR technology in healthcare will shoot up further.

The prominent players in the Europe augmented reality market are Medsights Tech Corp, INDE, Blippar, Daqri LLC, and Virtualware. With an eye on capturing the immense customer-base, several market players are adopting strategies such as acquisitions and mergers.

Adoption of AR glasses in tourism to aid growth of Asia Pacific

The Asia Pacific augmented reality market is anticipated to grow at a promising CAGR of over 66.8% between 2018 and 2024. In 2017, it was valued at $283.7 million. The Asia Pacific AR market is likely to display tremendous growth due to the growing acceptance of AR glasses in the area of tourism in the region. These glasses, also known as smart glasses, come with in-built camera, microphones, and GPS. This helps tourists to navigate better and independently as they are equipped with virtual maps that provide accurate representations of a specific area, with a detailed description of road arteries and key locations.

Access sample pages of the report, “Asia Pacific Augmented Reality Market Forecasts 2024” in detail along with the table of contents (ToC) @
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By 2024, the Asia Pacific AR market is projected to be worth over $10 billion. The rapid progression can be credited to the automobile sector in Asia Pacific which has been registering spiraling demand for heads-up displays. The presence of key automobile companies in the region, coupled with the growing demand for upgraded AR solutions has been driving market growth. Similarly, the defense sector is also likely to contribute significantly to the Asia Pacific augmented reality market share in the coming years, backed by the strong military presence of China, India, and Japan and the high rate of adoption of augmented reality across this region.

The major competitors in the market for augmented reality are Sony Corporation, Medsights Tech Corp, Niantic, Inc., Samsung Electronics, and AccuVein.

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