Augmented Reality Market Key Companies – HTC Corporation, Marxent Labs, LLC, Magic Leap, Apple Inc., Wikitude GmbH, Qualcomm, Blippar, Daqri, Facebook Inc., Google Inc., Microsoft Corporation, PTC

How will a growing retail sector propel augmented reality market size?

Rapid growth of e-commerce and retail sectors within developed markets will foster augmented reality market share over the forecast timeframe. The retail industry has been considerably reformed with the help of rising social awareness and change in the preferences of consumers. Major investments are being made by retailers to enhance the shopping experience of a customer.

For instance, U.S. based luxury sportswear brand, Lacoste has started using a 3D AR application which lets the customers try its trainers and interact with the sportswear extension brand. This technology has boosted the in-store shopping experience for consumers, especially at a time of global inclination towards online shopping.

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Common applications like retail and gaming essentially use augmented reality applications on smartphones and tablets which does not need a dedicated hardware device like smart glasses or HMDs. Enterprises have different uses of augmented reality technology like manufacturing, designing and quality check in the automotive, aerospace & defense, medical and industrial sectors.

How will increased adoption in aerospace & defense sector impact augmented reality industry share?

Augmented reality market size from the aerospace & defense applications will witness a significant growth in the forthcoming years on account of the increase in the demand for efficiency and improved quality across business operations. The aerospace & defense sector handles numerous complex machinery that needs an implementation of advanced technology which would ensure the reliability and quality of the industry’s output.
Various augmented reality devices like spatial audio, force feedback systems, immersive displays have been improving the pilots’ and astronauts’ strengths, who are capable of controlling such complex machines. With the rising need to enhance operational safety, training and efficiency, the augmented reality deployment will grow considerably.

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Additionally, there has been an extensive adoption of technology by the aerospace & defense sector across the world for safety, simulation and visualizations. Constantly evolving warfare in terms of technology has increased the demand for steadily expanding graphics processing and possible data gathering, fostering the growth of the market.

Will the constantly evolving e-commerce sector drive augmented reality market trends?

Consumer shopping via mobile phones in the U.S. had been estimated to constitute about 26% of the overall retail e-commerce sales in the year 2018. These consumers were reported to view the product prior to their online purchase, which influenced the online retailers to come up with advanced options in comparison with the in-store experience.

Several major companies like Quiver, IKEA, Sephora and Amikasa have been offering their consumers with AR shopping features as they let them visualize and buy the correct products according to their requirements.

Will Asia Pacific prove to be a strong remuneration ground for augmented reality industry?

Strong presence of industrial players in Asia Pacific will help boost the deployment of AR technologies in numerous spheres. Steady growth of the tourism industry in countries like India, Japan and China has assisted the growth of this market.
Augmented reality has been integrated with features like camera, microphones and GPS that helps offer data and information for navigations within the tourism industry. In addition, the growing regional automobile sector has encouraged the manufacturers to incorporate advanced AR technologies like Heads-Up Displays (HDMs).

Asia Pacific augmented reality market share is expected to record nearly 67% CAGR over 2017-2024 on account of extensive use of AR technology in industrial, retail and healthcare sectors. Market players like Mahindra & Mahindra Limited, Tata Motors Limited and Hyundai Motor Company have begun to implement such solutions.

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Email: sales@gminsights.com

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