Press release
Augmented Reality Market to grow at 80.8% CAGR from 2016 to 2024
Fractovia.Org
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Smart glass augmented reality market will observe y-o-y growth of 95% over 2016-2024. This exceptional growth can be credited to increasing consumer expectations of innovatively ushering in a digital world with a physical one. Additionally, high enterprise demand for advanced glasses to manufacture high quality industrial products will also augment the industry growth. Head-mounted displays and head-up display are the other two display device segmentations of segmented reality market.
High demand for safety control in vehicles will fuel augmented reality industry in automotive applications, which is all set to grow at a CAGR of 8-% over 2016-2024. The convenience of choosing car models without a visit to the showroom and an enhanced customer experience will further propel this market. Rising demand to efficiently handle machinery will impel augmented reality industry in industrial applications, which accounted for more than 25% of the overall revenue share in 2015.
Notable participants in augmented reality market include Infinity Augmented Reality, Apple, Wikitude, Sony, Daqri LLC, Magic Leap, Google, Blippar, Total Immersion, Google, ODG, and Microsoft. Industry players often liaison with third party mediators to enhance their existing technologies and innovate novel technologies as per consumer preferences.
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Here is a regional and component-wise bifurcation of this market:
• Increased usage of smartphones and tablets will fuel software augmented reality industry over 2016-2024. Surging demand for mobile AR apps across the gaming and entertainment sectors will also act as a huge growth factor.
• Escalating requirement for advanced processors, displays, and sensors and the rising adoption of smart glasses will stimulate hardware augmented reality market size, which is forecast to grow at a CAGR of more than 90% over 2016-2024.
• U.S. augmented reality industry share is expected to cross USD 24 million by 2014, driven by the growing adoption of AR-embedded devices across the industrial, retail, real-estate, and automotive applications.
• Lump sum investments by leading players coupled with the growing penetration of smart products across various industry verticals will propel China augmented reality market. In addition, the massive growth in mobile AR industry will give rise to huge opportunities for business growth in the region. Growth strategies such as mergers & acquisitions implemented by leading AR technology providers will also positively impact APAC augmented reality market.
Rising demand from entrepreneurs across varied sectors for the convergence of the physical and digital worlds will significantly drive augmented reality industry in the years to come. Additional growth factors that will impact this market include the proliferation of technology in various professional domains and substantially high investments by leading participants for product innovation.
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