DUBLIN--(BUSINESS WIRE)--The "Augmented Reality Market - Growth, Trends, and Forecasts (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The global augmented reality market was valued at USD 0.35 billion in 2018, and is expected to register a CAGR of 151.93% over the forecast period (2019-2024).
Huge potential opportunities in biotechnology and healthcare are expected to drive the growth of the augmented reality market over the forecast period.
Augmented reality (AR) achieved product realization slowly, owing to the complex nature of the technology. Microsoft Hololens project started in 2010, took six years for development, and launched the developers' edition in the first quarter of 2016. Magicleap, the secret AR startup, which raised over USD 1.9 billion, is launching a product after seven years of development.
The increasing adoption and availability of cloud have been major drivers for the market studied, as cloud provides the platform and infrastructure to address the scalability limitation of on-premise AR experiences.
The current market scenario has observed a greater focus on creating content and tools with more smartphone compatibility. This is expected to be driven by photorealistic AR, enabled by the combination of software and hardware advances, one of the most significant launches of dedicated AR frameworks in the smartphone operating systems.
Key Market Trends
Hardware Segment to Witness Significant Growth
Most of the companies, like Daqri, Meta, ODG, Vuzix, Optivent, etc., made AR headsets with a focus on enterprise applications for their devices. However, social media giant, Snapchat, which introduced AR to mobile phones through its social media platform, also launched its first version of AR glasses, V1, in 2016. The company was only able to sell about 150,000 pairs and registered a USD 40 million write-off on the hardware business, after ordering 800,00 pairs from a Chinese supplier.
AR devices available currently in the market have controlling systems embedded in the head-mounted devices or as a separate accessory. However, notable developments in the AR glasses, like gesture-controlled and voice assistant-controlled AR devices were launched in 2017.
Lucyd was created by an IP investment firm, Tekcapital, which is developing ergonomic AR glasses based on 13 disruptive AR patents. The Lucyd Lens smart glasses are built on an in-house decentralized blockchain called Lucyd Lab AR, which is powered by the LCD token, which organically drives content creation.
Through this design, the company aims to use community-driven content development to create the AR-driven blockchain with mass appeal. The company plans to introduce the blockchain-based AR smart glasses named Lucyd Lens in Q1 2019.
Going forward, such innovations in hardware, in terms of ergonomics, i.e., reduced size and weight, and making headsets look more like traditional eyewear, are likely to increase the acceptance of AR devices by consumers, in addition to the enterprise users.
North America Region to Witness Significant Growth
The North American segment of the market studied is expected to grow significantly over the forecast period, owing to the presence of a large number of vendors, who are also investing hugely in market innovation, coupled with the dominance of the United States in the global software market.
Globally, the United States is expected to be one of the highly innovative AR markets. Most of the companies advancing in this technology are based in the United States. About 64% of the consumers from the country believe in the positive changes resulting due to the adoption of AR in the workplace. Leading players, like Magic Leap and Microsoft, are actively working on this technology.
The augmented reality market is gaining competitiveness. Many of the companies are increasing their market presence by securing new contracts and by tapping new markets.
Companies, like Vuzix, and Meta, among others, have partnered with fortune 500 companies and other large technology giants, like Caterpillar, Porsche, SAP, among others, to increase the sales of their AR smart glasses.
Key Topics Covered
1.1 Scope of the Study
1.2 Study Assumptions
1.3 Study Deliverables
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness of Porter's Five Forces Analysis
4.4 Introduction to Market Drivers and Restraints
4.5 Market Drivers
4.5.1 Increasing Applications of Augmented Reality
4.5.2 Demand for Mobile-based Augmented Reality
4.6 Market Restraints
4.6.1 Technical and Regulatory Issues
5 Market Segmentation
5.1 By Type
5.2 By End-user Vertical
5.2.4 Military and Defense
5.2.6 Retail and Marketing
5.2.7 Other End-user Verticals
5.3.1 North America
5.3.4 Rest of the World
6 Competitive Landscape
6.1 Company Profiles
6.1.1 Google LLC (Alphabet Inc.)
6.1.2 Seiko Epson Corporation
6.1.3 Vuzix Corporation
6.1.4 Osterhout Design Group (ODG)
6.1.5 Realwear Inc.
6.1.6 Toshiba Corporation
6.1.7 Daqri LLC
6.1.8 Meta Company
6.1.9 Optinvent S.A.
6.1.10 Atheer Inc.
6.1.11 Blippar.com Limited
6.1.12 Vuforia (PTC Inc.)
6.1.13 Leap Motion Inc.
6.1.14 Wikitude GmbH
6.1.15 Infinity Augmented Reality Inc.
7 Investment Analysis
8 Market Opportunities and Future Trends
For more information about this report visit https://www.researchandmarkets.com/research/3vc4wl/global_analysis?w=4