DUBLIN--(BUSINESS WIRE)--The "Augmented Reality Market by Offering (Hardware (Sensor, Displays & Projectors, Cameras), Software), Device Type (Head-mounted, Head-up), Application (Enterprise, Consumer, Commercial, Healthcare, Automotive), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global augmented reality market size is estimated to grow from USD 10.7 billion in 2019 and projected to reach USD 72.7 billion by 2024; it is expected to grow at a CAGR of 46.6% from 2019 to 2024.
This report covers the augmented reality market based on device type, offering, application, and geography. A detailed analysis of the key industry players has been undertaken to provide insights into their business, products and services, and key strategies such as product launches, product developments, partnerships, contracts, agreements, mergers and acquisitions, collaborations, and expansions associated with the augmented reality market.
Increase in adoption of smart glass in the healthcare sector is the major factor driving the growth of augmented reality market
The most significant factor driving the growth of this market is the increase in the adoption of AR devices in the healthcare sector. AR devices are aiding surgeons to visualize joints, muscles, and internal organs without slicing the body. This enables surgeons to determine precisely where to make injections and incisions and further assisting in utilizing all the data collected during medical emergencies. Real-time data regarding a patient's health is the major factor promoting the adoption of AR technology in the healthcare sector.
The software market for augmented reality market is capturing the largest share during the forecast period
Increasing penetration of AR software solutions and their compatibility with existing hardware devices is expected to help the growth of the market for software, thereby driving the augmented reality market during the forecast period. AR technology is anticipated to continue its growth in the software segment through the emergence of various nestling projects that will evolve into large-scale productions. Recently, numerous companies have experimented with augmented reality prototypes. For instance, companies such as IKEA and Walmart have already launched AR prototypes to enhance the shopping experiences of their customers. Thus, the software segment is set to grow because of the high growth of the number of apps and platforms in the AR space.
Consumers to hold a major share of the augmented reality application market during the forecast period.
The consumer application held the largest share in the AR market in 2018 and is expected to dominate the market during the forecast period. The consumer sector includes gaming and entertainment applications in which AR is used for creating 3D visual objects in the real world. The high growth of the gaming & entertainment sector boosts the growth of the AR market for consumer applications.
Augmented reality market in APAC expected to grow at the highest CAGR during the forecast period
The market in Asia Pacific includes China, Japan, India, South Korea, and Rest of APAC. Being an emerging economy, Asia Pacific is witnessing major changes in the adoption of new technologies and technological advancements. Due to the presence of most of the display panel manufacturers in the region such as Samsung, LG Display, BOE Technology, AU Optronics, and Japan Display, APAC witnesses increased the adoption of the latest technologies.
The consumer electronics; retail; banking, financial services, and insurance (BFSI); healthcare; transportation; and sports & entertainment industries are expected to contribute substantially to the growth of the AR market in APAC. These industries offer huge potential for the AR market because of the increasing awareness among consumers and the rising adoption of new technologies in various industries - especially in countries such as China, India, and South Korea.
Market Dynamics
Drivers
- Increasing Demand for AR Devices and Applications in Healthcare
- Growing Demand for AR in Retail and E-Commerce Sectors
- Rising Investments in Augmented Reality Market
Restraints
- Security and Privacy Issues Associated With Augmented Reality
- Excessive Usage of Augmented Reality Can Incur Health Issues
Opportunities
- Partnerships Between Telecom Players and AR Manufacturers to Reduce Latency to Imperceptible Levels
- Increasing Demand for Augmented Reality in Architecture
- Opportunities in Enterprise Applications
- High Growth of Travel & Tourism Industry
Challenges
- Display Latency and Limited Field of View
- Overcoming Social Challenges to Increase Adoption Rate
-
Reconfiguration of Applications for Different Platforms
Companies Profiled
Key Players
- Google, Inc.
- PTC, Inc.
- Microsoft Corporation
- Seiko Epson
- Lenovo
- Wikitude GmbH
- Vuzix
- Daqri LLC
- Magic Leap, Inc.
- Zugara, Inc.
- Blippar
- Upskill
- Maxst
Other Key Players
- Atheer, Inc.
- Pristine, Inc.
- Marxent Labs, LLC
- Inglobe Technologies
- Meta Company
- Augment
- Niantic
- Sixense Entertainment
- Intel Corporation
- Apple Inc.
- Infinity Augmented Reality, Inc.
- Facebook Corporation
- Samsung Electronics Co. Ltd.
- Realwear
- Dynabook Americas, Inc.
- Optinvent
- Wayray
- Scope AR
- Continental
- Visteon Corporation
- Eon Reality
For more information about this report visit https://www.researchandmarkets.com/r/9xbdeu
