Augmented Reality Market by Offering (Hardware (Sensor, Displays & Projectors, Cameras), and Software), Device Type (Head-Mounted, Head-Up, Handheld), Application (Enterprise, Consumer, Commercial, Automotive) and Geography - Global forecast to 2023
“Increasing demand for AR in retail and e-commerce is the major driver for the augmented reality market”
The augmented reality market was valued at USD 2.39 billion in 2016 and is expected to reach USD 61.39 billion by 2023, growing at a CAGR of 55.71% during the forecast period. The increasing demand for AR devices and applications in medical, increase in demand for AR in the retail and e-commerce, and rising investment in the augmented reality market are the major drivers for the augmented reality market. The limited UI (user interface) affecting the navigation performance of augmented reality applications, limited processing power, less storage, and restricted size of the memory card in mobile phones, and varied infrastructure quality of digital network will restrain the growth of AR.
“Augmented reality market for the head mounted displays is expected to grow at a high rate during the forecast period”
Head-mounted displays allow a user to wear the display device on the head and place images of the real and virtual environments over the user’s view. The original HMDs were created mainly for military applications to help soldiers acquire their targets and track enemy movements easily. With advancements in computing, AR-enabled devices would be used for applications in consumer, commercial, and enterprise. Consumer applications such as gaming, sports, and entertainment would boost the augmented reality market for head-mounted displays. The use of head-mounted displays in the aerospace and defense sector helps pilots of helicopters and captains of ships in the air force and navy to target and view enemy’s operations with a greater ease. The use of head-mounted displays in applications such as e-commerce and marketing would boost the AR market for HMDs.
“Augmented reality market for enterprise application is expected to witness high growth during the forecast period”
Augmented reality is used in enterprises for training personnel, providing information about the industrial facility, remodeling and redesigning, and industrial simulations. The use of the Internet and smartphones combined with digital content, such as augmented reality, has helped boost the market. The use of HMDs in manufacturing setups is the major driver for the growth of enterprise application in the augmented reality market.
“APAC is expected to witness high growth during the forecast period.”
The consumer electronics, enterprise, retail, BFSI, healthcare, transportation, and sports and 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. The strong government support in countries such as China and India to thrive on industrial automation is also boosting the growth of the augmented reality market in APAC.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key experts in the augmented reality industry. The breakup of the profiles of primary participants has been shown below:
• By Company Type: Tier 1—35%, Tier 2—45%, and Tier 3—20%
• By Designation: C-Level Executives—35%, Directors—25%, and Others—40%
• By Region: North America—45%, Europe—20%, APAC—30%, and RoW—5%
The report also profiles the key players in the augmented reality market. These key players are Google, Inc. (US), PTC Inc. (U.S.), Microsoft Corporation (US), Wikitude GmbH (Austria), DAQRI LLC (US), Zugara, Inc. (US), Blippar (UK), Magic Leap, Inc. (US), and Osterhout Design Group (US).
This research categorizes the augmented reality market on the basis of technology, type, device type, offering (hardware & software), application, and geography. The report also discusses major drivers, restraints, challenges, and opportunities for the market.
Reasons to Buy the Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the augmented reality market comprehensively and provides the closest market size estimation for major industries across various regions.
2. The report would help stakeholders understand the pulse of the market and provide them with the information on drivers, restraints, challenges, and opportunities for the market.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product launches and developments, partnerships, fund raising, and acquisitions.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook