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Augmented Reality Market Size
Augmented Reality (AR) Market size exceeded USD 1 billion in 2016 and is predicted to grow at a massive CAGR of over 65% from 2017 to 2024. The shipments are poised to register growth of over 75% till 2024. Ongoing technological advancements coupled with the increasing demand for the technology in surgical visualization and healthcare education are anticipated to drive the industry growth. The technology provides real-time data and assists healthcare professionals during complicated surgical procedures. It helps to improve and secure the patient’s treatment by minimizing the risks associated with invasive surgery processes.
The applications of computer-generated perceptual information related to visual, auditory, haptic, somatosensory, and olfactory will improve patient education and outcomes. These tools can also detect the signs of depression and other mental illnesses by reading the patients’ facial expressions, voice tones, and physical gestures. The integration of AI with technology is further transforming the healthcare industry.
| Report Attributes | Details |
|---|---|
| Base Year: | 2016 |
| Market Size in 2016: | 1 Billion (USD) |
| Forecast Period: | 2017 to 2024 |
| Forecast Period 2017 to 2024 CAGR: | 65% |
| 2024 Value Projection: | 50 Billion (USD) |
| Historical Data for: | 2013 to 2016 |
| No. of Pages: | 242 |
| Tables, Charts & Figures: | 385 |
| Segments covered: | Component, Software, Application and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Increasing smartphone penetration in developing economies is expected to boost the AR market. in June 2019, Vivo Communication Technology Co. Ltd. announced the launch of 5G smartphone with AR glass, supporting the dual screen display and Six Degrees of Freedom (6DoF) technology. The smartphones include several applications such as mobile office, AR games, 3D high-definition video, facial recognition, and object recognition.
Augmented Reality Market Analysis
Hardware devices accounted for the majority of the augmented reality market share owing to their wide adoption in the enterprise and commercial applications. The Head-Mounted Displays (HMD) and Head-Up Displays (HUD) markets are projected to grow at a significant rate through 2024 due to the increasing demand in several industries. The increasing safety demand and improving the Situational Awareness (SA) among pilots will fuel the device adoption in the aviation industry.
Moreover, these devices are highly adopted in military & defense applications to support deployable training solutions and simulation requirements for flight operators. For instance, the U.S. Army's Flight School XXI (FSXXI) is using an advanced helmet-mounted display in its helicopter simulation training program to enhance virtual training and operational reality.
Implementation of technology in gaming applications will allow users to scan the physical environment and provide enhanced experience by integrating visual & audio content. The technology provides users an interactive experience of a real-world environment on smartphones, tablets, and portable gaming systems. Advances in the augmented reality are helping software developers to develop innovative games to enhance the skills and experiences of the end-user. Furthermore, the launch of various apps by global companies such as Facebook and Microsoft are allowing users to have unique interactions with the real world.
The European augmented reality market accounted for more than 25% revenue share in 2016. The development of industrial and automobile sectors in the region will provide ample growth benefits. In 2018, the UK automotive manufacturing sector increased by 0.3% from USD 59 billion to USD 100 billion, driven by the presence of established sports car manufacturers in the country including Jaguar Land Rover, Daimler AG, Lister Motor Company Ltd., and Lagonda. These players are highly investing in technology for car designing and production.
Augmented Reality Market Share
Key augmented reality market players include :
- HTC Corporation
- Marxent Labs, LLC
- Magic Leap
- Apple Inc.Wikitude GmbH
- Qualcomm
- Blippar
- Daqri
- Facebook Inc
- Google Inc
- Microsoft Corporation
- PTC
- Samsun Electronics Co., Ltd
- Upskill
The companies are engaged in providing various hardware components including smart glasses, HMDs, HUDs, and other software services. These market participants are increasingly investing in the adoption of the latest technologies to enhance productivity.
The market research report on augmented reality (AR) includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2014 to 2024, for the following segments:
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Market, By Component
- Hardware
- Head mounted display
- Head-up displays
- Smart glasses
- Software
Market, By Application
- Medical
- Automotive
- Aerospace & defense
- Gaming
- Retail
- Industrial
- Others
The above information is provided on a regional and country basis for the following:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Asia Pacific
- China
- Japan
- India
- South Korea
- Taiwan
- Latin America
- Brazil
- Mexico
- Middle East & Africa
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