The global augmented reality market is estimated to expand at 39 % CAGR during the forecast period (2017-2023) owing to the growing penetration of technological advancements, asserts Market Research Future (MRFR). Augmented reality is the indirect view of physical environment where elements are augmented with inputs like graphics, sound, and video. It is responsible for changing the world of healthcare and education with its several applications.
With the increasing penetration of technological advancements in automotive, consumer electronics, and retail, the global augmented reality market is expected to expand during the assessment period. The presence of technology giants like Microsoft Corporation, Magic Leap, Infinity Augmented Reality, DAQRI, Blippar, Google Inc., Wikitude GmbH, PTC, Samsung Electronics Co. Ltd., Upskill, and Zugara are among the major market players driving the market growth over the years. Rising adoption of smartphones along with digital media and 3D visualization in the healthcare sector are some of the major factors stimulating the market growth. Moreover, the growing popularity of e-commerce industry and rising awareness for tracking customer transactions are estimated to stimulate the market growth.
On the flip side, high cost associated with devices and implementation of software is estimated to inhibit the market growth. The initial cost of implementing the technology is comparatively very high which makes it inaccessible for medium and small players to incorporate in their business. Moreover, insufficient storage capacity, limited processing power, and lack of knowledge are predicted to hamper the market.
The worldwide augmented reality market is segmented into five distinct parts. They comprise of technologies, applications, components, types, end-users & geographies.
On account of technologies, the market is bifurcated into near eye based technology & monitor based technology.
On the basis of applications, the market is fragmented commercial, enterprise, medical, energy, aerospace & defense and consumer electronics.
The component section is sub-divided into software & hardware.
When it comes to types, the industry is separated into head-up display, handheld devices & mounted display.
Enterprises & consumers form the end-users portion of the market.
Geographically, the augmented reality market spans across regions namely, North America, Asia Pacific, Europe, and Rest-of-the-World.
Among all the regions, Asia Pacific is predicted to hold the largest market share owing to the growing adoption of mobile devices across industry verticals and technological advancements like smart glasses in this region. Moreover, the presence of major players such as Samsung Electronics and Seiko Epson Corporation in this region is estimated to drive the market.
The European region is estimated to gain momentum in the coming years owing to the rising use of technology in the automobile and industrial sectors. For instance, a German conglomerate, ThyssenKrupp, is using the technology through Microsoft HoloLens for installing and planning stairlifts. Also, automobile manufacturers like Volkswagen and Ford are using are using the technology in the production and designing of cars.
Some of the prominent players in the global augmented reality market are Qualcomm Technologies Inc. (U.S.), Microsoft Corporation (U.S.), Blipper Inc. (U.K.), Infinity Augmented Reality Inc. (U.S.), Google Inc. (U.S.), DAQRI (U.S.), Samsung Electronics Corporation Ltd. (South Korea), Catchoom Technologies (Spain), Magic Leap Inc. (U.S.), Sony Corporation (Japan), PTC Inc. (U.S.), Wikitude GmbH (Austria), Zugara, Inc. (U.S.), Osterhout Design Group (U.S.), METAIO’s SDK (Germany), Facebook, Inc. (U.S.), and Total Immersion (France) among others.
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