Augmented reality (AR) is defined as the indirect view of a physical environment whose elements have been augmented with inputs such as graphics, sound, or video. Market Research Future (MRFR) has published a research report about the global augmented reality market that anticipates massive aggrandizement for this market at 39% CAGR (Compound Annual Growth Rate) between 2017 and 2023. By value, the market has been figured to be worth the US $ 30 bn by the end of the forecast period.
The prominent factor raising the global augmented reality market growth is increasing penetration of technological advancements in the automotive sector, consumer electronics, and retail sector. The other factors integral to the growth of the market include rising demand for AR from end-users, increasing use of smart & connected devices, growing AR-user in the healthcare industry, and growing craze for AR-based games for mobile devices among youngsters.
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The global augmented reality market can be segmented on the basis of device type, end-users, component, vertical, and technology. Based on device type, this market has been segmented into handheld devices, head-mounted displays, and head-up displays. In the context of end-users, the market has been segmented into enterprises and consumers.
The component-based segmentation segments the market into hardware and software. The hardware segment can be sub-segmented into 3D cameras, displays semiconductor components, and sensors. The software segment can be sub-segmented into cloud-based software and software development kits. As per vertical, the market can be segmented into aerospace & defense, consumer electronics, commercial, medical, and others. Regarding technology, the market can be segmented into marker-based and markerless.
The regional segmentation of the global augmented reality market has segmented the market into the regional markets known as Asia Pacific, North America, Europe, and the rest of the world (RoW). During the forecast period, the Asia Pacific market is expected to hold the maximum market share due to the growing mobile device manufacturers in China & India, technological advancements, and increased adoption of mobile devices across various industry verticals. The other two technologically advanced country-specific markets in this region are Japan and South Korea, followed by the remaining countries of the Asia Pacific region.
North America has been estimated to emerge as the fastest growing regional Augmented Reality Market Forecast due to technological advancement as well as the presence of many key market players in this region. The most lucrative country-specific markets in this region are the USA, Canada, and Mexico.
Europe is another important regional market that is expected to grow due to the reasons that are the same as in North America. In this region, the key country-specific markets are France, Germany, Italy, Spain, and the UK.
The RoW segment lists the countries in the Middle East & Africa (MEA) region and Latin America. In the MEA region, the market is limited due to most countries being poor, lack of infrastructure, lack of awareness, lack of advanced technology, lack of education, and lack of skilled professionals. The market in Latin America is small because the availability of advanced technology is limited in this region. Argentina and Brazil are two important economies that have the potential to grow as lucrative markets in the future.
The key players in the global augmented reality market include Blipper Inc. (UK), Catchoom Technologies (Spain), DAQRI (USA), Facebook, Inc. (USA), Google Inc. (USA), Infinity Augmented Reality Inc. (USA), Magic Leap Inc. (USA), METAIO’s SDK (Germany), Microsoft Corporation (USA), Osterhout Design Group (USA), PTC Inc. (USA), Qualcomm Technologies Inc. (USA), Samsung Electronics Corporation Ltd. (South Korea), Sony Corporation (Japan), Total Immersion (France), Wikitude GmbH (Austria), and Zugara Inc. (USA).
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