Augmented reality is one of the most interesting scientific discoveries. It can be explained as a kind of virtual reality wherein real world elements are enhanced through inputs such as video, sound or graphics. This technology has become a hit amongst the masses. Due to this the global augmented reality market has reached new heights of success.
The process of augmentation is carried out mostly through computer – generated perceptual information. The put over information can either enhance the existing environment or overlap the existing environment. If the latter happens the viewer can experience an alternate & enhanced version of reality. In other words, augmented reality has the ability to alter an individual’s view of the real world environment.
This innovative & beneficial technology has changed the face of modern education & healthcare centers. Many business set-ups have started using AR based applications. This has enabled their client to view data that is linked with the physical items in a given area. This way the client experience is enhanced. Looking at all of these factors, it can be concluded that the market has great future potential.
The current generation is tech savvy, this fact can work wonders for this market. Experts believe that the global augmented reality market will observe massive progression in the coming years. During the forecast period of 2018-2022, the market is expected to reach USD 150.9 billion. The market will register growth at the impressive CAGR of 54.8%.
The success of augmented reality market will be driven by a number of growth drivers. High ratio of adoption of digital media & surge in the need for 3-D visualization in the medical industry can be termed as a key growth propeller.
Another crucial growth booster for this industry is the increasing preference of augmented reality advertisements amongst the marketers. Through such ads, the customers can look for the best products, get their queries answered & get results according to their individual requirements.
The technological innovations in the retail industry, automotive sector & consumer electronics further foster the growth of the market. Other advances like heightened usage of smart phones & devices and upsurge in the popularity of e-commerce also play a pivotal role in the growth of the market.
The market may face a few hurdles on its path to success. One of the major obstacles would be the shortage of a sound battery technology to foster the power needs of AR based applications. But with passing time the market will overcome this issue.
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.
Regionally, the market is spread across North America, Asia Pacific, Europe & Rest of the World.
There is no shortage of new & innovative product launches in the augmented reality market. The healthcare sector witnessed a major advancement in the past year. It saw the launch of AccuVein, which is a handheld device that has the ability to scan & illuminate a map of a patient’s veins over their skin to ease IV injections. It has greatly helped the medical professionals who used it.
Key Players & Strategies
Some of the big names in this industry can be listed as, Inglobe Technologies, Magic Leap, Scope AR & Microsoft Corporation. The major strategies employed by these players are new product launches & strategic partnerships.
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