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.
Drivers and Constraints Impacting the Market
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.
Global Augmented Reality Market: Segmental Analysis
The global augmented reality market has been segmented on the basis of device type, component, vertical, technology, and region.
By mode of component, the market has been segmented into software and hardware. The software segment is sub-segmented into cloud-based software and software development kits. The hardware segment is further sub-segmented into semiconductor components, displays, sensors, and 3D cameras. Among these, the software component is expected to witness a significant share due to growing focus on software development platforms.
By mode of device type, the market has been segmented into head-mounted displays, handheld devices, and head-up displays.
By mode of technology, the market has been segmented into markerless and marker-based technology.
By mode of vertical, the market has been segmented into aerospace & defense, consumer electronics, commercial, medical, and others. Among these, the consumer electronics and medical segments are predicted to hold the largest market share owing to the growing application of augmented reality in these segments.
Geographically, Augmented Reality Market Size 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.
A team of researchers at the Purdue University have developed a unique approach which allows experienced physicians and surgeons across the world to help less experienced doctors in natural disasters, war zones, and in rural areas to perform complicated processes. The technique incorporates augmented reality tools which connects healthcare professionals across the globe.
The major players operating the global market are Magic Leap Inc. (U.S.), Facebook Inc. (U.S.), Osterhout Design Group (U.S.), Blipper Inc. (U.K.), Microsoft Corporation (U.S.), Google Inc. (U.S.), PTC Inc. (U.S.), Catchoom Technologies (Spain), Total Immersion (France), METAIO’s SDK (Germany), Wikitude GmbH (Austria), DAQRI (U.S.), Zugara Inc. (U.S.), Infinity Augmented Reality Inc. (U.S.), Sony Corporation (Japan), Qualcomm Technologies Inc. (U.S.), Samsung Electronics Corporation Ltd. (South Korea), and others.
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