Augmented Reality market to revolutionize the technology business space: Automotive & Retail to witness heavy adoption rate
Augmented reality (AR) market has witnessed a paradigm shift from being just a feature in the gaming space to transforming the automotive industry, healthcare, e-commerce, retail, aerospace & defense industries. This potential shift in AR technology and consumer demand is expected to rapidly fuel the augmented reality market size over the forecast period. Moreover, increasing usage of smartphones with AR apps which enables smooth work operations is favorably impacting the augmented reality industry trends. According to a study by Global Market Insights, Inc., “Augmented reality market is estimated to grow at a CAGR of 80.8% over the period of 2016-2024”.
The convergence of AR with IoT is likely to bridge the physical and digital worlds into a single new reality. This game-changing technology is being widely adopted across all the sectors globally, and is poised to revolutionize the future of industries worldwide.
Germany Augmented Reality Market size, by application, 2014-2024 (USD Million)
AR is witnessing extensive set of applications across all the sectors such as medical, industrial, automotive, gaming, aerospace & defense, and retail. However, when it comes to utilizing this technology the car industry is currently ahead of the others. Augmented reality industry share in the automotive space is expected to grow at a CAGR of over 80% from 2016-2024. Car companies are using augmented reality to create digital showrooms which will enable the customer to take a 3D walk around their selected model, bringing a new dimension to the consumer convenience.
Get a Sample Copy of this Report:@ https://www.gminsights.com/request-sample/detail/695
AR is also spreading its roots in the industrial application which was worth over 25% of global augmented reality industry share in 2015. Market giants such as Airbus, Boeing and Bosch are adopting AR technology to full potential in order to improvise their engineering techniques with respect to error prevention, inspection, work instruction, training, and maintenance.
Augmented reality product market comprises hardware and software components. Hardware components in the augmented reality market are estimated to witness a noticeable growth rate of 90% over the period of 2016-2024. The growth can be attributed to the rising adoption of smart glasses, HMDs, and HUDs globally. Moreover, evolving technological advancements in sensors, processors, and displays will further enhance the hardware devices share in the AR industry. Software components will also attain lucrative gains in the augmented reality market, being influenced by the rising number of mobile applications pertaining to the demands from various sectors such as healthcare, automotive, industrial, retail, e-commerce, etc.
Asia Pacific AR industry, with growth imminent from China, will witness a significant surge over the coming seven years. Massive investments in technology, expansion in smartphone & tablet industry, and strategic alliances will contribute towards the regional AR market growth. North America is poised for extensive deployment of the augmented reality technology, primarily in the automotive and industrial sectors. U.S, being the leading region of the North America augmented reality market, is projected to surpass USD 24 billion by 2024.
Industry players will heavily invest in R&D to offer advanced products & solutions, to meet the evolving consumer demands. Moreover, key growth strategies such as strategic alliances and mergers & acquisitions will be widely adopted to enhance branding and regional presence. Manufacturing and Healthcare will emerge as two of the key application areas, contributing heavily towards the AR market share over the coming years. Key industry participants include Google, Wikitude, Total Immersion, Blippar, Daqri, Microsoft, Apple, Sony, Magic Leap and ODG.
Author Name : Ojaswita Kutepatil