According to Goldstein Research, “Rising penetration of smart phones and global digitization of every industry are the major factors driving the growth of augmented reality market.” Augmented reality technology offers users to engage and interact with stimulations, which is best with entertainment and learning applications. AR technology allows the users to interact with physical world, which are the major factor attracting new consumers and industries for its adoption.
The augmented reality market is segmented based on technology, by components and by end users. Components segment is further bifurcated into Hardware and software. Hardware segment accounted for the largest revenue share of 57% in global augmented reality market with 0.4 million unit shipments of AR hardware devices around the world. Further, the shipments of augmented reality hardware devices are projected to reach 48.6 million units by 2024.
Global augmented reality market accounted for more than USD 2.1 billion in 2016, which is anticipated to surpass USD 96 billion by the end of 2024. Further, the market is projected to expand at a CAGR of 60.9% over the forecast period i.e. 2016-2024.
North America is the largest region for augmented reality market in 2016 and is expected to dominate the market during the forecast period of 2016-2024. North America augmented reality market valued USD 1.32 billion in 2016 and is estimated to reach USD 45.3 billion by 2024. United States is expected to dominate the augmented reality market in North America owing to high investment in R&D of augmented reality by the home entertainment tech giants such as Google, Microsoft and Apple as a result of high demand from various different industries including gaming, healthcare and defence.
High investment over research and development of augmented reality technology: Major Boost
Over Past few years, the augmented reality industry witnessed several notable activities by major players such as Facebook and Apple, which led to the robust increase in developer activities as well as widespread coverage in market. For instance, Microsoft HoloLens and Google Tango played an important role to lay the groundwork and educate the market about the capabilities of augmented reality technology. Further, advancement in these platforms is expected in nearby future, in response to Apple's ARKit.
“Global Augmented reality Market Outlook 2024” contains detailed overview of the global augmented reality market in terms of market segmentation by technology type, by components type and by end users.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Augmented reality Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Microsoft Apple, Google, Qualcomm Inc., Magic Leap, Sony, Augmented pixels Inc., Niantic Labs, Samsung, Intel etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global augmented reality market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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