Augmented Reality Market shipments to witness 75%+ growth to 2024
SELLBYVILLE, Del., April 23, 2018 /PRNewswire-iReach/ -- According to a latest research report by Global Market Insights, Inc. " Augmented Reality Market shipments were over 100,000 units in 2016 and are predicted to grow at more than 75% CAGR during the forecast period." Rising applications of the technology in retail and e-commerce are expected to drive the AR market growth. According to Retail Perceptions, about 61 percent of the shoppers prefer to shop at the outlets that offer AR experiences and about 40 percent are willing to pay more if they could experience the product using the technology. Retailers are increasingly investing in implementing the technology in their stores to attract customers and enhance their experience, thus fueling the AR market growth. For instance, LEGO has created an app to encourage people to visit the LEGO stores and improve the shopping experience.
Rapid adoption of the technology in aerospace & defense is expected to drive the AR market growth. Companies are investing in leveraging the technology to improve manufacturing processes, reduce costs, and save time. For instance, Boeing is using Google Glass to construct aircraft wire harnesses. The technology helps technicians in building hugely chaotic and complex wire webs to connect electrical systems in the aircraft.
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AR is a highly niche technology and the vendors are filing patents for all their new advancements. This is restricting the knowledge transfer among industry participants, restraining the AR market growth. Furthermore, the technology is expensive to implement and thus remains inaccessible for small and medium businesses. The high capital that is required to procure devices to implement the technology reduces its adoption.
The hardware segment of the AR market is expected to grow rapidly over the forecast time span. Common applications, such as gaming and retail, use AR applications on tablets and smartphones, not requiring a dedicated hardware device such as HMDs or smart glasses. However, enterprise uses of the technology such as designing, manufacturing, and quality check in aerospace & defense, industrial, automotive, and medical are increasingly investing in hardware such as HMDs and smart glasses.
Smart glasses are expected to grow at a fast rate owing to increasing applications in retail, gaming & entertainment, aerospace & defense, and industrial applications, propelling the AR market growth. Companies are developing differentiated devices, such as voice-enabled smart glasses, to gain a competitive advantage. For instance, Vuzix is developing smart glasses with Amazon Alexa voice assistant. Amazon has developed a licensing program to allow third parties to implement Alexa in their products. This is expected to propel the AR market growth.
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Germany AR market is expected to grow at a fast pace over the forecast time span owing to increasing applications of the technology in the automobile industry. In the race to develop driverless cars, manufacturers, such as Audi and BMW, are implementing the technology in automobiles to increase the level of self-driving capabilities. The manufacturers are also implementing the technology in manufacturing processes to improve the operational effectiveness.
Some of the key players in the AR market include Blippar, Magic Leap, Facebook, Inc., Google, Inc., DAQRI, Upskill, PTC, Apple, Inc., Qualcomm, Wikitude GmbH, Microsoft Corporation, Samsung Electronics Co., Ltd., HTC Corporation, and Marxent Labs LLC. The industry ecosystem consists of several players such as hardware providers, technology providers, application developers, platform providers, content developers, and system integrators. Companies are investing in implementing the technology in utility apps. For instance, Google, Inc. is working on translating the text on billboards and street signs through cameras smartphones.
Buy this industry insights spread across 242 pages with 353 market data tables & 32 figures & charts from the report, "Augmented Reality Market Size By Component (Hardware [Smart Glasses, Head-Mounted Display (HMD), Head-Up Display (HUD)], Software), By Application (Medical, Automotive, Aerospace & Defense, Gaming, Retail, Industrial), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, China, Japan, India, South Korea, Taiwan, Brazil, Mexico), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024" in detail along with the table of contents:
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Chapter 5 Augmented Reality Market, By Application
5.1 Global augmented reality market share, by application, 2016 & 2024
5.2 Medical
5.2.1 Augmented reality market in medical applications, 2014 - 2024
5.2.2 Augmented reality market in medical applications, by region, 2014 - 2024
5.3 Automotive
5.3.1 Augmented reality market in automotive applications, 2014 - 2024
5.3.2 Augmented reality market in automotive applications, by region, 2014 - 2024
5.4 Aerospace & defense
5.4.1 Augmented reality market in aerospace & defense applications, 2014 - 2024
5.4.2 Augmented reality market in aerospace & defense applications, by region, 2014 - 2024
5.5 Gaming
5.5.1 Augmented reality market in gaming applications, 2014 - 2024
5.5.2 Augmented reality market in gaming applications, by region, 2014 - 2024
5.6 Retail
5.6.1 Augmented reality market in retail applications, 2014 - 2024
5.6.2 Augmented reality market in retail applications, by region, 2014 - 2024
5.7 Industrial
5.7.1 Augmented reality market in industrial applications, 2014 - 2024
5.7.2 Augmented reality market in industrial applications, by region, 2014 - 2024
5.8 Others
5.8.1 Augmented reality market in other applications, 2014 - 2024
5.8.2 Augmented reality market in other applications, by region, 2014 - 2024
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/augmented-reality-ar-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Media Contact: Arun Hegde, Global Market Insights, Inc., +13028467766, [email protected]
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SOURCE Global Market Insights, Inc.
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