- Growing demand for AR devices in patient care management, and medical training and education is stimulating demand.
- Limited User Interface (UI) affecting navigation performance of AR applications may obstruct the growth of the market.
- Rising interest of Tech Giants in the AR market is further propelling the growth of the market.
Global AR Market is expected to grow from $5.25 billion in 2017 to $84.46 billion by 2025 at a CAGR of 41.5% during the forecast period from 2018-2025. Asia Pacific is dominating region because of the increase in R&D in APAC and the growing acceptance of newer technologies in the region are the drivers for the AR market.
Prominent companies in the industry include are Sony, Oculus, Samsung Electronics, HTC, Google, PTC, Microsoft, Wikitude, DAQRI, Zugara, Blippar, Osterhout Design Group, Magic Leap, Upskill, Continental, Visteon, Eon Reality, Vuzix, MAXST, and among others. Leaders are providing better opportunities and continuously focused on new product developments and venture capital investments to capture market share.
Offering segment is divided into segments such as hardware & software. The software segment is dominating the market and valued around $3.36 billion. The increasing use of software by blending the virtual and the real world to transforming the digital data into real-world analogue views is propelling the growth.
The technology segment includes marker-based augmented reality and markerless augmented reality. The markerless augmented reality segment is dominating the market with the highest share of 59.80% in 2017. In some instances, we just need to display 3D augmented reality models, which we can do without a marker, so we call it “markerless AR. Imagine an AR application that can place virtual furniture inside your living room. This allows you to try different combinations of objects, styles, and location.
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The device type segment is classified into HMD, HUD and Handheld Device. The HUD segment is dominating the market and valued around $2.6 billion in 2017. Head-mounted displays are the best devices to boost the growth of the AR market. Augmented reality smart glasses are leading the augmented reality market for head-mounted displays with their high demand for commercial, automotive, industrial, and healthcare applications.
The application segment includes enterprise, consumer, aerospace & defense, energy, commercial, healthcare and automotive. The consumer segment is dominating the market with the highest share of 28.50% in 2017. The augmented reality market has witnessed a high growth and leads the market owing to its use in apps. The AR gaming apps have seen widespread adoption in the last 2 years and are expected to be the major drivers for the growth of the augmented reality market.
Preference of consumers over online shopping has increased which demands are in retail and E-commerce is a major factor driving the market. In addition, growing demand for AR devices in patient care management, and medical training and education further stimulates the demand for such systems. Rising interest of Tech Giants in the AR market is further propelling the growth of the market. However, Limited User Interface (UI) affecting navigation performance of AR applications may obstruct the growth of the market. Nevertheless, growth prospects in the enterprise industry with the rising trend of smart manufacturing may boost the market in forthcoming years.