- Global augmented reality market is estimated to generate revenue of approximately $30 billion by 2023
- Augmented reality market is growing at a CAGR of 39% during the forecast period 2017-2023.
- The global augmented reality market has been segmented by component, device type, technology, and vertical.
The global augmented reality market is estimated to generate revenue of approximately $30 billion by 2023 growing at a CAGR of 39% during the forecast period 2017-2023. Augmented reality market is estimated to exhibit high growth potential during the forecast period owing to its increasing demand across various industry verticals.
Rising demand among the end users for augmented reality is driving the growth of the market. Additionally, innovations and advancements in technology, and increasing use of smart and connected devices is adding fuel to the growth of the augmented reality market.
Atheer, PTC, Bipplar, Google Inc., Microsoft Corporation, Samsung Electronics Co. Ltd., Wikitude GmbH, DAQRI, Zugara, Upskill, Magic Leap and Infinity Augmented Reality are some of the leading players in the market. Atheer has acquired SpaceView to create a richer augmented and mixed reality experience for the users. The company focusses on offering innovative solutions and keeps up with the fast pace of the technological advancements. With this acquisition, Atheer has extended its growing portfolio of innovative augmented reality and mixed reality technologies and capabilities.
Increasing trend of smart devices and growing trend of augmented reality devices in the healthcare sector are the major factors driving the growth of the market. The focus towards the promotion of the implementation of augmented reality devices in medical applications is increasing due to the convenience and creativity being provided, and growing trend of digitalization is another factor responsible for fueling the growth of augmented reality market.
The global augmented reality market has been segmented by component, device type, technology, and vertical. The vertical segment is further classified into consumer electronics, commercial, aerospace & defense, medical and others. However, the consumer electronics and medical sub-segments are expected to hold the largest share of the augmented reality market. This is owing to the increased applications of augmented reality in the medical and consumer electronics verticals which is ultimately driving the overall growth of the market.
Whereas, the automotive segment is expected to grow at the highest CAGR during the forecast period. Moreover, the market is witnessing considerable growth in demand for augmented reality with increasing demand for various smart and connected devices. Increasing popularity of e-commerce and retail is another major factor driving the growth of augmented reality market.
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The worldwide augmented reality market is segmented into five distinct parts. They comprise of technologies, applications, components, types, end-users & geographies.
- On account of technologies, the market is bifurcated into near eye based technology & monitor based technology.
- On the basis of applications, the market is fragmented commercial, enterprise, medical, energy, aerospace & defense and consumer electronics.
- The component section is sub-divided into software & hardware.
- When it comes to types, the industry is separated into head-up display, handheld devices & mounted display.
- Enterprises & consumers form the end-user’s portion of the market.
- Regionally, the market is spread across North America, Asia Pacific, Europe & Rest of the World.
There is no shortage of new & innovative product launches in the augmented reality market. The healthcare sector witnessed a major advancement in the past year. It saw the launch of AccuVein, which is a handheld device that has the ability to scan & illuminate a map of a patient’s veins over their skin to ease IV injections. It has greatly helped the medical professionals who used it.
Key Players & Strategies
Some of the big names in this industry can be listed as, Inglobe Technologies, Magic Leap, Scope AR & Microsoft Corporation. The major strategies employed by these players are new product launches & strategic partnerships.