Augmented Reality Market To Reach USD 216.1 Billion By 2027 | CAGR 45.6% - Forencis Research

Augmented Reality Market Size, Share, Trends, Growth, Analysis, Research

Global Augmented Reality market: Key Highlights

  • According to the new market research report “Augmented Reality Market by Component (Hardware, Software), by Type (Marker-based, Markerless, Location-based), by Device Type (Heads Up Display, Holographic Displays, Smart Glasses, Handheld Devices), by End-User (Media and Entertainment, Aerospace and Defense, Healthcare, Education, Automotive, Retail, Others), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America,) – Global Forecast (2019 to 2027)”, the global Augmented Reality market is estimated to reach USD 216.1 Billion by 2027 at a CAGR of around 45.6% during the review period.
  • Rapid adoption of augmented reality in various sectors and investments in the technology are few key factors among others driving the demand for augmented reality.
  • However, issues regarding privacy of the users remain a major restraining factor for the growth of the augmented reality market.

Augmented Reality market

Global Augmented Reality market: Key Market Dynamics

  • Increasing adoption of augmented reality in advertising is expected to drive the market of augmented reality, as the technology is more profitable to the advertising sector compared to conventional methods.
  • Privacy issues in augmented devices is expected to restrain the market as the devices using technology collects data of the users and of the surrounding that may affect privacy of the user and of the individuals present in the surrounding.  
  • Integration of Artificial Intelligence (AI) and Augmented Reality (AR) is expected to rise the market in near future as AI is another emerging technology, combination of AR and AI may enhance the user experience resulting in expansion of scope of application.
  • Limited Field of View (FOVs) in augmented devices is expected to challenge the growth of the market as the devices currently have very limited FOV that affects the user experience.

Global Augmented Reality market: Regional Overview

  • Asia-Pacific

The Asia-pacific region is predicted to dominate in the augmented reality market, because of the rapid development in technology and increasing adoption of digital devices in the region. Major semiconductors companies are located in this region, which invests a good amount on research and development in emerging technologies. In May 2018, Sony Corporation released 0.5-type OLED microdisplay, which can be used in augmented devices. Moreover, this region have young population that adopts to emerging technologies rapidly.

  • North America

Due to early adoption of emerging technologies such as augmented reality, virtual reality, and mixed reality, in addition because of rapid expansion of wireless technologies such as ZigBee, 5G, and Wireless Fidelity (Wi-Fi), the augmented reality market is expected to be fastest growing in this region. In 2018, Apple started testing ARKit 1.5 augmented reality platform, in addition in the same year company invested in OLED microdisplay as it is intensifying in the domain of AR technology.

Global Augmented Reality market: Key Players Overview

  • Google LLC:

Google LLC is a US-based multinational technology company that deals in search engine, cloud computing, software and hardware, among others. The product portfolio of the company comprises of various products, software and services designed for personal use, business use and for developers. It provides augmented reality facility in its devices that is automatically installed on supported devices, also the company have augmented reality developer platform named ARCore. In February 2020, the company released augmented reality headset, Google Glass Enterprise Edition 2 for direct purchase.

  • PTC:

PTC is a US-based multinational technology company engaged in providing products and solutions based on technologies such as Augmented Reality, Industrial Internet of Things (IIoT), Product Lifecycle Management (PLM), and CAD solutions. The product portfolio of the company comprises of Augmented Reality (AR) tools and solutions, IIoT software, CAD software, PLM software, PTC Mathcad Software, Service Lifecycle Management (SLM) software, and other products. In AR tools and solutions, the company provides Vuforia Studio, Vuforia Engine, Vuforia Expert Capture, and Vuforia Chalk. In February 2020, PTC collaborated with Tata Technologies to supply digital solutions such as digital twin, augmented reality, and virtual reality solutions to the manufacturing domain worldwide.

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Published : 2020-02-07