Augmented Reality (AR) Market will grow at 85.2% CAGR to exceed USD 133.78 Billion by 2021
Some of the major players in the augmented reality market are Magic Leap, Immersion, Apple, Daqri LLC, Sony, Blippar, Microsoft, Wikitude, Google, PTC, CyberGlove Systems Inc., Infinity Augmented Reality, Eon Reality, Inc., ODG, and Samsung Electronics among others. These players are all set to place the augmented reality market to new heights.
According to Zion Market Research, the global augmented reality market was capitalized at almost USD 3.33 Billion in 2015 and is likely to cross almost USD 133.78 Billion by 2021, developing at a CAGR of slightly more than 85.2% from 2016 to 2021.
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High Penetration Of Tablet And Smartphones To Prompt The Adoption Of Augmented Reality Market In The Years To Come
“Up-and-coming trends such as increasing convergence between AR, wearable devices, and GPS are likely to boost the requirement of augmented reality market,” as per analysts at Zion Market Research. High penetration of tablet and smartphones is the primary reason in prompting the adoption of augmented reality market. UI (User Interface) limitations might hinder the development of the augmented reality market. It also shows technological inefficiency in determining different physical challenges owing to lack of data in view management, hindering the augmented reality market.
Various initiative by market players is also one of the reason accountable for the development of augmented reality market. For example, in January 2018, Google launched a new Google expeditions, which offers AT to schools and allows better learning experience & understanding for the students. In addition, it is being employed to visualize 3D world landmarks, landscapes, and many more.
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Different Firms Operating On Improving The Quality Of Processors And Sensors To Have A Huge Role In The Development Of Augmented Reality Market
Augmented reality market is divided based on the display, component, region, and application. Components comprised in this tech are software and hardware (semiconductors, display, and sensor). The hardware elements are expected to grow with a strong CAGR in the years to come. Firms such as Microsoft and Sony are likely to launch their AR based devices in the near future, which is anticipated to intensify the competition in the augmented reality market over the years to come. In addition, different firms are operating on improving the quality of processors and sensors, which is employed in AR devices. For example, Google has joined hands with the chip makers to build camera components and processors for Android handsets.
With the biggest share, Asia Pacific surfaced up as ruling party for augmented reality market in 2015 due to high technology acceptance rate. Mobile augmented reality market in China is boosted by the high manufacturing by its smartphone sector. The commercial applications such as tourism, e-learning, and e-commerce are likely to show substantial development due to the penetration of tablet and smartphones.
The global augmented reality market is segmented as follows:
- Hardware (Sensor, Semiconductor, and Display)
- Head-mounted display
- Head-up display
- Handheld display
- Spatial display
- Aerospace & Defense
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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