Augmented Reality Market to grow at 65% CAGR from 2017 to 2024

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Augmented Reality Market to grow at 65 CAGR from
2017 to 2024 Global Market Insights Inc.
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Industry Overview

• AR market is expected to grow at a significant
  rate, owing to the growing penetration in
  industrial applications. Industries such as
  retail, automotive and medical are leveraging the
  potential of the technology to enhance
  operational efficiency. The technology helps to
  cut major costs such as additional manpower. For
  instance, Brick and Mortar stores have adopted AR
  apps to navigate guide the shopper through the
  aisles to all the products. These are used to
  trigger customer imagination and entice to try
  products which increases the user engagement
  level. Several organizations including research
  and development labs are investing immensely in
  the technology to develop solutions for
  enterprise and consumer segments.
• Growing use of the technology in construction and
  architecture is expected to drive the augmented
  reality market growth. Construction companies are
  heavily investing in implementing the technology
  for designing and modelling with advanced 3D
  tools instead of working on time-consuming
  blueprints. This has increased the efficiency,
  reduced instances of errors, and saved resources
  on a construction site. For instance, Bentley
  Systems is using HUDs in construction and
  excavation to have blueprints at the fingertips
  of the workers.

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• Rising privacy issues due to the increasing usage
  of the technology is expected to hinder the
  augmented reality market over the forecast
  timeframe. The technology is able to reveal
  personal information to strangers or a group of
  people that causes the privacy risks.
  Furthermore, lack of technical expertise is
  expected to challenge the industry growth.
  However, rising inclusion of the technology in
  academic syllabi is expected to solve the issue
  in the long term.
• Hardware segment in the AR market is projected to
  gain considerable share, owing to growing
  popularity of smart glasses. Ease-of-use and
  high-degree of convenience offered by these
  devices is attracting consumer attention. Many
  companies including Sony, Vuzix, Epson, Solos,
  and ODG are developing smart glasses with sharp
  resolutions and high-quality specifications.
• HMDs are expected to grow at a significant rate
  over the forecast timespan, owing to increasing
  applications in the military defense sector. In
  May 2014, U.S. military announced that the launch
  of ARC4, a system designed to equip the soldiers
  on the battlefield. The gadget attaches to
  military helmets and allows commanders to send
  maps and navigation information to soldiers
  field of vision. Such innovations are expected to
  propel the HMD demand and thus the augmented
  reality market growth.

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U.S. AR market size, by application, 2016 2024
(Mn)

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Industry Coverage
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• Growing penetration of the technology in travel
  and tourism industry is expected to propel the
  augmented reality market growth. Several
  applications that leverage the technology are
  being developed to guide tourists in foreign
  countries. For instance, google developed Word
  Lens, which is now a part of Google Translate.
  The app translates text to users language when
  aimed at a foreign sign. Yelp has developed Yelp
  Monocle, an AR feature that gives information to
  the user on local establishments on pointing the
  smartphone at a location.
• Key players in the AR market include Blippar,
  Google Inc., Microsoft Corporation, Upskill,
  DAQRI LLC, PTC, Qualcomm, Magic Leap, Wikitude
  GmbH, Samsung Electronics Co. Ltd., Apple Inc.,
  Facebook Inc., HTC Corporation, and Marxent Labs,
  LLC. The players in the industry are investing in
  RD to develop application-specific
  differentiated products. Several start-ups are
  emerging in the field to cater to specific user
  requirements. For instance, U.S.-based startup,
  Brain Power has developed AR software suite,
  Empowered Brain to tackle the educational
  challenges of autism.

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