Augmented Reality Global Market to 2024
Earlier this week, an article on GlobeNewswire discussed a research report by Global Market Insights, Inc., which analyses the global Augmented Reality market by component, display device, and application. According to the report, the global AR market is predicted to increase at a compound annual growth rate (CAGR) of 80.8% from 2016 to 2024.
The AR market is segmented into the components hardware and software, and into the display devices smart glass, head-mounted display, and head-up display. The applications it is segmented into are:
- Medical
- Automotive
- Industrial
- Gaming
- Retail
- Aerospace and defense
- Other
The regional segments are:
- North America (US, Canada)
- Europe (UK, Germany, France, Italy, Russia)
- Asia Pacific (China, India, Japan, South Korea, Taiwan)
- Latin America (Brazil, Mexico)
- MEA
Significant points from the report include:
- Drivers of the AR market include the commercialisation of new tech devices, improving the quality of sensors in AR devices, rising demand for software apps, increased adoption in e-commerce and retail, and high demand from enterprises to bridge the physical and digital world.
- By 2016, more than $1.6 billion was invested in the development of AR display devices.
- By 2024, it is predicted that head-mounted displays will account for more than 50% of the AR industry due to increased demand in applications such as education, manufacturing, training, and entertainment.
- AR automotive applications are forecast to increase at a CAGR of over 80% from 2016 to 2024 due to the integration of technology with vehicles.
- The AR market in China will see significant growth during the forecast period due to more investment in the manufacturing industry.
Companies that will account for AR market share include:
- AREA member DAQRI
- Blippar
- Apple
- Sony
- Microsoft