AR market to be worth $60bn by 2023 as businesses back mixed reality

Taken from a report on Verdict: Augmented reality (AR) is expected to be worth $60.55bn by 2023, according to data published by MarketsandMarkets. The research attributes this expected growth to rising investments in the AR market.

Augmented reality, which sees digital elements blend with the real world, was worth $4.21bn in 2017.  The forecast means the AR market will grow at a compound interest growth rate of 40.29%.

Various sectors have been exploring ways to use the technology. In healthcare, surgeons at St Mary’s Hospital, London, have been using Microsoft HoloLens to provide visual assistance during surgery.

Interest from emergency services has also been high, with plans to use an AR overlay in the US to track the position of firefighters in a burning building.  Jeremy Dalton, head of VR/AR at PwC, said: “Once Augmented Reality becomes a default part of the devices in everyone’s pocket it will enhance the business case for developing further AR applications and help build greater comfort with its use in society, both of which will help drive adoption.”

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