Dublin, Nov. 11, 2024 (GLOBE NEWSWIRE) -- The "Augmented Reality Navigation Market by HMD, HUD, AR Navigation Software; Real-Time Location Data Management, Routing and Navigation, Asset Tracking, Reverse Geocoding; Built-in Mobile Sensors, Visual Positioning System, AR Cloud - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The augmented reality (AR) navigation market is expected to reach USD 6.33 billion by 2029 from USD 1.17 billion in 2024, at a CAGR of 40.3% during the 2024-2029 period.
The report segments the augmented reality navigation market and forecasts its size based and region. The report also provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing market growth. The report also covers qualitative aspects in addition to the quantitative aspects of the market.
Automotive end-user is projected to have the largest market share during the forecast period.
The integration of AR technology with advanced vehicles provides a transformative enhancement to the driving experience. The growing demand for advanced driver assistance systems (ADAS) and advanced navigation is becoming an important feature to provide drivers with real-time location and hand-free guidance with the help of head-up displays (HUD) that enhance safety and convenience. The increasing demand for autonomous and connected vehicles drives the market as augmented reality navigation integrates into these advanced systems, which leads to enhanced solutions and reduced distractions.
Augmented reality HUD is one of the biggest applications of AR navigation in automotive. AR HUD projects virtual images, direction signs, and text to the user and also provides location updates and spontaneous interaction with physical/real-life objects as an extension of the real world; this helps to boost the driver's awareness.
Additionally, the rising demand for premium, high-tech featured vehicles leads to increased investment in luxury and high-end models where augmented reality navigation contributes as a significant selling point. Augmented reality navigation helps users to navigate complex areas and avoid modern traffic. Strategic partnerships between technology and automotive manufactures such as Microsoft partners with Volkswagen and other partnerships are boosting the development and adoption of AR systems.
As global automotive markets expand, specifically in emerging economies, as the demand for advanced in-car technologies like augmented reality navigation is expected to accelerate.
Routing & navigation application of augmented reality navigation market expected to have the largest market share and grow at the highest CAGR during the forecast period
High dependency on smartphones and vehicle-mounted systems to navigate with intuitive and accurate navigation solutions is increasing. This facilitates route planning and safety through minimized distractions and improved situational awareness not only in vehicles but also while walking or cycling. The growing complexities in urban areas, together with increased travel and commuting have raised the demand for more advanced routing solutions capable of dynamic traffic conditions through clear and easy-to-follow guidance.
Routing & navigation is widely used in indoor areas and building such as retail & shopping malls, airports, museums, educational institutions and many other places. Multiple companies such as Navigine, SITUM TECHNOLOIES and many others are primarily focusing on indoor navigation solutions which leads to rise in the market share of routing & navigation application segment. Navigine offers QR based indoor augmented reality navigation solution by scanning QR codes, AR map specific to that location get accessible and provide augmented reality routes within the premises to any point of interest.
AR navigation apps, sub-segment of software in augmented reality (AR) navigation is expected to have the largest market share in the forecast period
Google Maps by Google LLC, Apple Maps by Apple Inc., Sygic GPS Navigation by Sygic, and many other players are offering AR navigation apps to enhance user navigation experience. Location-based augmented reality apps are geo-based and position-based AR solutions that help to identify the location. AR navigation app uses smartphone GPS and camera to implement an augmented reality-powered GPS navigation system; this helps users to be guided by visual paths on the smartphone camera preview. AR navigation apps also rely on digital compasses, motion tracking, or indoor positioning systems (for indoor augmented reality navigation). AR navigation apps help users to reach their destination with fewer instructions and avoid getting lost. Users can easily discover places, read reviews of the places, share information, and so on.
The report provides insights on the following pointers:
- Analysis of key drivers (incorporation of AI algorithms for accurate location tracking and real-time data updates is driving the augmented reality navigation market), restraints (high dependance on GPS and device sensors), opportunities (integration of 5G technology with augmented reality navigation), and challenges (less user acceptance and familiarity of augmented reality navigation)
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the augmented reality navigation market
- Market Development: Comprehensive information about lucrative markets - the report analyses the augmented reality navigation market across varied regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the augmented reality navigation market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players like Google LLC (US), Apple Inc. (US), Microsoft (US), WayRay AG (Switzerland), and Neusoft Corporation (China).
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 196 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $1.17 Billion |
| Forecasted Market Value (USD) by 2029 | $6.33 Billion |
| Compound Annual Growth Rate | 40.3% |
| Regions Covered | Global |
Companies Featured
- Google LLC
- Apple Inc.
- Furuno Electric Co. Ltd.
- Microsoft
- Wiser Marine Technologies Ltd.
- Arway Corp.
- Mapbox
- Treedis
- Wayray AG
- Viewar GmbH
- Neusoft Corporation
- Artisense GmbH (Kudan Germany GmbH)
- Indooratlas
- Hyper
- Situm Technologies
- Insider Navigation Inc.
- Wemap Sas
- Resonai Inc.
- Oriient New Media Ltd.
- Navigine
- 22Miles
- Sygic
- Veo
- Here
- Esri
For more information about this report visit https://www.researchandmarkets.com/r/tnzzb3
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