Sarasota, FL, Jan. 05, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Augmented Reality (AR) Market (Sensor, Display and Software) for Aerospace& Defense, Industrial, consumer, Commercial, E-Commerce, Retail and Other Applications: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021”. According to the report, global augmented reality market was valued at around USD 3.33 Billion in 2015 and is expected to reach approximately USD 133.78 Billion in 2021, growing at a CAGR of slightly above 85.2% between 2016 and 2021.
Augmented Reality (AR) is a live direct or indirect view of a physical, real-world environment whose objects are augmented by sensors of computer-generated input such as sound, graphics video, or GPS data. Hardware components used for augmented reality include a processor, contact lenses, display, sensors and input devices. Smartphone and tablets are major computing devices used for augmented reality (AR). In order to enable rapid development augmented reality (AR) uses some software such as software solutions, software developer kits, and cloud services that are implemented in hardware devices.
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The major factors which are fueling the augmented reality (AR) market growth are high penetration of smartphone and tablet worldwide. Increasing demand for technology base head-mounted display (HMD) also have a large application in medical, e-commerce, aerospace and defense which in turn driving augmented reality (AR) market. It is used in marketing, retail; commercial that may boost the AR market. Effective use of AR technology in retail and marketing further open ups new doors for the market penetration. For example, shopping experiences with the help of user’s location and Android applications for smartphones such as virtual changing room and adoption of AR technique will help users to visualize products realistically from any remote location. The gaming sector is also estimated to offer more interactive and engaging applications and products. The recent launch of Pokemon Go has experienced high demand in among users. Augmented reality market size also has application in sight-seeing, e-learning, tourism, and facility management. Adoption of smart glasses is predicted to exhibit the significant market growth in the consumer sector. Several companies are trying to manufacture more user-friendly and lightweight glass.
However, user interface (UI) may restrain the market growth because of its technical inefficiency in determining various physical obstacles. Another drawback of augmenting reality is that these products do not see hundred percent real since they are the digital reaction which can hamper the market growth.
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Augmented Reality (AR) market is segmented on the basis of few parameters such as components, display, and application. The hardware component is expected to show significant growth in the Augmented Reality (AR) market in near forecast period. The commercial applications such as e-learning, tourism, and e-commerce are expected to exhibit robust growth due to the high penetration of smartphones, and tablet.
In terms of revenue, Asia Pacific held the largest share of the global augmented reality (AR) market and is set to continue to dominate the global marketplace throughout the foreseeable future. This growth is mainly attributed to the booming service sector in countries like China and India. China is expected to drive the regional growth with the increasing investments in augmented reality devices and software. AR market in China is mainly driven by the high production of the smartphone industry. Local vendors have invested significantly in the AR technology and are expected to launch new smartphone apps that may further fuel market growth in the region. Many companies in North America are also investing in augmented reality market through collaboration and strategic alliances with another player that is expected to escalate the AR market growth in the region.
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Europe is another leading regional market and is predicted to witness noteworthy growth in the forecast period. The market growth is impelling due to the rising demand for augmented reality (AR) in automotive and retail sectors. Increasing investments by countries such as Germany and the UK are some of the major contributing factors to the growth of augmented reality (AR) market in Europe.
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The developing economies in Latin America also have a potential market for the growth of the augmented reality (AR) market. High demand for technology-based augmented reality devices are the key growth factors anticipated to contribute to the growth of the market in augmented reality of Latin America. The Middle East and Africa are estimated to be one of the fastest growing regional markets for augmented reality market in the coming years.
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Some of the key players in the augmented reality (AR) are Immersion, Magic Leap, Daqri LLC, Apple, Blippar, Sony, Wikitude, Microsoft, PTC, Google, Infinity Augmented Reality, CyberGlove Systems Inc., ODG, Eon Reality, Inc., and Samsung Electronics, among others.
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The report segment of global augmented reality (AR) market is as follows:
Global Augmented Reality (AR): Component Segment analysis
- Hardware (Sensor, Semiconductor, and Display)
- Software
Global Augmented Reality (AR): Display Segment analysis
- Head-mounted display
- Head-up display
- Handheld display
- Spatial display
Global Augmented Reality (AR): Application Segment Analysis
- Aerospace & Defense
- Industrial
- Consumer
- Commercial
- E-Commerce
- Retails
Global Augmented Reality (AR): Regional Segment analysis
- North America
- Europe
- The Asia Pacific
- Latin America
- The Middle East and Africa
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