LONDON--(BUSINESS WIRE)--The global augmented reality (AR) market is expected to grow by USD 76.99 billion during 2020-2024 according to the latest market research report by Technavio. Request a free sample report
Smart glasses enhance the user’s experience in the real world by adding contextual information to what the wearer views. These smart glasses are equipped with AR technology for professional use that boosts the productivity of enterprise customers. This has encouraged the launch of products such as Google Glass Enterprise Edition 2, an optical HUD, and Microsoft HoloLens 2, a pair of MR smart glasses with high definition 3D optical HUDs and spatial sound. In January 2019, Vuzix and ST Engineering launched the augmented intelligence biometric-enabled smart glasses platform. The Vuzix company also launched Vuzix Blade, which is a wearable smart display and offers a see-through viewing experience. The regular launch of such innovative AR-enabled smart glasses and their increased adoption will boost the growth of the augmented reality (AR) market during the forecast period.
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As per Technavio, the increasing AR integration in mobile devices will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Augmented Reality (AR) Market: Increasing AR Integration in Mobile Devices
Many manufacturers of mobile devices such as tablets, phablets, and smartphones are using AR solutions to increase the value proposition of mobile devices and enhance the user experience. They are creating AR mobile platform by integrating hardware and software and are producing applications for AR phones to build a mobile AR ecosystem. For instance, Windows has integrated City Lens, an AR app, in its Lumia range of smartphones. Some of the applications of AR include InkHunter, ARise, Amazon AR View, and Google Translate. The launch of such applications and integration of AR in mobile devices is expected to showcase a positive outlook during the forecast period.
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Augmented Reality (AR) Market: Segmentation Analysis
This market research report segments the augmented reality (AR) market by application (Enterprise, Retail, Healthcare, Media and entertainment, Education and Other applications) and geography (APAC, Europe, MEA, North America and South America).
The North America region led the augmented reality (AR) market in 2019, followed by APAC, Europe, South America and MEA. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the strong presence of major automobile giants, increasing integration of HUDs with AR solutions, and a high demand for AR technology in the military and defense sector.
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Some of the key topics covered in the report include:
Application Segmentation
- Enterprise
- Retail
- Healthcare
- Media and entertainment
- Education
- Other applications
Geographic segmentation
- APAC
- Europe
- MEA
- North America
- South America
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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