LONDON--(BUSINESS WIRE)--The global AR market size is poised to grow by USD 76.99 billion during 2020-2024, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The increasing adoption of AR-enabled smart glasses will be a significant factor in driving the growth of the augmented reality market. The popularity of smart glasses is growing because of its ability to blend the user’s vision with the virtual world effortlessly. These glasses use a combination of display, sensors, accelerometers, smart software, and internet connectivity to add contextual information to the wearer views. AR-enabled smart glasses are increasingly being used for various day-to-day domestic and professional uses. The augmented intelligence biometric-enabled smart glasses platform launched by Vuzix and ST Engineering boosts the productivity of enterprise customers and enhances public safety. The increasing adoption and regular launch of such innovative products will fuel the growth of the augmented reality market during the forecast period.
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Report Highlights:
- The major AR market growth came from the enterprise segment. AR apps are used by enterprises to check inventory, provide information on available stock, and save time and travel costs through remote assistance. AR technology also helps enterprises in training, data visualization, marketing, collaboration, inspection, repairs, solving complex problems, and minimizing errors. These advantages and the high level of customization offered by augmented reality will boost its adoption for various applications in enterprises.
- APAC will offer maximum growth opportunities to market vendors during the forecast period. Factors such as increasing investments, advances in technology, and the presence of prominent vendors are responsible for augmented reality market growth in this region.
- The global AR market is concentrated. Alphabet Inc., Dynabook Inc., Facebook Inc., Microsoft Corp., PTC Inc., Qualcomm Inc., Samsung Electronics Co. Ltd., Upskill, Vuzix Corp., and Zugara Inc. are some of the major market participants. To help clients improve their market position, this AR market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global AR market 2020-2024 is expected to have Positive and Superior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Increasing Popularity and Penetration of AR Technology in Smartphones and Tablets will be a Key Market Trend
Mobile device manufacturers are integrating AR solutions in their smartphones, phablets, and tablets to enhance user experience and increase their value proposition. The basic computer vision and positional tracking allow consumers to enjoy AR functionality on their mobile devices. The launch of AR applications such as Google Translate, Amazon AR View, Arise, and InkHunter will further boost the integration of AR technology in mobile devices. The increasing popularity and penetration of AR technology in smartphones and tablets, which is one of the critical augmented reality market trends, has encouraged market vendors to develop applications and mobile AR ecosystem for AR phones.
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AR Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist AR market growth during the next five years
- Estimation of the AR market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the AR market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of AR market vendors
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PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
- Preface
- Currency conversion rates for US$
PART 03: MARKET LANDSCAPE
- Market ecosystem
- Market characteristics
- Market segmentation analysis
PART 04: MARKET SIZING
- Market definition
- Market sizing 2019
- Market size and forecast 2019-2024
- Market Outlook
PART 05: FIVE FORCES ANALYSIS
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
PART 06: MARKET SEGMENTATION BY APPLICATION
- Market segmentation by application
- Comparison by application
- Enterprise - Market size and forecast 2019-2024
- Retail - Market size and forecast 2019-2024
- Healthcare - Market size and forecast 2019-2024
- Media and entertainment - Market size and forecast 2019-2024
- Education - Market size and forecast 2019-2024
- Other applications - Market size and forecast 2019-2024
- Market opportunity by application
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
- Market drivers
- Market challenges
PART 11: MARKET TRENDS
- Increasing AR integration in mobile devices
- Platform-independent
- Growing number of acquisitions and partnerships
PART 12: VENDOR LANDSCAPE
- Overview
- Landscape disruption
- Competitive scenario
PART 13: VENDOR ANALYSIS
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Alphabet Inc.
- Dynabook Inc.
- Facebook Inc.
- Microsoft Corp.
- PTC Inc.
- Qualcomm Inc.
- Samsung Electronics Co. Ltd.
- Upskill
- Vuzix Corp.
- Zugara Inc.
PART 14: APPENDIX
- Research methodology
- List of abbreviations
- Definition of market positioning of vendors
PART 15: EXPLORE TECHNAVIO
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