Sellbyville, DE -- (SBWire) -- 10/23/2018 --The hardware segment of the augmented reality market is expected to grow rapidly over the forecast time span. Common applications, such as gaming and retail, use AR applications on tablets and smartphones, not requiring a dedicated hardware device such as HMDs or smart glasses. However, enterprise uses of the technology such as designing, manufacturing, and quality check in aerospace & defense, industrial, automotive, and medical are increasingly investing in hardware such as HMDs and smart glasses.
(AR) Augmented Reality Market is estimated to surpass USD 50 billion by 2024. Rising applications of the technology in retail and e-commerce are expected to drive the AR market growth. According to Retail Perceptions, about 61 percent of the shoppers prefer to shop at the outlets that offer augmented reality experiences and about 40 percent are willing to pay more if they could experience the product using the technology.
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Retailers are increasingly investing in implementing the technology in their stores to attract customers and enhance their experience, thus fueling the augmented reality market growth.
Rapid adoption of the technology in aerospace & defense is expected to drive the augmented reality market growth. Companies are investing in leveraging the technology to improve manufacturing processes, reduce costs, and save time. The technology helps technicians in building hugely chaotic and complex wire webs to connect electrical systems in the aircraft.
AR is a highly niche technology and the vendors are filing patents for all their new advancements. This is restricting the knowledge transfer among industry participants, restraining the augmented reality market growth. Furthermore, the technology is expensive to implement and thus remains inaccessible for small and medium businesses. The high capital that is required to procure devices to implement the technology reduces its adoption.
Smart glasses are expected to grow at a fast rate owing to increasing applications in retail, gaming & entertainment, aerospace & defense, and industrial applications, propelling the augmented reality market growth. Companies are developing differentiated devices, such as voice-enabled smart glasses, to gain a competitive advantage.
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Amazon has developed a licensing program to allow third parties to implement Alexa in their products. This is expected to propel the augmented reality market growth.
Germany augmented reality market is expected to grow at a fast pace over the forecast time span owing to increasing applications of the technology in the automobile industry. In the race to develop driverless cars, manufacturers, such as Audi and BMW, are implementing the technology in automobiles to increase the level of self-driving capabilities. The manufacturers are also implementing the technology in manufacturing processes to improve the operational effectiveness.
Some of the key players in the augmented reality market include Blippar, Magic Leap, Facebook, Inc., Google, Inc., DAQRI, Upskill, PTC, Apple, Inc., Qualcomm, Wikitude GmbH, Microsoft Corporation, Samsung Electronics Co., Ltd., HTC Corporation, and Marxent Labs LLC.
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Augmented Reality Market to Witness 65% CAGR Till 2024 : Google, Blippar, Daqri, PTC, Upskill, Magic Leap and 20 Other Companies Profile
Europe augmented reality market is expected to gain momentum over the next seven years, owing to increasing use of technology in industrial and automobile sectors.