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$72.7Bn Augmented Reality Market by Offering, Device Type, Application and Region - Global Forecast to 2024 - ResearchAndMarkets.com

January 31, 2020 GMT

DUBLIN--(BUSINESS WIRE)--Jan 31, 2020--

The “Augmented Reality Market by Offering (Hardware (Sensor, Displays & Projectors, Cameras), Software), Device Type (Head-mounted, Head-up), Application (Enterprise, Consumer, Commercial, Healthcare, Automotive), and Region - Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.

The global augmented reality market size is estimated to grow from USD 10.7 billion in 2019 and projected to reach USD 72.7 billion by 2024; it is expected to grow at a CAGR of 46.6% from 2019 to 2024.

This report covers the augmented reality market based on device type, offering, application, and geography. A detailed analysis of the key industry players has been undertaken to provide insights into their business, products and services, and key strategies such as product launches, product developments, partnerships, contracts, agreements, mergers and acquisitions, collaborations, and expansions associated with the augmented reality market.

Increase in adoption of smart glass in the healthcare sector is the major factor driving the growth of augmented reality market

The most significant factor driving the growth of this market is the increase in the adoption of AR devices in the healthcare sector. AR devices are aiding surgeons to visualize joints, muscles, and internal organs without slicing the body. This enables surgeons to determine precisely where to make injections and incisions and further assisting in utilizing all the data collected during medical emergencies. Real-time data regarding a patient’s health is the major factor promoting the adoption of AR technology in the healthcare sector.

The software market for augmented reality market is capturing the largest share during the forecast period

Increasing penetration of AR software solutions and their compatibility with existing hardware devices is expected to help the growth of the market for software, thereby driving the augmented reality market during the forecast period. AR technology is anticipated to continue its growth in the software segment through the emergence of various nestling projects that will evolve into large-scale productions. Recently, numerous companies have experimented with augmented reality prototypes. For instance, companies such as IKEA and Walmart have already launched AR prototypes to enhance the shopping experiences of their customers. Thus, the software segment is set to grow because of the high growth of the number of apps and platforms in the AR space.

Consumers to hold a major share of the augmented reality application market during the forecast period.

The consumer application held the largest share in the AR market in 2018 and is expected to dominate the market during the forecast period. The consumer sector includes gaming and entertainment applications in which AR is used for creating 3D visual objects in the real world. The high growth of the gaming & entertainment sector boosts the growth of the AR market for consumer applications.

Augmented reality market in APAC expected to grow at the highest CAGR during the forecast period

The market in Asia Pacific includes China, Japan, India, South Korea, and Rest of APAC. Being an emerging economy, Asia Pacific is witnessing major changes in the adoption of new technologies and technological advancements. Due to the presence of most of the display panel manufacturers in the region such as Samsung, LG Display, BOE Technology, AU Optronics, and Japan Display, APAC witnesses increased the adoption of the latest technologies.

The consumer electronics; retail; banking, financial services, and insurance (BFSI); healthcare; transportation; and sports & entertainment industries are expected to contribute substantially to the growth of the AR market in APAC. These industries offer huge potential for the AR market because of the increasing awareness among consumers and the rising adoption of new technologies in various industries - especially in countries such as China, India, and South Korea.

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Companies Profiled

Key Players

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For more information about this report visit https://www.researchandmarkets.com/r/9xbdeu

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PUB: 01/31/2020 08:03 AM/DISC: 01/31/2020 08:03 AM