The augmented reality (AR) market is expected to grow with a CAGR of 79.6% between 2015 and 2020
Asia-Pacific would be the fastest-growing region in the AR market. The increasing demand for AR applications and devices for 3D visualization and disease detection in the medical field would be one of the major drivers in the AR market. The increased use of AR in retail, e-commerce, architecture, and automobile industry is also one of the drivers for the AR market.
This report on the AR market is aimed towards analyzing the augmented reality market with respect to its type, technology, component, display type, application, and geography.
Augmented reality is set to change the way people look at things through its applications in the fields such as aerospace & defense, consumer, and commercial sectors. These would be the fastest-growing segments in the augmented reality market. AR would help in increasing the efficiency, the infrastructure, and the image display with its computing power. It would help to facilitate the day-to-day communication activities in people’s lives. Smartphones have been recognized as utmost promising devices for an AR market in future. At the moment, with the rise of the smart phones and AR browsers, consumers have started accepting this human computer communication.
The handheld displays are likely to have the highest growth in the augmented reality market. The increased use of PSPs and smartphones would help drive the AR market. The growing gaming market is also a driver for the AR technology. The outstanding features of spatial display find prominent application areas including industrial design & visualization, scientific simulations, inertial design & architecture, and home entertainment majorly among others which have helped the AR market to grow.
The North American augmented reality market is the leading market in terms of market size. The presence of the major companies dealing with augmented reality technology has been one of the major factors for the high growth of the market during the recent period. Also, the use of augmented reality in the medical sector would also help the growth of the North American augmented reality market. The Asia-Pacific augmented reality market would be the fastest-growing region to the fast growing sectors such as commercial and consumer in this region, at a CAGR of 91.06% between 2015 and 2020.
The development of AR depends on the advancements in the computers and the digital network. The factors such as the limited processing power, less storage, and restricted size of the memory card in mobile phones are the restraints for the growth of the market. The major players such as Google, Inc. (U.S.), Microsoft Corporation (U.S.), Qualcomm, Inc. (U.S.), Total Immersion (France) are likely to focus on the new product developments using the AR technology to achieve a dominant position in the augmented reality market.