According to a new market research report "Augmented Reality Market by Component (Sensor, Display, & Software), Display Type (Head Mounted, Head-Up, Handheld, & Spatial), Application (Aerospace & Defense, Consumer, Commercial), and Geography - Global Forecast to 2020", the total augmented reality market is expected to reach USD 56.8 Billion by 2020, at a CAGR of 79.6% between 2015 and 2020. The growing demand for augmented reality technology in consumer, commercial, and aerospace & defense segments would drive the growth of the augmented reality market.
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The augmented reality technology would drive the specialized applications in the diverse fields. The augmented reality was initially developed for the military purpose to train the military personnel. It would help the military personnel to be aware of the new instruments and weapons. Augmented reality technology is also used in the medical sector to train the doctors and the nurses to help the patients treat better. The gaming experience has been much more fruitful with the augmented reality being used in generation of the games.
The augmented reality market is expected to exhibit a high growth in the next five years. The use of augmented reality technology in sectors such as aerospace & defense, consumer, and commercial would be high in the coming years. The applications such as aerospace & defense and automotive would also help boost the augmented reality market.
The presence of major companies such as Google, Inc. (U.S.), Qualcomm, Inc. (U.S.), Microsoft Corporation (U.S.) in the North American augmented reality market is likely to boost the market growth in the region. The European augmented reality market would follow North America in terms of market growth. The associations such as the EuroVR, the European Association for Virtual Reality and Augmented Reality and the growth of automotive and aerospace & defense sector in the region would help the growth of European augmented reality market. The Asia-Pacific AR market is likely to be driven by fast-growing commercial sector in the region.
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This report provides a detailed analysis of the overall augmented reality market and segments the same based on type, component, technology, application, display type, and geography.
The objective of the research study was to analyze the market trends for each of the types of the augmented reality, technology in the augmented reality, growth rates of the various applications (aerospace & defense, medical, consumer, and commercial), and the growth of segments distinguished by components such as hardware (sensor, semiconductor component, display) and software in the augmented reality market. The display types such as head-mounted display, head-up display, handheld device display, and spatial display have also been analyzed with respect to its use for the augmented reality market.
Apart from the market segmentation, the report also covers the Porter’s five forces analysis, the market’s value chain with a detailed process flow diagram, and the market dynamics such as drivers, restraints, opportunities, and challenges in the overall augmented reality market. The major market players covered in the report are Google, Inc. (U.S.), Qualcomm, Inc. (U.S.), Microsoft Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea). The start-ups such as Magic Leap, Inc. (U.S.) are also the ones to look out for in the AR market.
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