According to a new market research report “Virtual Reality & Augmented Reality Market Forecast by Product (HMD, HUD, Tablet PC, Smartphone) for Gaming, Automotive, Medical, Advertisement, Defense, E-learning & GPS Applications (2011 - 2016)” published by MarketsandMarkets, the total augmented reality applications market is expected to reach $5151.74 million by 2016 at a CAGR of 95.3% from 2011 to 2016.
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The augmented reality applications market is still in the nascent stage. It has a long way to go in the subsequent five years. There are some shortcomings with respect to the technology that is being used to view the augmented image on a mobile phone and tablet PC’s. However, a number of research institutes such as University of Washington (U.S.), and MIT (U.S.) are working towards achieving high quality images and giving the user a far better experience as compared to what it is today.
Products such as smartphones, tablets, and eye wear are still in the introduction stage for augmented reality applications to be viewed. A number of augmented reality enabled gaming and e-learning applications can be downloaded on them for an enhanced view. The other two products; head mounted displays, and head up displays that are used in the military and aerospace applications respectively are mature products in the augmented reality market.
The most attractive of all the augmented reality applications are the gaming applications, GPS applications and the online advertisement application. The rate of adoption of technology in the gaming as well as the GPS segment has been very high and will continue to do so.
Geographically, countries such as Japan and China are on the forefront in the adoption of the augmented reality applications. The European region has a number of start-up companies contributing to the augmented reality applications. The market is expected to grow exponentially in the next five years.
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