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Augmented Reality (AR) Market to Reach USD 70 Billion by 2023 Growing Over 55% of CAGR

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Augmented Reality (AR) Market to Reach USD 70 Billion by 2023 Growing Over 55% of CAGR

November 28
06:45 2017

AR Market
Augmented Reality Market: by Component (Hardware, Software), Technology (Monitor Based, Near Eyed Based), Type (Head Mounted Display, Head up Display, Handheld Device), Application (Retail, Consumer Electronics, Automotive) Forecast till 2023

Market Highlights

The global Augmented Reality Market is projected to witness a rapid growth during the forecast period. Increasing emergence of cloud-based technologies is a major factor driving the growth of the market. Moreover, increasing demand for Augmented Reality across various industry verticals such as BFSI, healthcare, manufacturing, retail and IT & telecommunications is fueling the growth of the global market.

 

The global augmented reality market, by geography, is segmented into North America, Europe, Asia Pacific, and Rest of the World. As compared to other regions, the augmented reality market in Asia Pacific is expected to witness a significant growth and hold the largest market share during the forecast period. China, South Korea and Japan are anticipated to drive the growth of the North American augmented reality market owing to the presence of a large number of established key players such as Samsung and Seiko Epson Corporation in this region. Due to the drastic increase in the adoption of smart and connected devices and a considerable shift towards the adoption of mobile applications in the region, the market is likely to show immense growth in the coming future. Additionally, Asia Pacific also has a well-established infrastructure, which allows a higher penetration of devices and ultimately provides better connectivity. Increasing need for innovations and advancements in the technology are other major factors responsible for the growth of the global augmented reality market.

 

Augmented Reality Market Leaders:

  • Google, Inc. (U.S.)
  • Microsoft Corporation (U.S.)
  • PTC (U.S.)
  • Wikitude GmbH (Austria)
  • Daqri (U.S.)
  • Zugara Inc. (U.S.)
  • Blippar (Austria)
  • Upskill (Vienna)
  • Magic Leap (U.S.)
  • Osterhout Design Group (U.S.)
  • Infinity Augmented Reality, Inc. (Israel)
  • Samsung Electronics Co. Ltd. (South Korea)
  • Atheer, Inc. (U.S.)
  • Apple, Inc. (U.S.)
  • Facebook Inc. (U.S.)
  • Scope AR (U.S.)
  • Inglobe Technologies (Latina)
  • Embitel Technologies (India)
  • Seiko Epson Corporation (Japan)
  • Marxent Labs LLC (U.S.)
  • Catchoom Technologies (Spain)
  • HTC corporation (Taiwan)
  • Qualcomm (U.S.)
  • Rockwell Collins Inc. (U.S.)

 

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In the global augmented reality market, North America is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to the growing adoption of augmented reality applications in medical sector across different countries in the region.

 

The global augmented reality market is projected to reach USD 70 billion at a CAGR of over 55% by the end of the forecast period 2017-2023.

 

Augmented Reality Market Segmentation:

The global augmented reality market is segmented on the basis of component, technology, type and application. The type segment is classified as head mounted display, head up display and handheld device. However, the head mounted display sub segment is expected to hold the largest market share of the augmented reality market. The applications of head mounted displays are increasing with an increasing demand for applications in consumer, commercial and enterprise. Augmented reality offers various benefits to the businesses and can actually benefit from the use of AR enabled devices in e-commerce and marketing sector.

 

Market Research Analysis:

Asia Pacific is estimated to account for the largest share of the market, whereas North America market is projected to grow at the fastest rate during the forecast period. The Asia Pacific market is witnessing a rapid growth due to technological advancements and increasing demand for smart devices across different industry verticals in this region. Asia Pacific holds the majority of market share both in terms of revenue as well as the adoption of mobile applications. North America ranks second, followed by Europe.

 

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List Of Figures

Figure 1     Global Augmented Reality Market Segmentation

Figure 2     Forecast Methodology

Figure 3     Five Forces Analysis Of Global Augmented Reality Market

Figure 4     Value Chain Of Global Augmented Reality Market

Figure 5     Share Of Global Augmented Reality Market In 2017, By Country (In %)

Figure 6     Global Augmented Reality Market, 2017-2023,

Figure 7     Sub Segments Of Component

Figure 10   Global Augmented Reality Market Size By Component, 2017

Figure 11   Share Of Global Augmented Reality Market By Component, 2017 To 2023

Figure 12   Global Augmented Reality Market Size By Technology, 2017

Figure 13   Share Of Global Augmented Reality Market By Technology, 2017 To 2023

Figure 14   Global Augmented Reality Market Size By Type, 2017

Figure 15   Share Of Global Augmented Reality Market By Type, 2017 To 2023   

Figure 16   Global Augmented Reality Market Size By Application, 2017 To 2023

Figure 17   Share Of Global Augmented Reality Market By Application, 2017 To 2023

 

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