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Augmented Reality Market Growth 2024 - The hardware sector has been stimulating the global industry

Author : Ronak Bora | Published Date : 2019-04-04 

Augmented Reality Market in hardware segment is expected to grow rapidly over the forecast time span. Common applications, such as gaming and retail, use AR applications on tablets and smartphones, not requiring a dedicated hardware device such as HMDs or smart glasses. However, enterprise uses of the technology such as designing, manufacturing, and quality check in aerospace & defense, industrial, automotive, and medical are increasingly investing in hardware such as HMDs and smart glasses.

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Having established itself as a rather prominent vertical of the technology sector, augmented reality market has witnessed phenomenal gains, in terms of remuneration over the recent years. In the field of software, this technology is already approaching mainstream awareness, primarily on account of the profound contribution of renowned tech giants like Blippar, PTC, Daqri, Upskill, Samsung Electronics Co. ltd., Magic Leap, Facebook Inc., and Apple. While the increasing popularity of Apple’s flagship augmented reality technology, ARkit has already created a huge buzz in the augmented reality industry, the American conglomerate’s latest breakthrough, iPhone X is an exemplar precedent depicting the signs of penetration of the business space in the territory of smartphone hardware as well.

Rising applications of the technology in retail and e-commerce are expected to drive the augmented reality market growth. According to Retail Perceptions, about 61 percent of the shoppers prefer to shop at the outlets that offer AR experiences and about 40 percent are willing to pay more if they could experience the product using the technology. Retailers are increasingly investing in implementing the technology in their stores to attract customers and enhance their experience, thus fueling the AR market growth.

Rapid adoption of the technology in aerospace & defense is expected to drive the augmented reality market growth. Companies are investing in leveraging the technology to improve manufacturing processes, reduce costs, and save time. For instance, Boeing is using Google Glass to construct aircraft wire harnesses. The technology helps technicians in building hugely chaotic and complex wire webs to connect electrical systems in the aircraft.

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Growing penetration of the technology in travel and tourism industry is expected to propel the augmented reality market growth. Several applications that leverage the technology are being developed to guide tourists in foreign countries. For instance, google developed Word Lens, which is now a part of Google Translate. The app translates text to user’s language when aimed at a foreign sign. Yelp has developed Yelp Monocle, an AR feature that gives information to the user on local establishments on pointing the smartphone at a location.

Germany augmented reality market is expected to grow at a fast pace over the forecast time span owing to increasing applications of the technology in the automobile industry. In the race to develop driverless cars, manufacturers, such as Audi and BMW, are implementing the technology in automobiles to increase the level of self-driving capabilities. The manufacturers are also implementing the technology in manufacturing processes to improve the operational effectiveness.

The AR technology has been rapidly penetrating myriad verticals, subject to its extraordinary capability of enabling users to glimpse a live direct or indirect view of a real-world scenario, the components of which are enhanced by real-world sensory inputs such as graphics, sounds, and GPS data.  By a large, AR is likely to emerge as a transformative technology in the years ahead, propelling augmented reality industry share. As per a report compiled by Global Market Insights, Inc., augmented reality market size has been estimated to cross USD 50 billion by 2024.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- ronak.b[email protected] | https://twitter.com/RonakBora26

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